0 comments Friday, June 26, 2009

The beast is currently wandering aimlessly as the price is coiling within the two converging trendlines and developing a symmetrical triangle, indicating that neither the bulls nor the bears are in control.

The next major direction could only be determined after a valid breakout. As long as the price stays within the symmetrical triangle, it is advisable to stay out from market.

Below is the hourly chart as of 2 pm Malaysia.

Read On

156.50 support broken??

0 comments Thursday, June 25, 2009
A bearish engulfing candle on the h4 chart indicates that the bears are starting to gain control on the market. I was reluctant to go in early as the price action was choppy all day long, and a confirmation is still needed to ensure that the bears are in total control.

Now the price has pierced below the support at 156.50, which was the crucial level that I monitored. Let's pray the beast keep drifting downwards.

Below is the H4 chart as of 8.30 pm Malaysia.

Read On

High wave candle II

0 comments Wednesday, June 24, 2009
The market is still in the sideway mode as the price keep ranging within the hi-lo of the high wave candle. Price still failed to break the high wave candle's high and now developing a possible bearish engulfing candle. Take note the price was also rejected by the descending trendline.

In normal situation, the sellers would be watching the 157.00 resistance level closely before entering the market. However, it might be better to stay aside as the FOMC data is coming up at 2.15 am.

Below is the H4 chart as of 11 pm Malaysia (take note that the latest candle will be closed in the next 2 hours).

Read On

High wave candle??


A high wave candle on the H4 chart indicates that the market is in indecision mode right now. The buyers are hesitating to push the price up, meanwhile the sellers are still waiting for confirmation to jump on the bandwagon.

Should the price goes below 157.00, the sellers might start entering the market. and push the beast down. Let's how the market plays it out.

Below is the H4 chart as of 5 pm Malaysia.

Read On

Will the neckline be broken???

1 comments Tuesday, June 23, 2009
A bearish candle on the daily chart indicates that the much anticipated head and shoulder formation is still in play and currently is in the progress of completing the right shoulder.

However, the beast needs to penetrate the neckline at 155.00, in order to ensure that the bulls have given up to push the price further up and the bears are completely in control of the market.

The next cluster of support is at 151.00 region. See the daily chart below.

Read On

156.00 soon??

0 comments Monday, June 22, 2009

The price is already penetrated below the Friday's low (157.38). Should the bears keep persisting, the price might hit fib 161.8% level (156.00).

Below is the 15min chart as of 9 pm Malaysia.

  • 10.15 pm - decided to close early due to bullish engulfing candle on the 15 min chart
Read On

EU - descending triangle???


Bored with GJ move today, I eye-balled EU chart and noticed the pair is making a series of lower highs and developing a bearish descending triangle pattern on the H4 chart.

Should the price breaks the support at 1.3740, this might signify a 600 pips downwards to 1.31xx. Let see latter whether this pattern holds or not.

Below is the H4 chart as of 5 pm Malaysia.

Read On

159.00 breached??

0 comments Friday, June 19, 2009

I went short at 158.89 as the price dipped below round number 159.00 and the lower trendline was already penetrated on the lower time frames. Initial stop loss was placed at 159.82, which is 20 pips above the swing high (159.62).

The risk for this trade is 92 pips, while the target profit is still undecided yet. Will trail the SL manually once the trade is in green.

Below is the hourly chart as of 10 pm:

  • 1.32 am - choppy price action - decided to close at +21
Read On

Possible head & shoulder pattern???


A possible head and shoulder pattern is developing on the h4 chart. As long as the price do not breach 160.xx area, there is a possibility the price will re-test the neckline at 155.xx region.

Penetration below the the neckline should be the confirmation of this pattern, with a possible target of 780 pips (the height from the neckline to the head), which should be in the region of the 147.xx.

Meanwhile, enjoy the weekend and may green pips always be with us.....

Below is the H4 chart as of 7.45 pm Malaysia today. Read more on how to trade the head and shoulder pattern here.

Read On

Shooting star??

A shooting star has appeared on the hourly chart. Went short earlier at 158.15 based on lower time-frames price action.

Stop loss was initially placed at 158.65 (20 pips above the swing high) - 50 pips risk.

  • 3.00 am - Price went down 90 pips before spiking up 70 pips. What a whipsaw!!! Already moved the SL to +10
  • 3.15 am - The bulls are still strong. Stopped out at +10
Read On

GBPJPY analysis - 153.00 soon??

0 comments Friday, June 5, 2009

chart h1 as of 3 pm Malaysia

The market's sentiment looks bearish at the moment as the price is attempting to break yesterday's low. Should the London's market bring the beast downwards, 153.00 (the 161.8% fib retracement) is a possibility....

Read On

GBPJPY analysis - falling three methods??

0 comments Thursday, June 4, 2009

chart h4 as of 1 pm Malaysia

A possible bearish falling three methods pattern has appeared on the H4 chart. Should the bears keep persisting, there is a possibility that the beast might test the 161.8% fib retracement level of yesterday hi-lo (152.80).

Read On

GBPJPY analysis - retracement due??

0 comments Tuesday, June 2, 2009

chart 30 min as of 8.30 am Malaysia

Tokyo session brought down the price. Most likely the price will test the 50% fib retracement level of yesterday hi lo.

The bulls must keep the price above 156.40, in order for the bullish trend to continue. Let's see how the market play it out.

p/s already locked some pips - so I am safe now

Read On

GBPJPY analysis - 151.80 on the way??

0 comments Monday, June 1, 2009

hourly chart as of 9 am Malaysia

Price was rejected exactly at fib retracement 50% level. Should price breaks below Friday's low, next destination should be 151.80, which is the 161.8% fib retracement level.
crazy bulls... price went up to 159.17
suffered a bad knock in account
will take it in stride and go on....

Read On