07/03/2011-17/03/2011

Please refer to Zigzag and PA strategy here.

09/03/2011
1. AUD/USD

As you can see, the price bounces from the previous resistance downwards. So, I know its not a good entry. But still, the previous support was not reached yet which is at 0.9940. So, I entered a trade at 1.0007. I set SL on the previous resistance which is at 1.0199 and TP at the previous support which is at 0.9940. Let's take a look on what happened below.

The price went down to my favour. Was it a luck? I don't know. Anyway 130 pips from this trade.

2. EUR/USD

Alright. I drew a trend line and it was a clear uptrend. Let see. The price retraces to the previous support which is at about 1.3853 and it bounces. There was also a trend reversal Bullish bar on the 5th last bar. I happened to be at 1.3890. So I opened a buy trade at that point. TP: 1.4014(previous resistance). SL: initially it was 1.3742. After a few days, I adjusted the SL to 1.3754.

Let's see the result below.

The price went down and hit the support trendline. Then it went up and hit the TP. 124 pips from this trade.

3. EUR/CHF

For this chart, its kinda conservative. It can be a buy/sell signal. But I placed a sell trade at 1.2994 because I happened to be there. LOL. Why did I open a sell trade? As you can see the price is making an uptrend. So I happened to remember Elliot Wave Theory(you google it. I am not really sure what is it about). So based on my understanding, this Elliot theory states that I am currently on the 4th wave which is the correction move or in a layman term, they call it retracement.

So, I took it as the price will retrace. But to where? hmm I think to the previous support before it continues it uptrend. So in this trade, I placed a quite tight stop loss because I happened to be in a good trade position. SL: 1.3040, TP: 1.2915(Please don't ask me why as I also can't remember why do I set it at that point instead of 1.2893).

Let's see the result below.

Yeap. The price went down to my favour. Luckily I did not open a buy trade. 85 pips from this trade.

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15/03/2011
1. USD/CHF

Trend? Its ranging and its already broken downwards. So before I placed a sell trade, I made sure that the price retraced, hit the previous support and bounces off it at about 0.9328. So I opened a trade at 0.9244. SL: 0.9461 (why? open your MT4 platform and have bigger view on what is there at this point). TP: 0.8928 (I can't remember why did I set it at that point. If I am not wrong it is the difference between the 2 horizontal lines within the ranging trend. Hence, 0.9328-400pips = 0.8928 = TP)

Let's see the result..

The price hit the target. 353 pips from this trade.

16/03/2011
1. GBP/USD
losing trade. -39 pips. I am exhausted and I don't feel like writing for this. LOL >_<

Statement overview:

Zigzag and Price Action Strategy

First of all, I would like to give a special thanks to my friend Chen Mao Yuan for teaching me the basis that made up this strategy. And also I would like to thank another friend of mine, Jason Lim for his keen support, motivation, and more? LOL

I am currently determined to trade with this strategy. Please note that it is not a fool proof strategy. Its not perfect. Let's get started

Time Frame: 4Hr/Daily
Indicators: zigzag (under custom indicators), trendlines
TP: previous resistance/support/pivot point
SL: recent resistance/support
Frequency: Trade only when you are free and have time to analyze for about 10 minutes. Once you open a trade, that's it for today. You may check it tomorrow or after a few days.

Trading Plan:
1. Have a clear view of the direction of the trend
2. Enter a trade once the price bounces off the resistance/support and slighly closes above it as you can see from zigzag.
3. set TP on the previous resistance/support/pivot point
4. set SL on recent resistance/support

 I will post updates on this method in a few weeks time because I only trade once a week using this strategy which is ideal for those who are busy.

I SIMPLY LOVE THIS TRADING PLAN SO MUCH!!

Please follow this link to see examples.

10 Pips Strategy

A few days ago, I stumbled upon a strategy that I read at http://forex-strategies-revealed.com/simple/10pipsaday .

So what is it about? Let me briefly explain to you:
1. Time Frame: Daily
2. Indicators: no need
3. Currency: This strategy can be applied on all curencies.

Trading plan:
Immediately after the opening of new candle, you need to place 2 limit orders(buy and sell) 30 pips away from the open price. TP is 10 pips. SL is 50 pips.

I am currently testing this trading strategy as it seems simple and many traders claimed that it produces 90% accuracy. Let see how it goes on.

Disadvantage: Because I live in Singapore, I need to be ready to place orders at about 7 am. That is the timing for a new daily candle to form. Hikhik >_<

Advantage: Simple. Set and forget. Check the result the following day.

Please note that you need to close all orders that have not been executed the following day.