buy again???

0 comments Thursday, May 20, 2010
Once again the price was rejected by the crucial support at 130.00 and formed another bullish. The descending trendline on the hourly chart looks to have been breached. Therefore I placed a buy stop above yesterday's high with the profit taking target is not determined yet. Yesterday's low will be the place to cut loss should the price keeps going down.

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testing the support again...

0 comments Wednesday, May 19, 2010
The price is now testing the support zone again at 132.20 area. I will leave my buy position open and the price trigger the stop loss if the bears are still want to pull the market.down. Any loss should be off set by the gain on my sell position from 138.20. Will come back tomorrow to see what is the market's decision.

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Bullish hammer???

0 comments Tuesday, May 18, 2010
A bullish hammer on the daily chart indicates that a retracement is due and the price could goes upwards for the coming few days. I have closed 3/4 of my sell positions and leave the remaining lots open.

On the other hand, a buy entry is placed at the daily candle's close with stop loss placed below the candle's low. This is a "set and forget" entry as I will only look at the chart again after 24 hours.

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extremely busy....

0 comments Sunday, May 16, 2010
Sorry friends, I was really busy in the past couple of weeks. I have been appointed as an introducing broker for IntelFX and have to spend time in some discussions and promotion activities.

I had to switched to daily timeframe trading and a dragonfly candlestick followed by a bearish spinning prompted me to sell a couple of positions last Wednesday. Stop loss was originally placed slightly above the previous swing high and now both positions are in gain.

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friday's low broken???

0 comments Monday, May 3, 2010
The hourly candle has now closed below the Friday's low after retracing to 38.2% fib level. As long the beast stays below 144.20, there is a possibility that 142.00 will be hit soon.

Below is the hourly chart as of 10 am Malaysia.

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