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.