Hi there, my name is Ivan, FX trader. After studying varies sources of information for the past few years, my understanding of the FX market has improved dramatically, with this blog simply intending to share with you all a journey within my mind. When I make it to full-time trading, I know the first person I should be grateful to is an Aussie PA trader named Jonathon; He has been inspirational and an enormours influence to gauge where the money flows to. His trades can be followed at http://forexpriceactiontrader.blogspot.com/ . What price is telling you is key, as it always whispers in low or high intensity what market intentions are. I do not endorse the use of any indicators, as they are lagging in nature; analysis should be based on pure price action. Besides, other factors like sentiment, fundamentals, risk control, rock-solid discipline, thousands of hours readings charts, also make up the equation to succesfully ride the FX waves. When entry triggers are detected, I act without hesitation, letting the market do its thing. Please note, information and opinions contained in this blog are for educational purposes only and do not constitute trading recommendations, thus will not take responisbility for any losses viewers may have. Trading FX carries a high level of risk, and may not be suitable for all investors. Before deciding to invest you should carefully consider your investment objectives, level of experience, and risk appetite. You should not invest money that you cannot afford to lose.







Tuesday, 15 February 2011

UPDATE AUD/USD SHORT


I have moved my stop to BE and also taken 50% profits. The reasoning behing this trade was explained in the last post. Also I would like to elaborate further why I favoured the short side. Since late Oct 2010 attempts to break 1.0200 have been followed by strong selling interest, suggesting exhaustion on the upside. Price always tells us a story, so now see when selling first kicked in from 1.0200 was Oct 2010, how long did it take for Aussie to retest those highs again? 2 months, the next time in Jan we saw a new retest of highs but it still took the Aussie 1 month to go that high, so this time around on the last try towards 1.0200 Feb, I was expcting the Aussie to struggle first before heading higher once more... 
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