Getting Started....

Charts are the most important thing in forex trading, many platform provide free charts and tools but i found out that Meta trader charts provide the best tools and ease of use.

You could download the charts at http://www.metaquotes.net/ for free.

For stocks you could download at www.chartnexus.com it provide 3 years of data for free.

For meta trader the 3 most common tools i use is Fibonacci Retracement, equidistant channel and trendline.

My setting for the Fibo are

0=0
0.236=23.6
0.382=38.2
0.5=50
0.618=61.8
0.764=76.4
1=100
-0.382=138.2
-0.618=161.8
-1=200
-1.618=261.8

Let me know if you need any help in setting up your meta trader.

Long Euro/Usd

This is one of the trades i did weeks back on the July 27.

I post it on my forex group but not my blog.... therefore decided to do some back tracking of my trades....



Long around the brown area

1. Manage to count RED 1-2-3 and another GREEN 1-2-3-4 within the RED 1-2-3
2. Draw a line between the GREEN 1 and 3
3 Long when it close above the line and just nice when it close above 1 and 3 it closes above 5p

Took profit at the close of the top candle

Reason: does not seem it got strength to break the resistance at 1.4219 mark and the stoch are all over brought


With the closing of this trade it look like another good trade to short with the completion of the RED 1-2-3-4



With the closing of this trade i shorted the euro, i try to post the rest of the trade.....

All the analysis was done before hand, before the other part of the charts are form....i not Ma ho pao hor.... wait for charts to form le then say oh is this is that....