Impact of U.S Interest Rate Hike
10 years ago
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  Japan Can't Curb Yen's Gains by Acting Alone, Bank of Korea Governor SaysSunday, September 19, 2010Japan 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.Read more here. confluence of two trend lines and 135 round numberSaturday, September 18, 2010
The 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.
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. Only then, we could see whether the BOJ is still insisting on the intervention or not.....  BOJ interventionWednesday, September 15, 2010
Just for record....
Source: Bloomberg The yen fell after Japan intervened to weaken its currency for the first time since 2004.  uncertainty....Saturday, September 11, 2010
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.
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. Good luck and happy trading..... "Always Assume The Underlying Trend To Continue Unless Proven Otherwise.."  Swing tradeTuesday, August 31, 2010
Price 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.
Stop loss is placed at 138.00 in case the set up fails.  will the lower trendline holds???Sunday, August 22, 2010
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.
As long as the lower trendline holds, the price might retrace to test the upper trendline in the 135-136 region. Below is the daily chart as of weekend closing.  Pullback tradingThursday, August 19, 2010
Price 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.
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....  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.  testing the support again...Wednesday, May 19, 2010The 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.  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.  possible exhaustion gap???Tuesday, April 13, 2010This 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. Below is the daily chart as of 5 am Malaysia.   hanging man on weekly chart???Saturday, April 10, 2010A 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. The chart below outlines my trading plan for next week. A price close above 144.5x will invalidate the plan.  Update (5 days later):  bears, watch out 139 level...Thursday, April 8, 2010So far, the beast is on track with it's southwards journey. However, the the bears need to be careful and watch 139 level closely. 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.  Update: 
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