• Journal

    Oil minister Ali al-Naimi sack news could not move the CAD pairs

    Monday’s are usually slow and we saw another slow paced new york session forex trading. However, i thought the weekend big oil news would drive the oil price crazy and therefore canadian dollar would move along with it. But that did not happen. Saudi Arabia ousted long-serving oil minister Ali al-Naimi. He was replaced by Khalid al-Falih, the chairman of state-owned oil firm Saudi Aramco. This news supposed to fire the cad pairs and when i saw cadjpy trending during Asia and London session, i thought big day waiting ahead. When i opened my MT4 platform, i saw the above chart. I quickly positioned myself on a pullback and i was looking…

  • Journal

    Forex Market stalling before the big nonfarm payroll employment report

    We did not see any movement during the New York session at forex market one day before the nonfarm payroll report. Most of the pairs were in RANGE. There was no direction or trending market. EurJpy was aggressively going south 40 minutes before the market open so i was very excited. But that’s about it, it stalled right there through out the entire session. I could bank +14 pips out of it. Usually this is what happened a day before the big NFP employment report. Big traders wait for the news as they would invest their money on NFP friday therefore market gets really slow. I’m usually vigilant during any…

  • Journal

    Am i reading the Forex chart properly ?

    This week has not been very good with me. I’m still honing my skills. No doubt with my forex trading strategies as many traders earning money in this 15 minutes MT4 chart price action trading. I just need to make sure i’m executing my trades properly. Today i did take right decision however once again i chickened out. Mainly due to a lot of news during NY session trading. We had ADP Non-Farm Employment Change at the top of the hour. I took eurusd long and ended up with +5 right before the next news which was CAD trade balance. I took cadjpy short but after 45 minutes i had to…

  • Journal

    Trade Journal for New York session day trading at Forex

    Early morning at my Time, i tried to trade AUD pairs for RBA interest rate decision which came out negative. The spike on those pairs were massive. I could not enter. There were no retrace whatsoever. So i just kept looking the pairs dropping over 100 pips. These are really difficult news trades. Better to stay away.  No regrets. Then in the afternoon i tried news trade with GBP Manufacturing PMI. The reading for this one also came out negative and this trade was not very volatile at the begaining. I did enter but chickened out for +2 pips. This news changed the direction of the entire GBP momentum to the…

  • Journal

    Slow start of the week at Forex Market online

    We’ve seen a quiet start to the week with many markets closed for public holidays, including the UK, China, Singapore and Japan. I was not expecting much of a volatility but today was terrible.  We had ISM report, that was the only big news of the day. Also ECB President Draghi spoken but it did not trigger the market. My earning got very sorry looking chart today. I think i’m minus 100 pips today. I have taken almost 14 trades  and none of them were a winner. currently i have EurJpy running from a pullback and i’m hoping it would run up to least 50 pips to offset my losses. At…

  • Journal

    Prediction went wrong at Forex Market Today

    Today was big news day. Numbers from Core durable goods order, then BOC gov speech and CB consumer from the US. Then add the quarterly income of the big tech companies in the NY stock which supposed to drive the market crazy. But that did not happen as much as i was expecting.  Sure there was some movement pre NY session and lot of day trader pip hunted during those hours. But i was not one of them unfortunately. I was really thinking the market would move up opening NY stock. Here is the thing i heard over and over. DO NOT predict the market. Act the way it is.…

  • Journal

    Slow day trading at Fx online today

    Monday is mostly like this. Slow and steady but now at the time of blogging we are approaching London close but i see no follow through till now. Most of the pairs were in Range at the starting of NY open.  So probably i’ll close with the few pips i earned today. Only taken two trades before the market opened with eurusd and cadjpy. Both winners but with small profit. Happy that at least it is not a loss. As you can see from the pic, this trade is still running and my target is high up at 1.1300. If that happens i would earn +55 pips. Not bad with…