I have a feeling there was BOJ intervention 3:20pm mt4 time. Gargh.... not looking good for me. There's no way the graph rise up all of a sudden without any news. And this happened hours before US data and Ben's speech.

Guys, becareful, I notice that intervention on a certain pair could drag along another pair.

Just for your information, Japan is acting on a devaluation policy, read it somewhere in fxstreet.com .

This post has been edited by dillmac: Feb 16 2012, 11:19 PM

It's pretty obvious that this fatwa was released to protect individuals who did not do their homework before trading currency.

I suppose a lot of individuals are losing in trading thus channel their complaints somewhere.. maybe that agency where they will help you if you're in financial difficulty... the one with the advertisement that goes like this... "Kami bukan ah long, kami cuma mau tolong"... can't recall what agency that is. So I suppose there's been a lot of "complaints" on currency trading through that agency. Not saying that's the only agency, there could be other agencies that's been collecting statistics.

If it is haram, then why are they excluding the banks and money changers from the fatwa?

In my opinion, they are just trying to protect the citizens. Something like prevention.

This post has been edited by dillmac: Feb 17 2012, 12:00 PM

I didn't know on that. But what is the reason to declare currency trading haram? Is speculation the only reason?

May I know which surah and verse of the quran that is related to this issue please?

Hi Poks, may I know what indicator is that below the graph?

*edit - I dont know why the original picture did not appear here. But it's the graph that you posted on Feb 19 2012, 01:01 PM.

I would suggest that you practice with smaller lots when you get started with your real account. See if you can stand the volatility. With that small lot, when the price goes against or with your direction, you multiply the value of your floating profit or loss to equal your preferred 0.5 lot and see if you can cope with it.

When your system works to profit consistently, then perhaps you can consider raising the lot to your desired size.

Remember to put stop loss, even if you trade live. You never know when there might be a big spike due to some news(especially unexpected news, for example, news of correlated currency pairs). When I trade with 1m, I tend to focus a lot on the graph because of the price volatility without realising that some news might come due(even when i've known about the news prior). Thus stop loss can really come in handy.

Now remember, it's better to lose some than to bust your account. But make sure that "lose some" is within your psychological acceptance. For me, if I lose too much, I would feel a sense of hopelessness to recover my capital. Therefore, I would put a limit of loss, maybe maximum 25% of total capital as loss allowance.

Try not to over hedge(if you tend to do this when a trade is going against you). I've had trouble keeping track of my margin percentage when over hedging, thus making me susceptible to margin call if I close the wrong order.

If a trade goes against you, no point for you to hold on to it, unless you're sure that it'll come back. Watchout for the graph's momentum to estimate whether the trade will come back. If you're not sure, just close the trade, minimize your loss. After that trade close, regain your composure, collect as much information as you can about what the current graph is telling you, but do not go in the trade immediately or rush in. Chances are, the graph might retrace a little bit, that'll probably be the more suitable time to get in.

All the best

This post has been edited by dillmac: Feb 21 2012, 10:03 PM

or traders are now joining the effort of BOJ to weaken Yen. Look at Eur/Jpy weekly chart... massive.

I see a double top forming on the 4 hour chart for EuD.





And pop it goes

This post has been edited by dillmac: Feb 29 2012, 11:52 PM

Gold is down $58 dollars after Bernanke slowed his roll toward a third round of quantitative ease. Earlier today we made a trend high at $1791 and we've since fallen as low at $1722. We change hads now at $1726, down 3.25%. -fxstreet.

That's some $60 drop

Mr. Rime, yes, margin call can lead to negative balance if the price jumps or move too fast. I had my account in negative once, but only by $1++. That was also due to my large lots and I was hedging, then I accidentally closed 1 position which triggered my margin call. I suppose you'd need to make up for the negative account. However, try contacting you broker to see if they can strike a deal for you. When I contacted my broker about the negative balance, they had a policy to take half of the negative balance off(maybe because they know that the mt4 system sometimes react too slow?), but my balance was just -$1++, so it would not do much difference.

This post has been edited by dillmac: Mar 1 2012, 01:24 AM

I learnt not to trade on Bernanke's testimony because for me, it is hard to decipher his words, and it's hard for me to see how the market will react. I'm more confident to trade during economic news where you can see how a certain country is doing by looking at its economic data and how the world is performing.

Hey everyone.

Spotted a possible double bottom on EuD daily chart. If today close higher, high chances for a double bottom in my opinion.

Seems like the market is a little bit undecided at 18:00 MT4 time for EuD. I'm looking at a break of 1.3205 for a reversal to the top(a possibly high chance for a confirmation of a double bottom). Else, a support break of 1.3053, 50% fibonacci retracement level of 16 jan low and 29 feb high, is my target for a lower drop. The fibonacci 1.3053 has been broken though today, for the daily lowest price recorded at time of this posting is 1.3051.

undecisive?

Next, watch out for news today. Bernanke is giving speech at 10pm Malaysian time and US current account will be released one and a half hours before Bernanke speech.

Before US data, we have some Euro data coming in at about 6pm Malaysian time, regarding CPI and industrial production. Analyst predicting positive results for the Euro data.

I'm a bit curious to trade during this upcoming US data release. Too much data released within short gap of time, and bernanke's speech could make the graph goes volatile. Might be avoiding trades during that time, well perhaps a smaller lot trade would be fine.

*Update
almost starting of a new daily chart on MT4, just less than an hour left, yet the graph seems to be near today's low. And at current time, today's candlestick has engulfed yesterday's. If US data is positive, we could see some 100-200 pips drop An opportunity not to be missed. haha.

All the best everyone =D



This post has been edited by dillmac: Mar 14 2012, 04:17 AM