Sunday, March 28, 2010

GBP/USD H4 and Daily Chart, Buy Now

My setup from my previous post didn't play right although the pair did made a lower low. Cable tested the 1.4781 support and reached as far as 1.4797. On daily chart, the candlestick make a reversal pattern (forgot what they call that pattern :P) and still forming a divergence in both 4-hour and daily chart. However, confirmation for uptrend in 4-hour time frame is above 1.5381. If you aggressive enough, you can buy now with stop loss below 1.4781, targeting 1.5381 first and 1.5581 (38.2% retracement of 1.6877 to 1.4781) after that. That is all. Have a nice weekend guys!

Monday, March 22, 2010

GBP/USD H4, Sell Below 1.4976

Above is Cable 4-hour chart. The pair broke the rising trendline and testing 1.4976 level at the moment. I'll keep my short position as long this level remain intact. Support suppose to be around 1.4872 (March 10th low). Ok thats all. Have a nice day guys!

Sunday, March 21, 2010

GBP/JPY Break H4 Trendline

The pair reach 61.8% retracement of 143.59 to 132.00 at 139.16. It reversed since and made a nice bearish candle on weekly chart. It also break H4 trendline and the pair might continue the down trend. Support levels can be seen around 135.16 first and 133.88 next before testing 132.00. As for risk, I think 38.2 level (136.43).

Tuesday, March 16, 2010

GBP/JPY at 61.8% Retracement, Buy Signal

So the pair fail to break 137.80 and reach 61.8% retracement (135.50) near the support trendline. There are no signs of reversing yet but I already put my buy limit order :P Nevertheless, it seems like a good price to enter long. My stop loss is below 134.90. The target should be the resistance trendline again near 137.80 but I'm only going to take 40-50 pips.

Saturday, March 13, 2010

GBP/JPY Reach Target

This is an update from my last post. The pair has reached target at 137.80. The trend in hourly is still bullish but I would wait a break above that 50% Fib level to confirm another move up. Another resistance is around 139.16 which is 61.8% Fib level. On the other hand, GBP/JPY might go down to the support channel again or look for 50% to 61.8% retracement (between 135.5 and 136.00).

Friday, March 12, 2010

GBP/JPY Update

The retracement from Friday reach 61.8% and formed a double bottom. It has been moving up since. First target it the 50% level of the 5-wave down from 143.59 to 132.00 at 137.80. Stop loss around 136.

Sunday, March 07, 2010


These are the update for GBP/JPY, Cable, and EUR/USD from my last tweet about chart setup.

The pair finally break a side after going sideway since it reach 132.00 low. I missed the first breakout of 134.02 but luckily I got another opportunity. The pair reached 2nd target (which is also the neckline) after NFP data released. I think we'll see corrective movement in hourly next week before it reach 50% fibo level (137.80). Otherwise we'll see a reversal signal and we can start selling the pair again ;)

Cable still moving inside the corrective channel, suppo
rt by 1.5000 level. I think we can still targeting the 50% fib level around 1.5300 next week. I have closed my position yesterday along with my GBP/JPY position. So I think I'm going to wait for a dip near the support channel before buying this pair.

The euro still moving between 50% and 61.2% Fib level. I am just going to stay out of this pair until a significant break occurs.