dull monday...

0 comments Monday, October 5, 2009
After the crazy NFP's price action last Friday, today's price movement is a dull affair. No trade today as I was waiting all day for the price to break out of the no man's land.

Until a breakout occurs, the price will be in consolidation mode within the two yellow trendlines. Below is the H4 chart as of 9.30 pm Malaysia.



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go bears go

5 comments Friday, October 2, 2009
The bears are now in charge of the market. I have been selling on rallies even though the past fews days' price actions were quite annoying.

Now I will ride the profit from the half position from the shooting star set up that I mentioned here.

Simple rules in forex trading - in a bear market, just sell the rallies... in a bull market, buy the dips.

Below is the hourly chart as of 8.10 am Malaysia. Expecting a slight bounce at 142.00 before the the beast continues downwards journey....






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bear flag???

0 comments Thursday, October 1, 2009
A bear flag formation has been completed on the H4 chart. The pole height indicates a possibility that the beast might begin it's southwards journey to 133.xx region..... scary, isn't it???

Below is the H4 chart at New York closing today (5 am Malaysia).




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shooting star??

2 comments Wednesday, September 30, 2009
A shooting star candlestick has formed on the hourly chart. I went short early based on the 15 min chart price action.

A stop is placed slightly above the swing high.... in case, I am wrong. Will trail the stop once the post is in green.

Below is the hourly chart as of 9 am Malaysia.


UPDATE: The beast keeps ranging with neither bulls nor bears are really in control. However, the bears camp has the slight advantage now as the bearish flag has been broken...

I managed to take partial profits and will break even should the stop-loss is hit on the remaining lot. Below is the hourly chart at 3 am Malaysia (17 hours later!!!!)

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southwards again??

0 comments Tuesday, September 29, 2009
Since the trend is down, I stayed out during the 300 pip upwards move and patiently wait for the bulls exhaustion.

I went short when the price broke the ascending wedge slightly before London opening; and now already in green.....

Below is the hourly chart at 3 pm Malaysia.


UPDATE: Price managed to drop about 90 pips before good CBI Realized Sales data at 5.30 pm pushed the beast up...


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