Daily GJ Technical Analysis

chart h4 1 pm Malaysia time
price bounce off upper trendline...
macd 5,13,1 is trending down...
hidden bearish divergence is forming...
SL: 208.05 (30 pips above previous swing high...)

UPDATE:
SL hit - loss 80 pips
decided to call it a week....

h4 chart 12.30 pm Malaysia
trendline rejection?
evening star reversal pattern??
still holding my short position...
another 80 pips to BE....

UPDATE:
SL hit @ 206.75 (200 pips loss)...
you win some... you lose some....
just make sure you win more.... :))

h4 chart 5 pm Malaysia time
bearish candle with a long shadow.....
expect the price to test lower trendline....

UPDATE:
wrong footed again... :(
as of 12 am, still in red (-75 pips)
maximum drawdown so far is -125 pips

daily chart
dark cloud cover pattern??

UPDATE:
UK & US markets on holiday today (Monday)...
decided to stay out....

h4 chart 5 am (Malaysia time)
shooting star reversal candle??
macd 5,13,1 already in overbought zone??

UPDATE:
at 4 pm, price went down to 205.15 (potential of 70 pips gain)
already locked +1 pip profit....

hourly chart (10 am Malaysia)
price is testing 203.00 level
should the trendline breached downwards, expect it to go down to 202.00

May 20 (Bloomberg) -- Asian financial stocks declined after Macquarie Group Ltd. reported profit that missed estimates and Citigroup Inc. lowered its earnings forecast for Goldman Sachs Group Inc. and other U.S. brokerages.

Macquarie, Australia's largest securities company, fell the most in two weeks. Mitsubishi UFJ Financial Group Inc. dropped in Tokyo ahead of the release of full-year results today. STX Pan Ocean Co., South Korea's largest shipping line, led gains by dry- bulk operators after rates to transport coal, iron ore and other commodities rose to a record.

Source: Bloomberg

at last.... after holding my sell position...
price went down to 203.00...
already locked profit to +1
and will let the profit run....

meanwhile will scalp a few pips...
every now and then....

daily chart
will the price be rejected by the trendline and 50% fibo level??

UPDATE:
price went up to fibo 61.8% (204.95)
drawdown of -135 pips
now going down slowly....

H4 chart - 5 am Malaysia time
inside bar again.......
will wait for price breakout at h1 chart
looks bearish, eventhough it could go either way...

UPDATE:
GJ moves like a drunken sailor today...
no clear direction....
but managed to scalp a few times...
now price is testing 204.00 (50% weekly fibo)
i doubt it could go any higher...
bearish divergence is forming at h1...

h4 chart
inside bar - indicates a time of indecision
will wait for breakout of previous bar high/low

UPDATE:



H1 chart
4 pm (Malaysia time)
price broke upper resistance
possible gain of 170 pips

10 am (Malaysia time)

descending triangle??
a bearish formation that usually forms during a downtrend as a continuation pattern
Target: Once the breakout has occurred, the price projection is found by measuring the widest distance of the pattern and subtracting it from the resistance breakout.

UPDATE: at 8 pm, price dropped to 200.10 (possible gain of 240 pips)

daily chart

rectangle support has been broken
price has closed below trendline
might be the beginning of southward journey...

May 7 (Bloomberg) -- Japanese stock futures advanced in Chicago after U.S. regulators eased restrictions on Fannie Mae, boosting confidence the housing slump is being addressed.

U.S.-traded receipts of Mizuho Financial Group Inc., Japan's third-biggest bank by market value, climbed 1.6 percent from the closing share price on May 2. Those of Mitsubishi Corp., the nation's biggest trading house, gained 1.4 percent after crude oil surged above $122 per barrel.

Fannie Mae's regulator said it will lower the surplus capital requirement to 15 percent from 20 percent, allowing the largest financer of home loans in the U.S. to guarantee more mortgages.

Source: Bloomberg

dragonfly doji at daily chart
209.00 might be on the way.....

UPDATE:
price dropped 240 pips to 204.22
lesson learned: dragonfly doji pattern is valid for bullish reversal signal ONLY after
a CLEAR downtrend

May 5 (Bloomberg) -- U.S. stocks fell as Yahoo! Inc. slid the most in almost two years after Microsoft Corp. abandoned its $50 billion bid for the company and Countrywide Financial Corp. plunged on concern its suitor will back out as well.

Yahoo, the most-visited Web site, tumbled 16 percent as analysts advised selling the shares. Countrywide, the mortgage lender whose debt was cut below investment grade by Standard & Poor's, retreated after Friedman Billings Ramsey & Co. said Bank of America Corp. should abandon its $4 billion bid. Limited Brands Inc. led declines in 27 of 30 companies in the S&P 500 Retailing Index as oil jumped to a record above $120 a barrel.

Source: Bloomberg

May 1 (Bloomberg) -- Japan's bank stocks fell after the Bank of Japan cut its economic growth forecast and made no mention of raising interest rates. Commodities-related companies rose after oil and metals prices rose.

Mizuho Financial Group Inc., Japan's third-biggest publicly traded bank by value, lost 1.5 percent. Mitsubishi Corp., Japan's biggest trading company, rose 1.8 percent.

The Nikkei 225 Stock Average declined 13.56, or 0.1 percent, to 13,836.43 as of 9:18 a.m. The broader Topix index fell 2.56, or 0.2 percent, to 1,356.09.

Source: Bloomberg