15 July 2009 - GJ Hit Daily HNS Neckline...

15 July 2009 @ 7.00 AM (Malaysia)

Fun-The-Mental - Red News

Morning - BoJ Press Statement + Interest Rate
4.30 PM - GBP Negative
8.30 PM - USD Positive
Early Thursday Morning - FOMC Meeting Minutes

Technical

4Hr Trend Still Up... No Sign of Rangebound..
Swing Trade - Hit TP (Alhamdulillah)...

If Latest 4Hr Candle complete with Pin Bar @ 8.00 AM; I will trade this candle.. This is against the current trend trade... But daily chart show that price hit head and shoulder neckline (Support Become Resistance Line); if in daily chart, price close below this line; then; another positive point for me to trade this pin bar even though it's against the trend...
If price close below 4hr resistance line (double bottom neckline) - then i have another positive reason for me to trade this 4hr candle.. So i will wait until current 4hr candle to complete to make this decision

I hope the momentum will support me on this plan..

Updated @ 8.10 Am

4Hr Trend - Still Up.. 1Hr Line Up; No Sign of Rangebound...
4Hr Candle Ended with Bullish Candle testing the Daily HNS Neckline...
I prefer to stay aside..

I'm only enter Long if price retrace; 4hr maintain Up.. & 1Hr Line Up...
I'm only enter short if If 4hr Trend Change to Bear... 1Hr Line Up
I will trade against the trend if i see HgH reject this Neckline; provided the trade give me a good risk and reward...

So if i see HgH @ This Neckline Level.. I believe price will retrace; then i will attack this beast again if the above criteria fulfill .... I will wait for further confirmation before take any trade...

Updated @ 12.40 Noon

4Hr Trend - Up.. Probably we will see rangebound soon especially if price firmly breaks 152.2xx.. So i'm still stay aside; will decide after current 4hr candle complete.. My plan still same..

Long if Price enter rangebound; then 4hr maintain up; 1hr line up...
Short if 4hr trend change to bear & 1hr line up..

I'm Still waiting for formation of 4Hr HgH...

Updated @ 4.30 PM

4Hr Trend - Still Up.. No sign of rangebound...
4Hr candle closed below Neckline..
I personally think; retracement will start after 8.00 PM..
So i will stay aside until i see clear information..
At the moment; my plan still same...

Updated 4.40 PM

GBP Negative surprise result to Positive News with Revision... Good for pound... GU akan ajak GJ ikut....

Update 8.20 PM

My chart telling me.. please wait until you see clear information...
Weak Bullish Momentum... Simply means weak bull trend... 4Hr Trend still up... My plan still same.....

Update @ 9.50 PM

After re-study all time frames chart; the chart telling me; the maximum price can go up for this week is only up to 155.0xx... The current price is 153.9xx.. So eventhough the 4hr trend still up; i will not consider to enter any trade if the reward is less than 150 pips... If price retrace; and 4hr trend maintain up & 1hr line up but the reward is less than 150 pips - i will not take that trade this week.. If the trend change to bear; i believe this time price will easily breaks recent support (146.7xxx)...

I will monitor this pair closely...


Reminder: Secret Recipe for Disaster; " Trade Against The Trend"

by Owner of Caripips Blog