Sell!
EP=1.3171 (i should have hope the entry of 1.3200)
SL=1.3151 (break even with a confirm 20pips profit)
TS = 160 (changed my TS because last night had a movement of ard 160pips)
TP = 1.2500 (Forming a triangle on weekly chart)
Currently support level of EUR/USD is 1.2985. Breaking through this barrier, there will be a high possibly to hit the last bottom on 20/04/09 of 1.2890. And further break through 1.2890, it will go closer to the 1.2500 point, as the 3th Elliott wave will be taking shape.
EUR/JYP
Sell!
EP= 128.05
I admit that i am taking a chance on the fundamental analysis which support higher JYP and lower EUR. In terms of fibonacci, it had hit the 38.2% correction (4th wave), therefore i am hoping that this would be the 5th wave.
SL = 127.66 (break even with a confirm 39pips profit)
TS = 250
TP = 122.05 (wave 5 = wave 1 = around 600pips)
The 122.05 is a very safe point to take profit considering 2 points:
This should be the 5th wave downtrend, the movement should be around 600pips similar to 1st wave .
2nd point, if this 5 wave downtrend is a correction for the up trend starting at 112.06 (21/01/09) to 137.40 (06/04/09), the 61.8% correction should be the 121.13 point.
Therefore i can assume that 122.05 is a very safe point for TP.
I AM starting to love EUR/JYP pair, High pips movement, low spread of 4pips and cheaper swap rate!!!!!
NZD/USD
Sell!
EP = 0.5662 (should have enter at 0.5700)
SL = 0.5629 (break even with confirm profit of 33pips)
TS = 85pips change to 120pips
TP = 0.5062
After the correction on 24/04/09 at 0.5716 (close to 61.8%), it looks like the pair is going on a 3th wave downtrend. I am hoping that it would not be a flat market as www.dailyfx.com had predicted yesterday. Breaking through the 0.5486 point will bring the momentum further to my target 0.5062. This point will complete the 335 Elliott wave flat formation (very obvious on the weekly chart).
The only risk to look out for is the RBNZ interest rate decision on April 29. If the interest rate cut is lesser then the expected 50bp, this could cause a rally in NZD/USD.
AUD/USD
Sell!
EP = 0.7197 (0.7200 would be the ideal position haha)
SL = 0.7113 (break even with confirm profit of 84pips)
TS = 100pips change to 130pips
TP = 0.6647
I had a really hard time deciding to enter this trade. The correction for the point from 0.7326 (April 13) to 0.6951 was close to the 78.6% at 0.7237. From the looks of it, a downtrend triangle is forming. if there is a breakout at 0.6950 the chances of hitting the TP of 0.6647 would be high. As there is a possibility that AUD/USD is moving back the the support level of around 0.6500
GBP/JYP
Sell!
EP = 140.71 (should be 141.21 on he 1H chart made this mistake cause i was looking at the 4H chart)
SL = 142.21
TS = 150
TP = 131.55
Take a look at the daily chart :
Looking at the 1Day chart, we can see that there is a very obvious breakout from the trendline form starting from Jan 23th to March 30th.
Base on the breakout, there could be a correction for the uptrend starting from Jan 23th 118.80 to April 6th 151.50. Base on this assumption, i put my TP at the 61.8 correction 131.55 point.
(Update) Just break even on this trade...
Changeing my TS = 200pips since i am aiming for 900pips profit
Out of my 5 trade, 4 had break even and had a confirm profit.
GBP/JYP
Sell!
EP = 140.71 (should be 141.21 on he 1H chart made this mistake cause i was looking at the 4H chart)
SL = 142.21
TS = 150
TP = 131.55
Take a look at the daily chart :
Looking at the 1Day chart, we can see that there is a very obvious breakout from the trendline form starting from Jan 23th to March 30th.
Base on the breakout, there could be a correction for the uptrend starting from Jan 23th 118.80 to April 6th 151.50. Base on this assumption, i put my TP at the 61.8 correction 131.55 point.
(Update) Just break even on this trade...
Changeing my TS = 200pips since i am aiming for 900pips profit
Out of my 5 trade, 4 had break even and had a confirm profit.
nice information you have here!
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