daily TL broken???

0 comments Wednesday, July 8, 2009
The price has broken below the lower daily trendline and now consolidating at the previous support cluster area.

The beast might retrace upwards as the sellers took their partial profits. However, the general sentiment has turned bearish for the pair.

My medium term strategy is to start selling on rallies with the profit taking target at next support (143.xx).

Below is the daily chart as of 5 pm Malaysia.



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bearish harami???

0 comments Tuesday, July 7, 2009
A bearish harami has appeared on the H4 chart; indicating the possibility that the retracement might have been completed. Went short again at the close of the H4 candle. Stop loss placed at 155.60 (29 pips above swing high) and profit taking will be at 151.00 (slightly above 161.8% fib level of yesterday's low).

Below is the H4 chart as of 9 am Malaysia.






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testing the daily trendline

0 comments Monday, July 6, 2009

The beast has broken the H4 trendline significantly and now testing the the daily trendline. Price might rebounce slightly from the trendline, however, the overall sentiment looks bearish.

A valid peneration below the daily trendline could signals that the beginning of downward trend. Let see how market plays it out....

Below is the H4 chart as of 5 pm Malaysia

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H4 trendline broken???

0 comments Friday, July 3, 2009

The price has penetrated the H4 lower trendline; indicating that the beast has reached a temporary top, at least for the time being.

Downward trend reversal should only be confirmed when the daily lower trendline (around 153.5) is pierced significantly.

Below is the H4 chart as of 9 am Malaysia.

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still ranging......

0 comments

Virus attack on my notebook kept me away from chart these few days. Had to trade from a nearby cyber cafe.

Meanwhile, the price keep ranging; even though there are signs of bull exhaustion as the price keep making lower highs, there is still no confirmation that the bears has gained control of the market.

Short trading week (as the NY market will be closed tomorrow) might be the reason the market is moving cautiously.

However, next week should see a clearer market direction when the price breaks out from either trendlines shown below.

H4 chart as of 1 am Malaysia.

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