Its been a while I have not been updating my blog. I guess I was having too many reflection on my self of last year Trade and what mistake that I have learnt. There were times I had been so profitable and also there are times I had a draw down. That’s just part of a trader’s cycle of trading life. Just like a Tyre there times when we are up and there are times when we are down, but in the end there are always that things turn back up again.
So What’s my plan this year ? For sure I will be trading less and more focus on time management on my part. Though for the last 6 month I have been researching on demand and supply base on Point and figure chart. It seems that point and figure has been there since 19th century. How could something old like that been taken for granted and has not been used anymore ? Simply nowadays we have been taught with illusion beyond illusion. Mathematical geniuses making their algorithm in trading, formula and something new spruce up in trading. More modern technical analysis that uses formula and averages.
All this has manifest the trading world with advance knowledge yet can not simplify things that was originally simple. Briefly I’m saying that everything in the free market has been an on going equation of demand and supply. Price move because of the on going imbalance between this two forces. Buyers out matching sellers, sellers out matching buyers.
Take for instance EURUSD. If you notice we had our supply visited but has now consistently tested means its about to breakout. The supply has now been fully absorbed and out matched by the influx of demand ( buyers ).
IN this case anything could happen here. A resume of the Bull Trend or a change back to the bear trend. All it takes is an imbalance inside that level.
2013 could see a bull trend or a bear trend. If a bull trend then I will be only looking for any fresh demand to enter the market for day trading and vice versa.
This year Im tracking my performance via myfxbook which has a nice comprehensive details. That way it reflects how I do perform using my Point and figure chart.
Not just that I am into the Manager’s development program in the future. So its vital that this record reflects the strategy used on a point figure chart.
I’m also utilising the same method and target the 10 pip trade. With this time combination of supply and demand on a point and figure chart on the 5 min, 15 or 30 min chart. The aim is 10 pip per day. I will post it in the future the examples of taking 10 pip trade and compounding it.
We will see what to come during this year. Let’s pray it will be another successful and profitable year.
Happy Trading everyone!!