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Showing posts with label GBPJPY analysis. Show all posts
Showing posts with label GBPJPY analysis. Show all posts
downwards today???Monday, September 20, 2010
A self explanatory chart
 Correction: the candlestick on the daily chart is a bearish shooting star; not a hanging man as mentioned on the chart above UPDATE: 7 hours later  buy again???Thursday, May 20, 2010Once 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.  Bullish hammer???Tuesday, May 18, 2010A 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.  extremely busy....Sunday, May 16, 2010Sorry 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.  friday's low broken???Monday, May 3, 2010The 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.  141.7x soon???Thursday, April 22, 2010The 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. Below is the 30min chart as of 9.30 am.  lower high???Wednesday, April 21, 2010After 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. Below is the H4 chart as of 9 am Malaysia.  rel="lightbox" title="http://www.gjtrader.co.cc/" double trouble for the bulls???Saturday, April 17, 2010A 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. Let's see what the market has in store for us next week. 
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