Sorry bro, this few day I not infront my PC much due to some relation problem. Juz too sad to any trades. I guess you have the weeekly pivot indicator from our beloved normeck already? If still havent, I can go help u find find. It doesn't make a tough job for me...

Not doing much trading. GJ now retrace or resting. I will short next week monday morning after i've confirm all (GJ under my longterm trading, it is more advisable for me to trade based on daily or weekly TF, i prefer weekly confirmation).

EU as shown as below... Win abit, then lose cause the market of EU resting now.... MAking me lose money due to SL.sim

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Added on August 14, 2008, 4:05 pmGuess I keep on up-level in my trailing SL stuff. Wakaka... ALl EU trades is closed by hitting my TSL.... DIscipline improved a bit already

Yea I think less than ten people now all the so many people who made so many thousands a day, where are they now ?

look at the v1 thread.. how many people there were...

no need liao  ^.^

oo good for u didnt trade much... me this week also ups n downs... price action vry difficult to determine... i wonder y... need to find a proper explanation this weekend..

@lowyat:

wah...nice wor...gold went up...

@lowyat
Slowly bro, Why i heard a tone of sadness in your words? It doesn't seems like you.... This week is considered as none trading week for me. Yesterday night not in front my PC, cant trade also...

@cyaoping
forex trader does need time and experience, it doesn't make us rich by one night. So, find a job to settle all your financial stuff including eat , live first.

For me, forex is not an easy path. It juz like a job for us. Mayb sounds nice ~~ trader, investor and so on. But we did need to work from 8 - 5 as a trader... And I did not hope i will able to rich thru forex, i believe forex is more difficult than other job and more challenging.

AS i know a few succesful trader, they are juz using a kancil, living in a small condo.
They told me, there is alot of uncertainty in the market, we muz keep our expenses low in order to face any of those uncertainty. So, forex is not something whereby we can earn 10k 100k, but jzu another path to make our living i guess.

The Anatomy of Foreign Exchange Intervention



    Author: Jim Sinclair

 






We have just witnessed the first massive act of intervention coming off the .7199 USDX and $1.5974 Euro. We have covered why this happened and its meaning in terms of the instatement of currency parities, albeit this time on a floating basis.

Now you need to understand how intervention works when repeated over time:

1. Currency intervention is like being addicted to a controlled substance. Your first experience at the height of the controlled substance produces mind-altering feelings and emotions. From this point forward you require more and more of the controlled substance to reach anything near the first experience. When you fail to get the fix, the pain and/or downer is unbearable.

2. Each subsequent experience of foreign exchange intervention demands more vocalizing and funds. That being said, you have just seen the most success you will see in the Euro via intervention - and thence gold

3. Eventually it becomes much too expensive to sell a more valuable and appreciating currency in return for fundamentally weak and therefore depreciating dollars.

4. The operation loses capital input because it is the reverse of what central banks in the East wish to be a part of.

5. The operation runs out of capital as one central bank after another uses intervention to covertly unload US treasury instruments into demand.

6. The operation runs out of power as the market senses a wounded strategy. The seven trillion dollar a day turnover in the world dollar market now fades it. That means taking the opposite position to the desired impact of the intervention earlier and earlier in the process.

7. Eventually the operation moves to 75% verbal intervention and 25% capital-driven intervention.

8. As the price of the fade comes in closer, the power of the strategy weakens. The USD troops will move up in price as a secondary line of defense for the ongoing operation.

9. Eventually the strategy fails at that level. This is why you have heard many times that intervention in foreign exchange markets always fails. Intervention in foreign exchange markets never has nor ever will change the trend in any currency.

Intervention can only have legs when it floats the temporary parities in the direction of the major market trend. Understand this and you will understand why and how much of an influence the strategy will produce. When the vocal instruments get louder, the reactions become smaller until the strategy at that level of floating parity is checkmated by the world marketplace.

And how did he know that?

Anyone shorting the euros yet? Or waiting for NY print?

Might be a bulltrap, might not. Look at the triangle. Where there's a triangle there's sometimes a fake.

Won 34 pips earlier from shorting euro 1.4724. closed position way too early.

I know that normeck. I did follow your track very well. But at least this week, you did show me that you're correct after all. AFter two week of statement wif huge -ve floating. But this week, you show me a statement without any floating. Congrats to you....

Wanna upload chart for weekly analysis. But dunno why, keep on upload fail... Might test it later during night time....

Ok, i guess JPEG is still too big... Next time i wil use png.... hehe

Edit:
Failed... Cause my screen hunter only capture file format of jpeg, bmp and gif.... i guess jpeg is the most suitable one???

Personally, i suggest you don't trade KLCI at all. Low volume, foreigners cashing out due to the rapid depreciation of ringgit.

Even if you bought it at a good price, you need volume to exit with profit.

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Added on August 16, 2008, 8:36 pm

Moving averages is a trend indicator, not a trading indicator since its a lagging indicator.

If the primary trend is a down trend, typically a 50 EMA and 200 EMA act as a resistance level. (vice versa)

One good strategy is when the price rallies to 50 EMA, you should short it (if the trend is confirmed a down trend) and buy back when the price has the widest gap from the 50 EMA.
Once a shorter duration EMA cuts above a 200 EMA, typically it signals the trend is reversing. However, candlestick reversal pattern is an earlier indicator compare to EMA, SMA. Personally, i use slowd, macd, rsi. Its very important to observe divergence.

Remember oscillator indicators are used for TRADING, and EMAs are mostly used for TRENDING.

candlesticks? hahaha..

@lowyat:

Bout Ranhill..it's not resting at the 23.6 fanline. Though a hammer marked the bottom of the recent low, but day following piercing line failed to mark new high. Also, Friday engulfed the week's attempt to rally up.

Hm...though RSI is at the bottom 10% on daily chart, it's rather bearish on a weekly chart, seems like there's a 3 crows. I think it'll have a better chance to fall to 1.00 before rising again. IMO, do wait for better confirmation ler.. If it's gonna bull, there shouldnt be a new low on monday, and go in only if there's a new high. best at 1-2 hours before closing

add: btw, 1.00 to 1.50 is a very congested area to the left of the chart... i.e. strong resistant and support, and the price has just re-entered this zone. Apr-May also shows the strong support of 1.50...

add add:
1.20 is 14.6 retracement

haiya...dont go for KLCI stocks..no good no good