9 July 2009 - Latest Update..

9 July 2009 @ 8.15 AM (Malaysia)

Fun-The-Mental

GBP Rate Statements - Pound Neutral

Technical

First: I believe retracement on monthly TF is over.. Bear trend resume..
Second: The current daily Trend Is Bear until Proven Otherwise...

Current 4Hr Trend: Bear... At the moment price in rangebound...
I will enter swing trade again if 4hr & 1Hr line up...

Updated @ 1.10 PM

4hr Trend: Still Bear.. 1hr move opposite direction.. So price still in rangebound
I will enter swing trade if 4Hr and 1hr line up...
4Hr momentum suggest possible new 4hr previous bar High...

4Hr Trend.. Waiting for HgL..

Updated @ 4.04 PM

4Hr Trend - Uncertain... Bias is Bear; Howver if @ 8.00 PM tonite; 4Hr candle closed above 151.6xx; then the short-medium term trend is Up.. So i will wait until 8.00 PM for decision. We have important GBP News at 7.00 PM... I will follow..

Updated @ 8.05 PM

4Hr Trend - Bullish Turning... Waiting for confirmation @ 12.00 MN... No Sign for HgL yet..
No swing trade until i see clear direction of Trend..
Retracement in IntraDay still not over...
4Hr candle ended with hanging man, for confirmation i need to wait until new candle to complete at 12MN (New Low - Suggest Down; New High - Suggest Retracement will continue)...

4hr price open above Fibbo 50%, suggest that price may move further up to test Fibbo 61.8% or even higher..

Momentum reading suggest i will see New High compared to current candle...

Conclusion: My short-medium term trend bias now is up. If the up trend confirmed @ 12.00MN.. Then i see 4Hr lined up with 1Hr, i believe price may shoot another 150 - 200 pips. up. If all these happen, price may test 153.xx (daily head and shoulder neckline) tonite or tommorrow...

At the moment; i plan to stay aside..

Reminder:
Always assume the underlying trend to continue until proven otherwise...

By Owner of Caripips Blog