AUDJPY Short Trade

Approaching the Uptrending AUDJPY with the assumption that a Short term distribution phase is in its due course. Therefore I entered a low leveraged Short position. 

I work on the premise that Descending Trinagle consolidation is a Bearish formation with a tendence to produce a breakout on its flat side. Allowing for the mode to unfold with stops comfortably above the Trendline Resistance I target the 50 - 61.8% Fibonacci retracement area.

This is what I would call a Support convergence area -- marked by the Rising 89 hourly MA. The sustainable trend progress angle suggests that once the correction meets that cluster of support it will be a good buying opportunity for trend resumption on the Upside.

However let's leave guesswork at the doorstep. 

USDJPY Short Trade

This is a short term trade based on Hourly chart. The nice Uptrend Channel is meeting the multiday resistance Trendline from the March 05 -- High 99.67.

Playing safe with stop above that TL.

 I target a logical 50% corection of the parabolic upmove reassured of the natural inclination of price to rotate back to its mean in a given period of time -- in this case the 89 Hourly MA is a clear mark as it coincides with the 50% Fibonacci retracement target. This might take probably 2 days to play out..

Sure enough a break above 98.56 Daily High negates the correction setup.

EURUSD Running into Tight Cluster of Resistance

Global Stocks rally along with USD weakness brought EURUSD up.

However the psychological effect of the latest 'Bailout plan' might be losing steam in the end of the week. 

Charting of various geometric angles of Support & Resistance tells me that a pending second test of the 200 day MA (1.3872 now) may fail again as the parabolic upmove might lose steam in the cluster of Resistance trenlines.

I assume more Rangebound trading in the 1.3350 - 1.3750 area.

24.03.2009 - EURGBP 8H flag consolidations

looking for tradable patterns -- accumulation and distibution phases are clearly observed while the price is vibrating at an ever-changing scale

GBPUSD 4H Channels

Lost in a Dream

eu kaprikorn 08:45 GMT March 13, 2009 
95<>5: Reply   
martin -- should agree with you..

the pro side is very good

the lesson I have as part of the 95 crowd is that with lack of quality info and most of all Lack of consistent MM rules and patience to build a stake in a sustainable way is hard 

not sure why but seems I didn't make it since I wasn't disciplined enough to follow Money Management rules no matter how good my TA experience grew -
- in other words even my overconfidence in 'getting' the moves in the charts was actually my fault as I couldn't profit from them as most of the time I overleveraged and got out of market just to see my calls were correct...
just another story of a man who lost his wealth in chasing a dream.

......................

just a reminder of my failure.

Xi'an - 18-22.11.2008

well it have been well over a month of my stay in Wudangshan - body gets stronger and purifies the toxins of some previous mistakes..

once the energy is stored and guarded the mind enters a truly different perspective of clearness

the only thing to save the balance is close watching the subtle changes and immediately reacting to fix the issues as they arise

this is just a memo of the present state of mind that is an aim to preserve so that a sustainability of the development is attempted to be reached..

this takes both patience and perseverance -- next will and intent - and of course hard practice every day so that the process is assured a continuity..