Daily GJ Technical Analysis

This situation occurs when the price breaks through the neckline, setting a new high or low (depending on the pattern), followed by a retreat back to the neckline. This move back to the neckline is considered to be a test of the pattern and the newly reversed support or resistance.

UPDATE:
 12.50 pm - +140; SL rest at +50
  2.50 pm - price is now below the h1 lower trendline
            now watching whether price could breaks 138.50 or not
            will add another sell position if 138.50 is broken...
            see the hourly chart below
       
  4.35 pm - sell stop at 138.50 hit; now -45
            let's see what will happen
  5.05 pm - 2nd sell position is now +40..
            might add another sell post at 137.50 if Wednesday's low
            is broken :-?
  9.20 pm - Wednesday's low broken <:-P
            will the beast dive to 135??? :-?
  9.30 pm - the price went down 70 pips before the bulls came in #:-S

UPDATE:
 9.30 am - price hit fib 50% level
           went short at 139.70; stop loss at 139.91 (21 pips risk)
           let's see whether the beast agrees with me or not... 
      
 9.47 am - chickened out at +2 =))
 9.55 am - re-sell again at 139.66
           this time, stop loss placed at 140.06 (40 pips risk):"> 
10.30 am - closed at +7
           choppy price action :(
 1.22 pm - went short at 139.20 due to an insider bar setup at 30 min
           SL 139.75 (55 pips risk)
    
 3.40 pm - decided to close at +35
           price action is still choppy...

UPDATE:
 1.30 pm - will be away from chart today...
           place a sell stop order at 140.44
           stop-loss will be at 141.59 (115 pips risk)
           wish me luck, guys... :D
  
10.00 pm - my sell stop was hit and now +110 [-o<
           move SL to +30
11.08 pm - +260 [-o<
           will ride the profit
11.51 pm - close half position at +195
           the other half rest at +100
           done for the day

UPDATE:
 1.15 am - -85 pips :-s
           let's pray stop loss will not be hit [-o<
 2.30 am - +2 pips....#:-S
           let's see whether the beast will shoot up or not...
 2.41 am - +40; SL rest at +1 [-o<
 2.49 am - stopped out at +1...
           re-entered long again at 139.80 :-"
 3.07 am - closed at +31
 3.17 am - re-opened another buy 140.44
           scalped +18 pips

1. a variance of rising three method; or should I called it "rising five method"? :))
2. another inside bar set up....

UPDATE:
 11.52 pm - +45 [-o<
            SL rest at +1
 12.30 pm - decided to close at +50
            a bearish doji has appeared on the 15 min chart
            take a short rest..

1. a inside bar set up
   
2. rejection by 50% fib level
   
3. price breaks the immediate trendline.

UPDATE:
 9.22 am - +74 [-o<
           SL rest at +10
 9.37 am - closed at +88
           have to attend some personal matters

UPDATE:
 4.25 pm - +44; SL rest at +1
 7.05 pm - closed at 138.37 [-o<
           done for the day...
 by the way, if you read here carefully, the price might hit 155.xx 
 sooner or later...
 don't tell anyone ok? :-$ ;) 

• While the shape of the triangle is significant, of more importance is the direction that the market moves when it breaks out of the triangle.
• While you normally will see this pattern form in an uptrend; if you do see it in a downtrend, it should be paid attention to as it can act as a powerful reversal signal.

• Many charting books will tell you that in most cases, the buyers will win this battle and the price will break out past the resistance. However, it has been my experience that this is not always the case.

UPDATE:
 8.30 pm - decided to close at +80 [-o< 

UPDATE:
 7.53 am - +50 [-o<
 8.09 am - closed at +35...:D
 8.45 am - another inside bar set up on the 30 min chart
           placed a sell stop order at 133.90
           stop loss at 134.59 (69 pips risk)
           possible target projection - yesterday's low (132.88)
           let's how market play it out...
      
12.13 pm - dull price action ~x(
           decided to close at +7 
 4.15 pm - price hit yesterday's low
           missed a potential 90 pip gain...:))

UPDATE:

11.00 pm - bears are still alive =))
           managed to close the long position +85 pip [-o<
           now looks like the bulls are now retreating.... :D

UPDATE:
 1.16 pm - +45; SL rest at +1 [-o<
 2.11 pm - closed at +28

UPDATE:
 5.57 pm - the price went down 50 pip and went up again
           stopped out at +1 ~x(
           might as well shut off the chart
           and continue fishing :)) 

UPDATE:
 8.45 am - another very, very slow day 
           +25; SL rest at +1
 9.28 am - stopped out at +1 b-)
           should we go fishing today? 
      

UPDATE:
 5.34 pm - stopped out at -71 pip 
           good UK CPI result pushed the beast up =))

UPDATE:
 7.15 pm - went asleep just now :))
           saw an inside bar set up at 15 min...
           +9 now... too slow a move :(
      
 8.22 pm - erratic price action
           chickened out at +4 #:-S

UPDATE:
 3.30 pm - 131.00 penetrated...
           the bulls are in control...
 5.20 pm - price is at 132.65
           290 pips upward move from today open

UPDATE:
 4.20 pm - price is testing yesterday's low ...
           +45; SL rest at +1 [-o<
 4.37 pm - +100 ; SL rest at +30
 4.55 pm - took half position at +150
           hopefully the beast will touch the next
           support at 125.3x, at least... [-o<

UPDATE:
 5.00 pm - price is already breaks yesterday low
           a bearish flag is in progress on the hourly chart
           will the beast drop further? :-?
           UK Claimant Count Change result will be out at 5.30pm :-ss
       
 5.45 pm - good UK Claimant Count Change result 
           decided to close my sell and take a rest first :d

UPDATE:

11.20 pm - closed at +20
           market looks direction less :(
12.15 pm - Treasury Secretary Geithner's speech pulled the baby down..
           re-sell at 133.49; +133 now [-o< 
 2.30 am - price is at 131.30 b-)
           bears are back <:-P =D> 

UPDATE:
 5.15 pm - +40; SL rest at +1[-o<
 5.33 pm - bulls still stubborn...
           took profit at +35.. :))

UPDATE:
 8.00 am - +44; SL rest at +1 [-o<
 8.30 am - +82; SL rest at +15
 8.39 am - close half position at +75
           the other half rest at +30

UPDATE:

 2.00 pm - +33, moved SL to +1
           meanwhile an evening star has formed on h4 chart 
 2.35 pm - closed at +25 #:-S 
 4.37 pm - noticed another inside bar on 30 min chart
           went long at 133.85; SL initially at 133.85
           now +35; SL rest at +1
      
 4.45 pm - chickened out at +25
           crazy price action =))