EUR/JPY Analysis 2011-05-31

EJ continue it bullish trend as it broke the triangle pattern at daily, 4H and 1H chart. This is a classic way of technical analysis which many traders can simply spot the situation.

As we can see the profit at this moment, it's wise to lock some profit.

Trade Idea : No new trade at this moment. Wait for retracement. Take some profit and let the rest ride the wave.

If anyone wants to contribute ideas, you are welcome.

GBP/JPY Analysis 2011-05-31

GJ continue bullish at mid term chart (4H & 1H). However, GJ still in neutral position at long term chart. At 1H chart, GJ touched upper channel line and pullback is possible.

Trade Idea : Wait for retracement. Lock for some profit and let the rest ride the wave or just breakeven.

Happy trading.

EUR/USD Analysis 2011-05-31

EU already making +137 pips from last week long entry. Believe bullish to continue riding the wave. To those who entered many lots can lock some profit and let the rest continue to make profit or breakeven.

Trade Idea : No new long or short recommended.

Happy trading.

GBP/USD Analysis 2011-05-27

GU possible to retrace before continue bullish at Daily Chart. On 1H chart GU showing bullish strength is getting weak as it moves in triangle.

On 4H chart, GU can be assumed moving in triangle as a new higher low (HL) is yet to be seeing. Thus before GU continue bullish, we might see a new HL.

Trade Idea : Traders may want to take short for mid term profit and put long at higher low for long term profit. We can see the result next week.

Happy weekend.

EUR/JPY Analysis 2011-05-27

Long term still bullish. EJ breakout 1H triangle. Suggest to enter long.

Trade Idea : Enter buy limit with SL.

Happy trading.

GBP/USD Analysis 2011-05-26

GU already made in bullish reversal at Daily time frame (TF). As long term bullish trend still intact, we may see a continuation of bullish trend.

Believe GU will make a pullback before continuing it bullish trend. Refer 1H chart.

Trade Idea : Contrarian traders may want to take some profit by entering short with SL while waiting for entering long at 50% Fibonacci.

Happy trading.

EUR/JPY Analysis 2011-05-26

EJ broke 1H triangle. Possible to continue bearish.

Trade Idea : Enter short with SL

Happy trading.

GBP/JPY Analysis 2011-05-26

 

Trade Idea : Enter long now with SL.

GBP/JPY Analysis 2011-05-24

GJ just moves outside upper downtrend channel at 4H TF while already making a few candles breakout at 1H TF. This situation gives us the feeling that bearish may soon expire.

Trade Idea : Traders may want to enter buy limit hoping GJ making a pullback. SL can be placed a bit below recent lower low or outside bottom trend line of triangle pattern.

Happy trading.

EUR/JPY Analysis 2011-05-23

EJ longer TF still in triangle. EJ almost touching the upper boundary of triangle pattern. EJ may pullback or breakout.

Trade Idea : Contrarian traders may take a short position with SL. If EJ close above upper triangle trendline, trader may want to wait for pullback before taking long position.

Happy trading.

GBP/JPY Analysis 2011-05-18

We are looking for GJ to break the recent Supply Line as stated in 1H TF. GJ currently in flat range, refer 4H TF as we can see bigger range between Supply/Demand line. Traders may want to see GJ in bullish channel before making long entry. I believe sooner or later, GJ will change it course to bullish. Anyway watch out if GJ continue bearish.

Trade Idea : As GJ neutral at long term chart, I want to take risk by put a Buy Stop at 1H TF. SL is manual according to personal money management. Traders may want to make Sell entry now and SL at recent peak.

Happy Trading.

EUR/USD Analysis 2011-05-17

EU long term is in bullish. EU mid term is mix with bearish at 4H TF but bullish at 1H TF. Applied Heiken Ashi candle to the average price movement.

Trade Idea : Enter long when EU close above Supply Line as indicate in chart 1H & 4H. Enter short when EU close below Demand Line. Don't forget to apply SL.

Happy trading.

EUR/JPY Analysis 2011-05-17

EJ long term still in neutral movement. Traders may want to look at mid term strategy. EJ at 4H TF still in bearish but weak. Recent peak still below than previous peak and it tell us EJ still in bearish. However, EJ already making an uptrend when she stay above Kumo at 1H TF.

Trade Idea : Enter long when EJ close above KS at 1H TF. Enter short when EJ close below KS at 4H TF. Don't forget to put SL if not hedging.

Happy trading.

GBP/USD Analysis 2011-05-17

GU long term is in bullish channel trendline. Trader may want to make entry according to long term trend.

Trade Idea : As GU touching the Kumo at daily TF, she may wants to make a rebound. Put pending buy order above recent peak at 1H TF or wait GU breaks and above KS at 4H TF. Don't forget to put SL in case GU wants to continue bearish.

Happy trading.

GBP/JPY Analysis 2011-05-17

GJ is in neutral position at long term charts. At 4H chart, GJ still not breaching it previous peak. GJ may continue downtrend if she breaks KS as support line.

Trade Idea: Buy with SL or place buy stop above recent peak at 1H TF with SL below recent bottom.

Happy trading.

GBP/USD Analysis 2011-05-11

New entry for today. GU hit the previous significant Support.

Trade Idea : Put buy limit and SL. Target at recent Resistance.

Updated: Overall chart analysis for reference.

Happy Trading

GBP/USD Analysis 2011-05-09

Refer chart for reference. GU remain mid term bearish.

Crude Oil Weekly Chart.

Trade Idea : As crude oil remain in retracement phase, I believe Pound will follow the crude oil trend.

Happy trading. Wish you lot of profit.

EUR/USD Analysis 2011-05-09

Base on Daily chart, I would like to differ my previous recommendation of EU. Refer chart.

Trade Idea : To those who already took a Short entry, you can put a SL. New recommendation is to put Buy Limit at Support Line + SL at your prefer Money Management (MM) style. Some traders use larger stop loss as their trading account is huge. Larger TF required larger SL. MM will help to success in this business (Old phrase which rarely applied by many Forex traders). :)

Currecy Daily Update 2011-05-09

EUR/USD

Weekly : Bullish + Retracement.
Daily : Bullish + Weak.
4H : Bearish + Strong.
1H : Bearish + Strong, EU just move out from retracement and currently test latest support at 1.4308.  
Trade Idea: Enter short at 1H TF when EU close below 1.4300 with SL at 1.4446. Current price at 1.4324.

GBP/USD

Weekly : Bullish + Retracement
Daily : Bullish + Weak.
4H : Bearish + Strong.
1H : Bearish + Strong. 
Trade Idea : Hold current position for those who short, Trailing Stop (TS) at 1.6395. Not recommend new position until we see next retracement. Current price 1.6317

GBP/JPY

Weekly : Neutral.
Daily : Bullish + Weak.
4H : Bearish + Strong. Retracement almost completed.
1H : Bearish + Retracement completed.  GJ below Kumo.
Trade Idea : Hold short for those who already short. Can short now with SL at 132.40. Current price at 131.53.

USJ/JPY
Weekly : Bearish + Strong.
Daily : Neutral.
4H : Bearish + Weak.
1H : Bullish + Retracement.
Trade Idea : Wait for UJ close above 81.00 for Long entry. Short when UJ close below 80.10. Current price at 80.65.

EUR/JPY
Weekly : Neutral.
Daily : Bullish + Weak. Triangle pattern fail. Price in downtrend channel, near downtrend channel line and near Kumo. EJ may rebound.
4H : Bearish + Strong. EJ in downtrend channel.
1H : Bearish + Strong. EJ retracement completed. 
Trade Idea : Enter short when EJ close below 115.18, SL at 116.50. Current price at 115.46.

Happy trading to all.

GBP/JPY Analysis 2011-05-06

New suggestion for tonight. As the GJ reject the reversal, believe GJ will continue bearish. For those who count the Elliott wave, Wave 5 maybe completed. a-b-c corrective pattern may also completed.

Trade Idea : Enter sell stop with SL. Apply own money management.

Happy trading.

Fundamental News

Look at the fundamental news taken from Forex Factory. How market react with the news? Does the news is true? Look for yourselves.

  

Now look at the EU chart. It shows USD is getting strong. Why? Read the newspaper.

Oil inventories increased. Read here. Now, which fundamental news traders want to believe? I believe news regarding crude oil and gold fundamental. The effect is very strong.

Be careful for Non-Farm news tomorrow.

Happy trading.

EUR/JPY Analysis 2011-05-05

EJ making a big move. Maybe due to powerful fundamental news on weak USD. Anyway, the chart tell us the situation in advance.

Trade Idea : Traders may want to take partial profit while let the rest ride the wave. Next entry could be taken once EJ made a few new peaks and troughs.

Happy trading.

GBP/USD Analysis 2011-05-05

GU showing a tendency to move lower. Believe GU will make a big move once support broken (red line). Potential Head & Shoulder pattern to occur.

  

Trade Idea : Trade with cautious. Enter with SL.

EUR/USD Analysis 2011-05-05

EU already made a very strong move. Believe EU will make further down.

Trade Idea : Wait for retracement and enter short once EU make a rebound.

Happy Trading.

GBP/USD Analysis 2011-05-05

GU may move in sideway before making a big move.
Weekly : Bullish + Strong
Daily : Bullish + Retrace. Support at 1.6423
4H : Neutral.  GU in Kumo and bounce before touching resistance line (red line) and may want to test support at 1.6423.

Trade Idea : Traders may want to wait breakout support or resistance or enter now with SL.

Wishing you best of luck.

EUR/USD Analysis 2011-05-05

EU has formed many small real bodies a few days ago on daily chart. Suggest the bullish is weak.

Trade Idea : Suggest to enter short when EU turn below previous low. Apply our own money management for SL.

Happy trading.

Currency Daily Update 2011-05-03

EUR/USD

Weekly : Bullish + Strong
Daily : Bullish + Strong
4H : Bullish + Flat Range since April 28, 2011.
1H : Neutral, Retracement is progress. Kumo as support.
Trade Idea: Enter long at 4H when EU close above 1.4900 with SL at 1.4820. Enter short when EU close below 1.4750. Current price at 1.4874.

GBP/USD

Weekly : Bullish + Strong
Daily : Bullish + Retrace. Support at 1.6823
4H : Bullish + Weak. GU touched Kumo and bounce back and may want to test Resistance level at 1.6423 again.
1H : Bearish + Retracement is progress. GU currently below Kumo, 
Trade Idea : Enter short when GU close below 1.6423 and SL at 1.6590 or enter short when GU create a lower high at 4H TF. Current price at 1.6531.

GBP/JPY

Weekly : Neutral
Daily : Bullish + Weak. Previous support at 135.46 broken.
4H : Bearish + Strong. Retracement in progress. GJ below Kumo, TS and KS.
1H : Bearish + Retracement in progress. GJ above Kumo. KS react as Resistance (134.35).
Trade Idea : Wait for retracement to complete at TF1H. Enter short GJ close below TS with SL above KS (134.35). Current price at 133.78.

USJ/JPY
Weekly : Bearish + Weak. Support at 80.00
Daily : Neutral + Sideway. Testing Support at 81.15.
4H : Bearish + Strong. Testing Support at 80.00.
1H : Bearish + Strong. Double bottom fail to materialize.
Trade Idea : Wait for bearish retracement somewhere at Kumo 4H TF (81.76) before go for short . SL when price close above 82.26. Current price at 80.93.

EUR/JPY
Weekly : Neutral.
Daily : Bullish + Retracement. Triangle pattern in progress.
4H : Bullish + Weak + Flat. Support at 118.90.
1H : Bearish + Weak. EJ currently pullback from reaching Kumo. Kumo as Resistance at 120.70. 
Trade Idea : As EJ pullback from Kumo. Enter short at 1H TF when candle close lower. SL at 120.70. Possible target profit (TP) at 119.15. Current price at 120.23.

Happy trading to all.