First of all, Happy Chinese New Year~! ?????
Today marks the beginning of the Year of Rabbit. I am very sure this is going to be a great trading year. Here’s to a healthy, happy and profitable year of Rabbit!
$USDJPY 01 Feb 2011
This is one of the swing trades that I am working on. USDJPY is back to 82 zone, in which I see some decent supports in this area. And with the 61.8% retracement from the last swing leg, I am looking at the potential completion of ABCD formation around/above 84 levels. Well, I might be over ambitious, but who knows?
Here is the….. CHART!
$EURGBP 24 Jan 2011
I have been looking at this chart since last Friday. Starting from 0.8540 will trigger my short. However, there’s also a possibility of running into 86 level where another bearish harmonic setup is formed. In short, currently, I am looking at the zone that contains confluence of bearish harmonic pattern, Fib levels and price resistance level.
Let’s see how it goes.
[tab: Original Setup 24 Jan 2011]
Here is the….CHART!
[tab: Update 25 Jan 2011]
After the weaker than expected British GDP data, EURGBP pierced through the reversal zone. The setup is now invalidated/failed/whatever you wanna call. Time to move on, and look for next opportunity.
Here is the updated… CHART!
$AUDCAD 19 Jan 2011
Slow start for the week. I did not find too many interesting setups at the early of the week. Anyway, who is looking at $AUDCAD? I thought we have some interesting bearish harmonic setups here. I am looking at short opportunity here. It is not too difficult to see the confluence of fib levels, Channel bands, and price resistance at current level. Well, and the little ABCD formation into the zone is just another sweetener. Let’s see how it goes.
[tab: Initial setup 19 Jan 2011]
No guarantee of success, but a window for me to enter the market.
Here is the….CHART!
[tab: Update 21 Jan 2011]
The weakness of CAD bothered me a bit initially, and this setup was working out slowly. Good news is, it works, and it works out nicely. Two-day work (or waiting) for over 100 pips of profit, I can’t complaint. Anyway, AUDCAD is now back to the lower channel band, I have taken majority of my position out, and leaving a small position to ride towards 0.97, well if it ever reached there, who knows?
I am pretty much done for the week, still have a couple of setups are developing, let’s see what brings on during Friday session. Otherwise, Have a nice weekend ahead!
Here is the updated CHART!
$NZDUSD 07 Jan 2011
So, this is the first post of the year. I am fortunate enough to have my weekly target hit during Tuesday and Wednesday session. And, we are expecting Non Farm Payroll at the end of the week, so I am not opening any new position for the rest of the week.
Any of my 12 readers observe the interesting setup forming in NZDUSD? I see a bullish harmonic setup in there. I thought it is not too difficult to see the confluence of Fib levels, support levels and Channel bands.
[tab: Initial Setup]
Here is the CHART!
[tab: Update 14 Jan 2011]
It was indeed a very slow trade. I was paying a lot of attention at the 76 level. It seemed to be bottoming at this level. It was. Kiwi broke out from the range during Thursday session, and first two profit targets were hit. I am now holding the last portion and looking a 78 as next target. Well, let’s see how it goes.
Here is the updated CHART!
Save the date, when China will overtake America
Interesting comparison from The Economist. comparing Real GDP growth, Inflation, and currency appreciation, it is said that China will overtake US in 2019.
