GBPJPY analysis - bearish candle at H4

0 comments Friday, April 3, 2009


h4 chart at 1 pm Malaysia

Price was rejected at the upper trendline and at last, a bearish candle has appeared on the H4 chart.

Hopefully, this time the bears are back for real..... 
UPDATE:
  7.00 pm - stopped out in green
            choppy price action 
            went down about 90 pips before going up 
            no more trading this week as NFP result will be 
            out tonight

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GBPJPY analysis - long legged doji

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chart h4 as of 3.15 am Malaysia

A long legged doji has formed on the H4 chart. In spite of all the excitement and volatility during London session, market is uncertain of the next direction; which also might indicates the early sign of bulls exhaustion.

Based on smaller time-frame price action, I went short at 146.58 with SL placed at 147.24 (a 66 pips risk), in case I am wrong.

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GBPJPY analysis - crazy bulls run...

0 comments Thursday, April 2, 2009


daily chart at 6.55 pm Malaysia

Stayed out all day long as the bulls ran amok.
Has been watching the upper trendline on the daily chart.

Now decided to take a CALCULATED risk by going short at 146.64 ; SL 200 pips.
UPDATE:
  7.18 pm - +65; SL rest at +10
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GBPJPY analysis - double top formation in progress???

0 comments Wednesday, April 1, 2009


chart h1 at 9.30 pm

Price is attempting to break the lower trendline. Looks likely the next support 140.50 will be tested soon. Should price penetrates the support level, then the double top formation would be validated and the next target is 138.15 (as per height of the double top formation).
UPDATE:
 10.00 pm - overlooked that ISM result is coming out
            price spiked up 40 pips
            my SL is 20 pip above the swing high (143.02)
  5.00 am - decided to close with 120 pips lost

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GBPJPY analysis - crazy spike on the April Fool's Day

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1-minute chart at 8.13 am Malaysia

A crazy spike which must have caught the bulls off guard. Is someone trying to pull our legs on the April Fool's Day?

I was lucky to be on the right side of the spike...

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