Update on Trade USDJPY and EURUSD

I just watched the opening of the “Amazing Spiderman” movie and I think its better than the first movie. Since because its more related to the real story in the comics and Peter Parker is a fun character, sarcastic and witty, like the real spiderman in the comics. You should watch it. It doesn’t have anything to do with this post but, I just want to share it with you. Ha! :)

Update on USDJPY Trade

I opened the trade a few days back. You can actually see the first time I blogged about this trade. Its here. Its a trade going for the short side. Right now, as of this writing, it has given us good amount of profit and the risk is now zero. Which means, I can add more position to it. Take a look at it, I think its awesome.

I am guessing that it will continue to go down. Take note, “guessing”. I will never ever tell you that I’m sure of a trade. There’s always a possibility to reverse. That’s how you spot a fraud forex trader or analyst. They think they know where the price will go. They’ll come up with fancy words and stuff, but all that just to keep you insecure and to make themselves look better. You see, trading is simple. Its not easy but simple. You just have to bet whether it will go up or down. Just make sure you don’t lose the house when you’re wrong. When you’re right, then good for you!

Update on EURUSD

I opened this trade yesterday. As you know, I have been a contrarian trader. I like it when a lot of people shout the same stuff. “Eurozone will go down and stuff so go short!”. I say, okay. That’s great. What if you’re wrong today? Then majority of the people who are short will want out. That’s when I come it. >:)

See my position? That’s what you call a bottom. What did you say? It doesn’t exist? Your mentor told you not to be bottom fishing? That’s great. More for me. When looking for the bottom or the top, you need to find a way to determine a valid support and resistance lines and you place your trade near those lines. Actually, I think for me, one of the best skill to have other than try to sit around and wait patiently is to find support and resistance lines easily. It comes with practice and I suggest you start trading live immediately or do demo trading and try to look for those lines. There are tools to help you with that, fibonacci retracements, stochastics, rsi, zodiac signs, horoscope and my favorite, constellations.

Where do we stand?

At this writing we are currently up by 47.05%. What? Again? I’m not complaining though. I’m nearing to doubling my capital a few percent more. But I always remind myself not to be greedy so the market won’t take it away from me. I think its a good attitude to have.

  • omnispective

    Heya, forexphil. Glad to see you’ve been posting again. So that’s why you haven’t been posting because you’ve been traveling a lot. I sure want to reach your level soon, bro!

  • omnispective

    (continuation) I was wondering where you’ve been all along. Last post I read was April 16.

  • ForexPhil

    Yeah, been traveling. I tried to blog using my phone. But it sucks. It made me kind of lazy to type and I can’t make screenshots of my trade on my phone. So I just enjoyed the travel. I sure you’ll reach there eventually.