Wednesday, April 8, 2009

USD/JPY -- AB=CD measured move

Posting here for a reminder on this AB=CD measurement as it works well when applied with proper Risk Management. The chart speaks for itself.

Thursday, April 2, 2009

Trading - a Mind Game

Just a quick reminder of things I have been thinking many times and wanted to put them down in order to have a reference in the future.

Funny fact that every time I get a nice looking idea - the market does the opposite.

I was watching those proposed ideas I posted charts for - but the moves seems to be of a greater extent - so I don't enter the trades... many times I start with great confidence trades that work well in the beginning but then all starts to mess up and I lose my point of view...

maybe it similar with most because markets are dynamic and one has to change his view and adapt to the change as fast as it happens but at the same time -- there is the risk of overreacting and changing one's mind too much..

maybe a balance, patience and low risk is a key to solve this equation...

EUR/JPY Ascending Triangle

4-hour chart.
Ascending Triangle consolidation gives a nice target around 132.75 -
- coinciding with the daily R2 pivot - 132.79.

Again my idea is a short term one -- loking for sharting the initial test of the High witha pullback target around 131.31..

AUD/USD Hourly - possible Double top?

No doubt I got fooled playing a larger pullback after the initial Trednline Break.
Now that the Uptrend is steady - marked by a healthy 38.2% Fib retracement + Support at the 89-hour MA -- I have a new contra idea -- a possible Double Top formation.

Previous High was 0.7092 -- Daily R2 Pivot level is 0.7085 -- So this confluence Plus the parabolic move above the Red trendline would give me a good R/R ratio opportunity for a shor term Short around the first test of 0.70 90/5 level..