mission 140 completed

1 comments Friday, November 27, 2009
The beast dropped 400 pips within 30 minutes this morning and hit my TP as mentioned in my earlier post. Enough trading this week.....

Below is the daily chart as of 10.20 am Malaysia.

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testing the daily lower trendline

0 comments Thursday, November 26, 2009
The beast is now approaching the daily lower trendline; a minor retracement could occur due to profit taking activities. I have closed some positions and will ride the profit with the remaining lots.

Below is the daily chart as of 5.09 pm Malaysia.

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highway 140 next???

0 comments Tuesday, November 24, 2009
The beast is now testing the last support at 146.30 area. Should this support is penetrated, the next target 140.xx should be hit in next couple days.

I have already covered my positions and now is riding the profit.

Below is the H4 chart as of 6 pm Malaysia.

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at last, the beast waken up....

0 comments Thursday, November 19, 2009
After consolidating and hibernating within a tight range, the beast seems to move again. Price has closed below the H4 lower trendline.

However, the bears need to pull the price below 148.30 to gain proper control.

Below is the H4 chart as of 10.30 am Malaysia today.

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break or hold???

0 comments Thursday, November 12, 2009
Last two weeks have been a nightmare for a swing trader like me...
Price kept ranging up and down like a teeter board. Being a die-hard bear, I kept looking for sell positions but was not able to make a big gain...

Now the price is testing the H4 lower trendline. Let see whether the price would break it or bounce from it....

Below is the H4 chart as of 6.40 am Malaysia today.

UPDATE (4 pm Malaysia)

The price has closed below the lower trendline on the hourly chart. Should the bears keep persisting, 147.0 will be my first profit taking target.

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complex head & shoulders on the weekly chart???

0 comments Sunday, November 1, 2009
A possible complex head and shoulders pattern might be developing on the weekly chart. An aggressive trader, believing that a head and shoulders top has been in formation, will begin building short positions with stop loss placed above the previous swing high of 153.3x and the 1st profit taking objective at 139.00.

Meanwhile, a conservative trader will wait for neckline at 139.00 to be broken before jumping on the bandwagon.

Extracted from Technical Analysis Of The Financial Markets (John J. Murphy)

Weekly chart as of market closing

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