Let’s look at GOLD. I just love this chart. Clean and clear. We have a new higher low and the recent pull back ended earlier than I had expected. Anyway, strong uptrend is still intact.

Here is the trend score :

About this tool

Here is the…..CHART!

[photopress:gold09feb2008daily.gif,full,alignleft]

While we prosper in GOLD, we have to show some sympathy to the once beloved dollar. :o: . Let’s have a looooook at USD. I know you would say that, OK, we might have bottomed now. Err…I don’t know. Yup, we are in the trading range for the past couple of weeks. And , now, it looks a little bit weak to me. . Ah…who knows? Which one do you think? Dollar rally or bloody sell off in the making?

Here is the trend score:

About this tool

Here is the……CHART!

[photopress:_USD_daily_09Feb2008.GIF,full,1]

By the way, if you are interested, you may wanna check out this video about how to apply the trend score on GOLD trade.

Overall, this is not a good trade. I got a nice short entry of Aussie dollar. The interest rate rise did not help to push aud/usd back to the recent high, and indeed, it fell back to the trading range. I wanted to short, and today , I saw an nice entry. But, I don’t like the fact that it flirts around 0.89 level and U.S unemployment claims and home sales report are coming in 15-minute time, I decide to bail out with around +24 pips profit. This exit method is kinda questionable. I will deal with this later. Time for me to catch some sleep.

Anyway, it is always good to start the year of Rat in profit. Gong Xi Fa Cai 🙂

Here is the……CHART!

[photopress:audusd07Feb2008.jpg,full,1]

Update:

Apparently, I was ‘right’ in the exit decision. Nah, I was lucky, I guess. Anyway, 0.89 level was held. AUD/USD is in sideway mood at the moment. More about aussie later.

Here is the trend score:

About this tool

From last Friday’s action, we might find some excitements about commodities currencies again. Uhm…. Maybe. I am not so sure if Aussie dollar (AUD/USD) is breaking out from the range. It is just not convincing enough at the moment. For trading purpose, I will be a little bit more patient now. In addition, we have Aussie interest rate decision coming soon, so… Anyway, if the uptrend is to resume, I am sure I can get a chance to get in later. So, speaking in Aussie style, “No worries, mate”.

Here are the…… statistics and daily chart of Aussie dollar!

About this tool

[photopress:audusd01feb2008daily.gif,full,alignleft]

We have to take a look at GOLD. Is it peaked? uhm…. I guess, it might be due for pull back. Don’t ask me about peak and bottoms things. By the way, Chairman is calling a “peak” of GOLD as well (ok, what he meant is price pull back as well). Anyway, it is still in strong uptrend at the moment.

Here are the ……Statistics and CHART!

About this tool

[photopress:gold01feb2008daily.gif,full,alignleft]

We have some good interactions in the comment section of my previous post “A note to my friends‘. Thanks guys.

While waiting for the dust to be settled, I still carry on my daily chart scanning process. Generally, Dollar is again showing weakness. But, I have doubt. The much expected rate cut is already priced in. Do you still look for a further weaken dollar? I don’t know, mate. What do you think?

Looking at Aussie and EURO both are still within trading range. At least, I am not rushing in to Long at the moment.

This might as well be another quiet week for me. By the way, some self observations, the longer I trade, the bigger timeframe I am looking at. Minutes or even seconds chart are way too ‘scary’ for me now. Maybe I am getting old. LOL.

I am not sure what did you see in the market now. Anyway, I don’t really care.. :-p

I can’t find any decent setup in currency market on Monday. There are broken trends, and too early to call a reversal as well. So, I ended up with no action on Monday.

This might be another ‘waiting’ week. Since we have high impact events on the line , FOMC meeting, Non Farm Payroll report (Unemployment report) etc. Watch out.