shooting star??

2 comments Wednesday, September 30, 2009
A shooting star candlestick has formed on the hourly chart. I went short early based on the 15 min chart price action.

A stop is placed slightly above the swing high.... in case, I am wrong. Will trail the stop once the post is in green.

Below is the hourly chart as of 9 am Malaysia.

UPDATE: The beast keeps ranging with neither bulls nor bears are really in control. However, the bears camp has the slight advantage now as the bearish flag has been broken...

I managed to take partial profits and will break even should the stop-loss is hit on the remaining lot. Below is the hourly chart at 3 am Malaysia (17 hours later!!!!)

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southwards again??

0 comments Tuesday, September 29, 2009
Since the trend is down, I stayed out during the 300 pip upwards move and patiently wait for the bulls exhaustion.

I went short when the price broke the ascending wedge slightly before London opening; and now already in green.....

Below is the hourly chart at 3 pm Malaysia.

UPDATE: Price managed to drop about 90 pips before good CBI Realized Sales data at 5.30 pm pushed the beast up...

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143.00 on the way???

0 comments Friday, September 25, 2009
The beast has now closed slightly below the previous support and made a new low. A slight retracement upwards is due at lower TFs; however, the market sentiment is now favors the bears' camp and the pair should touch 143.00 soon.

I have already covered my profit and will accept whatever the market gives..... Below is the daily chart at the New York closing with some insight on the future moves (which might be wrong... LOL)

UPDATE: The market closed at 142.96. A new low was made at 142.73....

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will the support be broken??

0 comments Thursday, September 24, 2009
The double top pattern that was mentioned on my previous post is now developing nicely. As of the beginning of New York session today, the beast has already penetrated the previous support at 146.74.

The price still need to CLOSE below the support significantly before the bears could claim full control. Remember.... a pattern is NOT a pattern until it is completed.

Below is the daily chart as of 8 pm Malaysia today.

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possible double top???

4 comments Friday, September 18, 2009
A possible double top pattern is developing on the daily chart. This pattern should be validated if the support at 149.7x is broken significantly.

Even though a slight pullback is possible, I am anticipating that the beast will dive to 136.xx area within a couple weeks.

Let's see how the beast play it out.....

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