Wednesday, October 17, 2018

Short Update Oct 17 2018

CAD currency according to sentiment is going strong. Some oil deficit news can strengthen the currency. The pair is the previous strong economic data currency NZD. Next step is to identify the pivot location which is already touch R61 and not yet hit the weekly pivot. The trade decision is to short NZDCAD the target is weekly pivot.

Friday, October 12, 2018

Quick Update

Busy with old trading method which is I am not proud of. Now after the party is over I am back to the drawing board.

I have been neglected the harmonic pattern for a while because I think it is more suitable with long term and diversified instrument like stocks. My next project will be converting local stock market into harmonic pattern analyzer which is challenging for me.

Meanwhile for forex market I am looking for sentiment analysis. I think to be in touch with market sentiment is very important. Combining it with Pivot Trading will become a quite prospective method.

Keep ditching and looking for new method and it is almost 6 months on and off demo account and surprisingly all the demo is profitable, whatever method I use. Now the one I am looking for is the most logical way of trading which is market sentiment.

I subscribe the news feed to keep updated with market condition and so far the analysis is very good. Italian crisis, Trade War, Brexit, everything is very important. For example last news about Brexit which is near deadline and there is no sign of a deal. Market already rally last week in the hope of the end of Brexit solution and then come possibility of extended time of the deal, also there is a threat of cabinet walk out if no deal happened. This is not good and I should short Sterling. Next step is to find strong currency which is happened to Yen. Trade War and US stock market tank is a good sign of safe haven currency. Then we should short the GBPJPY.

Before that I short EURAUD with the Italy Crisis and AUD already very oversold and also have the Pivot Point Gap. Should use EURJPY but anything works is fine.

Final word, I will keep honing the skills reading market sentiment and I will update with the progress later.