#09 – Long CadChf

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The previous week has been a rather a quiet one as there were little charts that fulfilled my trading requirement. However, I’ve spotted a potential entry on the CadChf as market test key monthly level. I spotted signs of bear exhaustion on the Monthly Chart and was seeking an entry.

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Scrolling down the Weekly Chart had me realised that market has been acting repeatedly when price heads towards the monthly level. As you can see market tend to retrace with a strong momentum whenever it touches that level. Last week week market broke off the key level with a strong bullish candlestick beating past prices pull down.

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On the Daily Chart, I’ve decided to wait for sign of market continuation before entering the trade. As you can see on Thursday, price action reversed the previous day price with a strong bullish engulfing candlestick. Which led me to seek signals of entry on the smaller time frame.

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Executed an long entry on this pair through the 1Hour Chart. As market broke off the 1 hour bearish channel, with a strong close, I have decided to put a probability bet on this pair. My order is no longer live as i was wiped out due to spread (spread on minor pairs are really high) and have yet to re-enter as i was out of home on Friday.

Hope you guys had a profitable week!

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2 thoughts on “#09 – Long CadChf

  1. Hi! I have never traded forex/shares before. I would appreciate it(and I’m sure many others like me would!) if you would kindly describe the process of opening an account,and the fees of trading futures/FX/Shares. I also heard of there being more than one type of investing instruments to trade shares/FX e.g. Like CFDs,contracts,spot FX?

    Thanks!

    Like

    • Hey Sam!

      The process of opening a trading account in Singapore is pretty straightforward.

      You can visit any bank/brokerage firm of your preference and request to open an account for that purpose. Majority of the time you would have to first open a basic savings account (if you don’t have an existing a/c with them) and then you can open a trading account. Do bring your particulars (IC, Any official letter to prove your residential address [eg phone bill] ).
      Actually the easiest to open a trading or investing account would be through DBS, as majority would have an account with them, hence you could just subscribe for a trading account through iBanking.

      Foreign brokerage account just requires you to send picture of your ic and proof of residential address.

      The local fees are around $10-25 ( min commission). It will be more expensive when you trade/invest a larger amount and if it’s not a local market (e.g. US market)

      Yea there is! Options and warrants too. They will never stop introducing instruments!

      Hope this helps!

      Cheers

      Like

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