tag:blogger.com,1999:blog-50299133675342826952024-03-13T14:08:39.856+08:00Daily GJ Technical Analysis"There is only one side of the market and it is not the bull side or the bear side, but the right side." - Jesse Livermoremkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.comBlogger521125tag:blogger.com,1999:blog-5029913367534282695.post-10433959393924333542010-09-23T00:20:00.001+08:002010-09-23T05:46:48.071+08:00132.0 hitAt last, 132.00 is hit as per my previous post <a href="http://www.gjtrader.co.cc/2010/09/confluence-of-two-trend-lines-and-135.html">here</a>. Patience is the key....<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/_mm3uIuDcIq8/TJosE2eU7LI/AAAAAAAACPo/9-mEXMSuaJ4/s1600/132hit.gif" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://4.bp.blogspot.com/_mm3uIuDcIq8/TJosE2eU7LI/AAAAAAAACPo/9-mEXMSuaJ4/s320/132hit.gif" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-51710659804569281832010-09-20T11:08:00.005+08:002010-09-20T19:01:14.468+08:00downwards today???A self explanatory chart<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://dl.dropbox.com/u/3664377/gj15min.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="157" rel="lightbox" src="http://dl.dropbox.com/u/3664377/gj15min.gif" title="http://www.gjtrader.co.cc/" width="320" /></a></div><br />
<b><span class="Apple-style-span" style="color: #cc0000;">Correction</span></b>: the candlestick on the daily chart is a bearish shooting star; not a hanging man as mentioned on the chart above<br />
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<b><span class="Apple-style-span" style="color: blue;">UPDATE</span></b>: 7 hours later<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/_mm3uIuDcIq8/TJcrLq2Bq1I/AAAAAAAACPg/XrzDNxtsPzo/s1600/gj15minafter.gif" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://1.bp.blogspot.com/_mm3uIuDcIq8/TJcrLq2Bq1I/AAAAAAAACPg/XrzDNxtsPzo/s320/gj15minafter.gif" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-63462907619360340492010-09-19T14:23:00.000+08:002010-09-19T14:23:29.753+08:00Japan Can't Curb Yen's Gains by Acting Alone, Bank of Korea Governor Says<blockquote>Japan can’t resolve the difficulty of the strong yen unilaterally as currency-market intervention by a single country has limited effect, Bank of Korea Governor Kim Choong Soo said.<br />
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“Japan, alone, cannot resolve the problem of the strong yen,” Kim said at a media seminar in Incheon, southeast of Seoul, two days ago. “Japan will need policy coordination with others, including the U.S. and China. The effect is limited when one country tries to handle the issue by market intervention.”</blockquote>Read more <a href="http://www.bloomberg.com/news/2010-09-19/japan-can-t-curb-yen-s-gains-by-acting-alone-bank-of-korea-governor-says.html">here</a>.mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-67138917512966568482010-09-18T05:10:00.002+08:002010-09-19T10:58:50.011+08:00confluence of two trend lines and 135 round numberThe upsurge due to the BOJ intervention is now stalled at the confluence of two crucial trendlines and 135 round number. Unless price breaks upwards, the major downtrend is still intact.<br />
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As the first attempt will usually fails, there is a possibility that the price will retrace downwards to re-test the broken resistance which now should turns into support at 132.00 area.<br />
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Only then, we could see whether the BOJ is still insisting on the intervention or not.....<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/_mm3uIuDcIq8/TJPYuUGyAoI/AAAAAAAACPY/SyuW-OudgOQ/s1600/gj.gif" imageanchor="1" rel="lightbox" title="http://www.gjtrader.co.cc/ style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://1.bp.blogspot.com/_mm3uIuDcIq8/TJPYuUGyAoI/AAAAAAAACPY/SyuW-OudgOQ/s320/gj.gif" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-78935506820891673602010-09-15T11:42:00.001+08:002010-09-15T11:50:22.217+08:00BOJ interventionJust for record....<br />
Source: <a href="http://www.bloomberg.com/news/2010-09-15/yen-falls-on-speculation-of-intervention-noda-to-meet-press.html">Bloomberg</a><br />
<blockquote>The yen fell after Japan intervened to weaken its currency for the first time since 2004.<br />
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Finance Minister Yoshihiko Noda confirmed the intervention, speaking to reporters today in Tokyo.<br />
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The yen traded at 84.09 to the dollar as of 10:58 a.m. in Tokyo. Japan’s currency was as strong as 82.88 earlier, the highest since May 1995, and closed at 83.04 in New York yesterday.</blockquote><div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/_mm3uIuDcIq8/TJBAZAUpLgI/AAAAAAAACPM/25JzT3zjayw/s1600/intervention.gif" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://4.bp.blogspot.com/_mm3uIuDcIq8/TJBAZAUpLgI/AAAAAAAACPM/25JzT3zjayw/s320/intervention.gif" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-80794765094088357952010-09-11T11:39:00.001+08:002010-09-11T11:43:49.891+08:00uncertainty....The beast is now moving without a direction between 130.30 and 128.77. As long as the price is entrapped within the range, it is better to stay aside and wait until the price breaks out of the range.<br />
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On the other hand, a possible descending triangle is in play on the H4 chart. Even though it is not a textbook pattern; since the current trend is downwards, I am favor of a further southwards journey for the beast unless 130.30 is taken.<br />
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Good luck and happy trading..... <br />
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<div style="color: blue;"><b><i>"Always Assume The Underlying Trend To Continue Unless Proven Otherwise.."</i></b></div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/_mm3uIuDcIq8/TIr5swlBK7I/AAAAAAAACOk/P2XPDUt5lOI/s1600/gj+h4+10+sept.gif" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://1.bp.blogspot.com/_mm3uIuDcIq8/TIr5swlBK7I/AAAAAAAACOk/P2XPDUt5lOI/s320/gj+h4+10+sept.gif" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-45900363165555829502010-08-31T05:33:00.001+08:002010-08-31T05:34:39.130+08:00Swing tradePrice has made a pullback to test the broken trendline and was rejected by the fib 50% levelof the previous downswing. As long as the broken trendline holds, there is a possibility that price will continue downwards to 123.40 region.<br />
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Stop loss is placed at 138.00 in case the set up fails.<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/_mm3uIuDcIq8/THwjZirY7XI/AAAAAAAACOc/G0Uie3EyDOY/s1600/gj+daily+31+Aug.gif" imageanchor="1" rel="lightbox" title="http://www.gjtrader.co.cc/" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://1.bp.blogspot.com/_mm3uIuDcIq8/THwjZirY7XI/AAAAAAAACOc/G0Uie3EyDOY/s320/gj+daily+31+Aug.gif" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-80169251382667583792010-08-22T01:34:00.000+08:002010-08-22T01:34:43.642+08:00will the lower trendline holds???The price has failed to close below the daily lower trendline and now has formed a variance of a bullish dragonfly doji - an indication that a temporary low might be forming.<br />
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As long as the lower trendline holds, the price might retrace to test the upper trendline in the 135-136 region.<br />
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Below is the daily chart as of weekend closing.<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/_mm3uIuDcIq8/THANvibqXCI/AAAAAAAACOU/m4d5Qszp71w/s1600/gj+daily.gif" imageanchor="1" rel="lightbox" title="http://www.gjtrader.co.cc/" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://3.bp.blogspot.com/_mm3uIuDcIq8/THANvibqXCI/AAAAAAAACOU/m4d5Qszp71w/s320/gj+daily.gif" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-57714753174947445012010-08-19T00:42:00.000+08:002010-08-19T00:42:24.989+08:00Pullback tradingPrice has broken the upper trendline on the H1 chart and later pulled back to re-test the trendline. Now it looks like the broken trendline has become a resistance and the price should move upwards now.<br />
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I placed a buy position at the close of the H1 candle with stop loss placed slightly below the swing low. Let's see how it goes....<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/_mm3uIuDcIq8/TGwM-SvZv1I/AAAAAAAACOQ/6OkfJ7jMWWc/s1600/gj+h1.gif" imageanchor="1" rel="lightbox" title="http://www.gjtrader.co.cc/" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="152" src="http://1.bp.blogspot.com/_mm3uIuDcIq8/TGwM-SvZv1I/AAAAAAAACOQ/6OkfJ7jMWWc/s320/gj+h1.gif" width="320" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-75419725310104106822010-05-20T12:53:00.001+08:002010-05-20T12:56:34.401+08:00buy again???<div style="text-align: justify;">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.</div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/_mm3uIuDcIq8/S_S_azLnChI/AAAAAAAACOI/n6E5vpqjeuo/s1600/gj.png" rel="lightbox" title="http://www.gjtrader.co.cc/" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://1.bp.blogspot.com/_mm3uIuDcIq8/S_S_azLnChI/AAAAAAAACOI/n6E5vpqjeuo/s320/gj.png" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-85318211441584662052010-05-19T05:14:00.001+08:002010-05-19T05:16:52.983+08:00testing the support again...<div style="text-align: justify;">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.</div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/_mm3uIuDcIq8/S_MCsqTzoBI/AAAAAAAACOA/dFl1F2C5n5w/s1600/gj.png" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://3.bp.blogspot.com/_mm3uIuDcIq8/S_MCsqTzoBI/AAAAAAAACOA/dFl1F2C5n5w/s320/gj.png" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-76079014148706322202010-05-18T05:21:00.001+08:002010-05-18T05:24:06.050+08:00Bullish hammer???<div style="text-align: justify;">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.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">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. </div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/_mm3uIuDcIq8/S_GyxZuzIdI/AAAAAAAACN4/FCAeGqzq1mU/s1600/gj.png" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" height="190" src="http://4.bp.blogspot.com/_mm3uIuDcIq8/S_GyxZuzIdI/AAAAAAAACN4/FCAeGqzq1mU/s400/gj.png" width="400" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-27977463999103180722010-05-16T15:17:00.002+08:002010-05-16T22:35:51.916+08:00extremely busy....<div style="text-align: justify;">Sorry friends, I was really busy in the past couple of weeks. I have been appointed as an introducing broker for <a href="https://intelfx.com/p/5371">IntelFX</a> and have to spend time in some discussions and promotion activities.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">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.</div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/_mm3uIuDcIq8/S--b7m2OW_I/AAAAAAAACNw/Wn1jJ7M2zvs/s1600/gj.png" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://2.bp.blogspot.com/_mm3uIuDcIq8/S--b7m2OW_I/AAAAAAAACNw/Wn1jJ7M2zvs/s320/gj.png" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-81807338854911016912010-05-03T10:16:00.001+08:002010-05-03T16:14:45.839+08:00friday's low broken???<div style="text-align: justify;">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.<br />
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Below is the hourly chart as of 10 am Malaysia.</div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/_mm3uIuDcIq8/S94xQ-LnLaI/AAAAAAAACMU/v_S3tR52iJo/s1600/GJ.png" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://3.bp.blogspot.com/_mm3uIuDcIq8/S94xQ-LnLaI/AAAAAAAACMU/v_S3tR52iJo/s320/GJ.png" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-10494463970732667392010-04-22T09:43:00.000+08:002010-04-22T09:43:03.105+08:00141.7x soon???<div style="text-align: justify;">The price is now already penetrated the minor support at 143.00 and looks the bears are gaining momentum to pull the beast downwards. The next support to be tested is yesterday's low at 142.66; once this support is broken, the price should accelerates to 141.7x. Let's see whether the market agrees or not.<br />
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Below is the 30min chart as of 9.30 am.</div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/_mm3uIuDcIq8/S8-pMCgjcbI/AAAAAAAACMM/evb1_qB4Haw/s1600/GJ.png" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://1.bp.blogspot.com/_mm3uIuDcIq8/S8-pMCgjcbI/AAAAAAAACMM/evb1_qB4Haw/s320/GJ.png" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-51764286499245131382010-04-21T09:40:00.001+08:002010-04-21T09:41:05.535+08:00lower high???<div style="text-align: justify;">After gapping down 120 pip last Monday, the bulls launched a counter attack when the price hit the major daily trendline and pushed the price up to 143.5x. Even though a lower high appears to be forming on the H4 chart, it is too early to determine the real direction as the price is still in sideway mode.Thus, trade with care and keep the stops tight. <br />
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Below is the H4 chart as of 9 am Malaysia.</div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/_mm3uIuDcIq8/S85XQftrEEI/AAAAAAAACME/mhSF3ucfmcg/s1600/GJ.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://1.bp.blogspot.com/_mm3uIuDcIq8/S85XQftrEEI/AAAAAAAACME/mhSF3ucfmcg/s320/GJ.png" /></a></div><br />
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rel="lightbox" title="http://www.gjtrader.co.cc/"mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-57178967343526423902010-04-17T06:42:00.000+08:002010-04-17T06:42:00.663+08:00double trouble for the bulls???<div style="text-align: justify;">A confirmed hanging man and an abandoned baby candlestick formations has developed on the weekly and daily charts respectively - a rare occasion where both the weekly and daily timeframes are in tandem to show that the bulls are currently in a double trouble situation. In my humble opinion, there is a high probability that the the 140.90 minor support could easily be broken and the price could drop further to test the next support level at 138.20 area.<br />
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Let's see what the market has in store for us next week.</div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/_mm3uIuDcIq8/S8jnch_95pI/AAAAAAAACLM/LGPVYmCEkgM/s1600/GJ.png" rel="lightbox" title="http://www.gjtrader.co.cc/" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/_mm3uIuDcIq8/S8jnch_95pI/AAAAAAAACLM/LGPVYmCEkgM/s320/GJ.png" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-7281410230705014632010-04-13T05:50:00.004+08:002010-04-19T09:41:50.672+08:00possible exhaustion gap???<div style="text-align: justify;">This week the price gapped up but failed to sustain the momentum and later, the day closed within the opening gap; implying that the bulls might have exhausted and losing their steam. A shooting star candlestick also has formed; indicating that the market sentiment has turned bearish - at least for the time being. A possible double top formation is now in play but bears still need to break the minor support at 140.9x to have the upper hand over the bulls. However the battle is not yet won unless the lower major trendline is broken.<br />
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Below is the daily chart as of 5 am Malaysia.</div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/_mm3uIuDcIq8/S8OS2QKEYUI/AAAAAAAACLE/2de2mqhwVAU/s1600/GJ.png" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://3.bp.blogspot.com/_mm3uIuDcIq8/S8OS2QKEYUI/AAAAAAAACLE/2de2mqhwVAU/s320/GJ.png" /></a></div>Update (4 days later):<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/_mm3uIuDcIq8/S8oWDKeox4I/AAAAAAAACL0/z0FpfRg4evw/s1600/GJ+after.png" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://1.bp.blogspot.com/_mm3uIuDcIq8/S8oWDKeox4I/AAAAAAAACL0/z0FpfRg4evw/s320/GJ+after.png" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-36411689400204069692010-04-10T07:47:00.005+08:002010-04-18T20:27:25.612+08:00hanging man on weekly chart???<div style="text-align: justify;">A bearish hanging man candlestick has formed on the weekly chart; providing a slight clue that the bears are still trying to gain ground on the market. However a bearish candle on the daily is needed to CONFIRM that the bears are gaining momentum to wrest the battlefield from the bulls.<br />
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The chart below outlines my trading plan for next week. A price close above 144.5x will invalidate the plan.</div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/_mm3uIuDcIq8/S7-8O_3cEPI/AAAAAAAACK8/TUmSsfW89ws/s1600/GJ.png" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://1.bp.blogspot.com/_mm3uIuDcIq8/S7-8O_3cEPI/AAAAAAAACK8/TUmSsfW89ws/s320/GJ.png" /></a></div><br />
Update (5 days later):<br />
<br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/_mm3uIuDcIq8/S8oUYSweZNI/AAAAAAAACLs/Dj1KJMd07Fw/s1600/GJ+after.png" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://4.bp.blogspot.com/_mm3uIuDcIq8/S8oUYSweZNI/AAAAAAAACLs/Dj1KJMd07Fw/s320/GJ+after.png" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-83631727185783776872010-04-08T19:01:00.004+08:002010-04-19T09:42:36.414+08:00bears, watch out 139 level...<div style="text-align: justify;">So far, the beast is on track with it's southwards journey. However, the the bears need to be careful and watch 139 level closely.<br />
<br />
Below H4 chart shows that 139 is a crucial level and might dictate a possible major trend reversal should the price fails to pierce through it. Meanwhile it is best to wait for confirmation before jumping into a trade.</div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/_mm3uIuDcIq8/S723C03oChI/AAAAAAAACK0/ukdWU3HcMxo/s1600/GJ.png" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://3.bp.blogspot.com/_mm3uIuDcIq8/S723C03oChI/AAAAAAAACK0/ukdWU3HcMxo/s320/GJ.png" /></a></div><br />
Update:<br />
<br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/_mm3uIuDcIq8/S8oS3H7e4iI/AAAAAAAACLk/dofnHbWCoxY/s1600/GJ+after.png" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://3.bp.blogspot.com/_mm3uIuDcIq8/S8oS3H7e4iI/AAAAAAAACLk/dofnHbWCoxY/s320/GJ+after.png" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com1tag:blogger.com,1999:blog-5029913367534282695.post-21850095190852155232010-04-07T05:22:00.001+08:002010-04-18T03:51:18.603+08:00evening star formation???<div style="text-align: justify;">A variance of evening star formation has appeared on the daily chart - usually a reliable confirmation that the price should continue the southwards journey. Possible target projections are placed at 140.9x and 139.6x which are the 38.2% and 50% retracement level of previous upwards swing.<br />
<br />
Below is the daily chart as of 5 am Malaysia.</div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/_mm3uIuDcIq8/S7uljlmKlYI/AAAAAAAACKs/9ENGR35kYoc/s1600/GJ.png" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://2.bp.blogspot.com/_mm3uIuDcIq8/S7uljlmKlYI/AAAAAAAACKs/9ENGR35kYoc/s320/GJ.png" /></a></div><br />
Update:<br />
<br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/_mm3uIuDcIq8/S8oRDUv1zyI/AAAAAAAACLc/-piqhLJFbFs/s1600/GJ+after.png" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://3.bp.blogspot.com/_mm3uIuDcIq8/S8oRDUv1zyI/AAAAAAAACLc/-piqhLJFbFs/s320/GJ+after.png" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-20740033720195718172010-04-06T14:12:00.001+08:002010-04-18T03:44:04.144+08:00H4 outlook<div style="text-align: justify;">After such a sharp upwards move, it seems now that the bulls are losing their momentum and should start a downwards correction phase. A 38.2% retracement will bring the price down to 140.9x and I wouldn't be surprised if the beast decides to go down all way to 138.4x which coincides with the GBPJPY's favorite 61.8% retracement level within next few days.<br />
<br />
Below is the H4 chart as of 1 pm Malaysia.</div><div style="text-align: justify;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/_mm3uIuDcIq8/S7rQaORuJoI/AAAAAAAACKk/ftRunnZmiwQ/s1600/GJ.png" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://3.bp.blogspot.com/_mm3uIuDcIq8/S7rQaORuJoI/AAAAAAAACKk/ftRunnZmiwQ/s320/GJ.png" /></a></div><br />
Update:<br />
<br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/_mm3uIuDcIq8/S8oPBOmm59I/AAAAAAAACLU/94XB59xnr64/s1600/GJ+after.png" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://3.bp.blogspot.com/_mm3uIuDcIq8/S8oPBOmm59I/AAAAAAAACLU/94XB59xnr64/s320/GJ+after.png" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-38935804953636793532010-04-03T09:29:00.005+08:002010-04-18T09:36:27.721+08:00map to the future???<div style="text-align: justify;">The price is now managed to close slightly above the major trendline on the daily chart. However the breakout is not decisive yet and more confirmation is needed to determine next direction. <br />
<br />
In my humble opinion, even if the trend has changed, the price still needs to go down to 138.xx level and only then we could see whether the bulls are still insistent or not. </div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/_mm3uIuDcIq8/S7aZK6QDSEI/AAAAAAAACKc/vTDUyeq1zGQ/s1600/GJ.png" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://3.bp.blogspot.com/_mm3uIuDcIq8/S7aZK6QDSEI/AAAAAAAACKc/vTDUyeq1zGQ/s320/GJ.png" /></a></div><br />
Update (as 17 April):<br />
<br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/_mm3uIuDcIq8/S8ph0VEif2I/AAAAAAAACL8/ZfQ8rRU9ncs/s1600/GJ+after.png" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://4.bp.blogspot.com/_mm3uIuDcIq8/S8ph0VEif2I/AAAAAAAACL8/ZfQ8rRU9ncs/s320/GJ+after.png" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-42771134026947782982010-04-02T01:48:00.001+08:002010-04-02T01:54:07.895+08:00bears' last defense.....<div style="text-align: justify;">Now the price has shot up and reached the bears last defense at 143.60, where there is a confluence of the major descending trendline and clusters of crucial SnR level. However, thin trading volume is expected tomorrow as the European banks will be on holiday and the price action could be erratic until the NFP data release tomorrow night.<br />
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Until then, good luck and happy trading.<br />
<br />
Below is the daily chart showing the crucial trendline and SnR level to be watched.</div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/_mm3uIuDcIq8/S7TcQ7ZAUJI/AAAAAAAACKU/jFuCiJK2oCA/s1600/GJ.png" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" src="http://2.bp.blogspot.com/_mm3uIuDcIq8/S7TcQ7ZAUJI/AAAAAAAACKU/jFuCiJK2oCA/s320/GJ.png" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0tag:blogger.com,1999:blog-5029913367534282695.post-2343148324445608222010-04-01T14:42:00.000+08:002010-04-01T14:42:51.265+08:00where are all the bears???<div style="text-align: justify;">The bulls are really having their fun this week with the bears are still nowhere in sight. After looking around, at last, I found the bears and joined them.....</div><br />
<div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"><a href="http://www.fun-with-pictures.com/image-files/bowling-bear.jpg" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" height="240" src="http://www.fun-with-pictures.com/image-files/bowling-bear.jpg" width="320" /></a><a href="http://www.cartoonstock.com/lowres/mwi0192l.jpg" imageanchor="1" rel="lightbox" style="margin-left: 1em; margin-right: 1em;" title="http://www.gjtrader.co.cc/"><img border="0" height="243" src="http://www.cartoonstock.com/lowres/mwi0192l.jpg" width="320" /></a></div>mkohttp://www.blogger.com/profile/08939116688739850549noreply@blogger.com0