14 July 2009 - Short Medium Term Control By Bull

14 July 2009 @ 7.00 AM (Malaysia)

Fun-The-Mental

Yesterday @ 6.30 PM; i really underestimate Uncle Trichet Speech.. However; today we have GBP Negative Red News @ 4.30 PM; USD mixed Red News @ 8.30 PM

GBP Negative Red News @ 4.30 PM CPI expected 1.8%... "Inflation looks set to fall below the Bank of England's target for the first time in almost two years in June due to falling energy costs and favourable base effects. Despite the sharpest economic contraction in more than 50 years, inflation has been slower to fall in Britain than in many of its trading partners, largely because of the pound's sharp drop on the foreign exchanges. Consumer price inflation has been above the central bank's 2 percent target since October 2007, peaking at a series high of 5.2 percent last September"Source from FORBES...

Technical:












I saw confirmation of 4Hr Bull Trend @ 4.00 AM...

Double Low & TrendLine broken add positive point for Bull..
Broken of Double Low Neckline; may confirmed the end of recent 4Hr Bear Trend...

So i will assume the up trend will continue unless proven otherwise..

Updated @ 8.10 AM

4Hr Trend - UpTrend.. 1Hr Line Up
Swing Trade On @ 151.23 with SL @ 150.23
First Post TP: 150 Pips & 2nd Post TP : 200 Pips

Latest 4Hr & Daily Momentum support for price moving Up..
MM within Emotional Level. If no trend change; i will keep this trade either hit TP or SL...

Updated @ 1.40 PM

When candle closed @ 12.00 Noon; 4Hr Trend Still Up.. No sign of rangebound..
My swing trade still on... I don't care if price hit SL...
Latest 4Hr momentum support for price moving up..

4Hr Candle ended with Hanging Man.. So this 4Hr Candle is very important; if i see new high; then i believe price will hit my TP...

Updated @ 4.55 PM

4Hr Trend: Still Up... No sign of rangebound..
Momentum Flat (I'm not happy with price action at the moment - uncertain for past 12Hr) ..
So i decide to exit one post with positive pips & keep another post until market decide (hit SL or TP)...

News Result: Neutral... I will follow my technical.. If price firmly breaks 151.00... The market back in rangebound..

Updated @ 8.00 PM

4hr UpTrend Still Intact with no sign of rangebound..
So i decide to keep my current Long Trade...
Awaiting for News @ 8.30 PM today....
Price @ Resistance Line.. Waiting for Bounces or Breaks... But i believe with 4Hr Trend.. So if price still ok means no rangebound.. price will continue with current 4hr trend direction..


Reminder: Always assume the underlying trend to continue unless proven otherwise...
By Owner of Caripips Blog