Nevertheless, at the time of this writing:
1. Brent Crude is at USD 34.74 and WTI is at USD33.62 (had hit as low as USD27 on previous weeks)
2. The world economy looks gloomy in general.
3. The crisis in Middle East continues. (you can Google since I am not qualified to write about this)
4. Kedah is about to change it's Chief Minister.
5. Malaysian PM still Najib Tun Razak.
6. Ringgit Malaysia (RM) is at 4.15 against the greenback.
7. Gasoline price is at RM2.05 for RON97 and RM1.75 for RON95. Thanks to the Government, finally some sensible reduction with regards to World's crude price.
Well, as far as forex trading is concern, I guess the skill remain intact as it is since I still monitor the market as well as price action on daily basis. Accounts remain alive with minimum amount of investment. The fact is I am not a millionaire to date since I still need to keep my day job for security reasons. But of course there is always Plan B in case of anything, and definitely trading is one of it.
Looking at the trending of the market, I just want to share one of the fundamental knowledge that I learned previously. Among the key things that every forex trader must know with regard to market movement are as follows:
1. Trending Up or Down (Bullish vs Bearish)
2. Sideways within certain price range (Sheepish)
3. Breakouts - a tsunami of either up/down side, especially during news release (i.e. NFP, Interest Rate, BREXIT, CPI/PPI etc)
4. Choppy or Zig Zagging - this is my own definition based on experience. Something that is not in the Economic Calendar but certainly can kill your account. Normally an equal strength between the Bulls and the Bears.
There you go. 4 type of market movements that you need to understand. plus one more as below.
5. Quiet & Thin - hardly move either way wit low liquidity. Normally during Bank Holidays, Monday morning as well as late evening after London session is close. Careful not to trade during these hours since it is subject to market makers manipulation with bigger spreads on every currency pairs.
Back to daily life, I have been working in the Middle East for the past 18 months (yes, same job with same company) and with average internet connection over there (luckily still has connection) definitely trading the forex spot market will be a big NO NO. Well never mind. Until next time (perhaps another 3 years LOL), take care folks.
