18 July 2012

I have waiting for this day. It has been 7 months before the account doubles. Yes I know it may not be at the rate that some has advertised in the papers, like in 3 months or so.

Nevertheless, with a no open trades, I hope to double the account in 6 months, 5 if it is possible.

But to remind myself, I have to stick to the rules for money management:
1. Each trade entered is not more than 10% of the capital
2. The second trade can be made at the next 10% of capital, provide they are at least 150-200 pips apart in the same direction.
3. At most, the open trades made up of a total of 20% the capital.

I have more discipline in using the methods (Korachi and CCI34 with BB; 15minBB14).

Well the take is what to do with the sum: - now I hope to break even the losses in one of the sub-account, hopefully to do it within 2 months.

GBPUSD Analysis for 18 July
The market is expecting China to do something - like injecting simultus. the market is also expecting the Fed reserve to go for another round of QE.

The market still has its loom and gloom. Europe debts probem is not over, US and China market are weak.

The expectation brought some light to the stocks market which when green yesterday. But I am expecting the market to slow or make a reverse to take profits and soften.

The pound make a dip below 1.56 to 1.556. It rebounds back to 1.565.

The trend using CCI34 shows a market reversal soon to take place downward. The daily BB15 bound the pound at the top at 1.572.

At 1.572 (around 1.568), it happens to be the daily EMA100. It may face another resistance at EMA200 at 1.575. As such the upper bound for pound to climb today is confined at the range 1.568 and 1.575.

Support is at 1.562 between daily EMA55 and EMA21.