Wednesday, January 28, 2009

Double Bottom

EUR/GBP, 1H, 9 Jan - 16 Jan 2009

This is a beautiful double bottom reversal that took more than a week to form fully. Double bottoms are a type of reversal pattern that may occur after a big downtrend. Upon forming two troughs, a subsequent breach of the peak (ie the resistance level) between both troughs gives enough upwards momentum for tables to be turned and fortunes to be made.

Friday, January 23, 2009

Update: Go Figure

USD/JPY, 30m

Did ya figure it out? Symmetrical triangles cannot indicate whether the trend is bullish or bearish. What it is is a consolidation phase where bulls and bears are locked in stalemate. However, when there's a breakout on either side, chances are it continues, barring any bull/bear-traps.

Get Ready

I have three and a half days left to go in BNP. It has been a pretty okay attachment. That I haven't much to do each day in office is something I can neither complain about nor fault my employers for, because I have had so much free time to read up on things that really interest me, and besides my supervisors themselves haven't seen business volumes this low that they can barely cope trying to appear busy. Some things I learnt here about trade financing and commodities operations I find are very valuable.

Indeed they have imparted to me enough of a view that I may form my own opinion and learn from their technical expertise. I can safely say that some things you need not repeatedly perform ten thousand times before you finally register its gist within your brain. So yes, teach me once, let me try it twice, and I'm good. I've learnt something new. You can have your duty back. Thank you. Which they have done, without thinking to abuse or overwork me, and for that I am appreciative.

I went to apply for my visa today at the Italian embassy. Missed out some important documents so I'm going to have to go back again. But the embassy dude was pretty nice. He was telling me what to do in Milan.

Chinese New Year's here. I've only slightly more than two weeks till I fly.

Go figure

USD/JPY, 30m

Symmetrical triangle again. Forecast, try.

Thursday, January 22, 2009

Bank Run

Dunno what this means but I like the picture.

Update: Triangle

EUR/GBP, 15m

Yeah, see, quite a handful of pips came out of the triangle. Not sure if I did this candlestick pattern correctly though.


EUR/GBP, 15m

Here is a pretty good symmetrical triangle. Neither bearish nor bullish, you'd have to wait till a breakout occurs before determining the direction.

Tuesday, January 20, 2009

Update: Incoming Attack!

USD/CAD, 15m, Today (After lunch)

Here's an update on the immediate post below. See the accuracy of trendlines and flag formations? If you had set a profit target as long as the flagstaff based on the previous entry's predictions, you'd have hit a profit of more than 40 pips.

Just one lunch was all it took. Key in your trade, walk off, come back, yay money.

Incoming Attack! Horde!

USD/CAD, 15m, Today

In the last few periods, there have been two consecutive flag formations. The second flag has yet to turn profitable. You can see here a consistent test of resistance at the 1.257 level. Uptrend is firmly in place, lows are getting higher, though the highs have been waiting to breach the resistance. Like infected zombies piling up behind a closed door. A testy hand claws and punches a hole in the door. You see hungry things outside baying for blood. Additional pressure will cause the door to blow right off its hinges, followed by the realisation of the flag maybe? Let’s wait and see.

Tuesday, January 13, 2009

Tank tank tank

USD/JPY, 30m, Today

I learnt this in a very painful fashion. Go with the flow; The trend is your friend. It would have been an excellent birthday gift had I been riding this downtrend. Unfortunately I was not in this position.

The writing is always on the wall. In the previous entry I had noted to short the dollar. Did I do it? No. Do I regret that then? Yes, a very deep regret that is worth what could have been a motorcycle.

Friday, January 9, 2009

Moving Average Sell!


Basic things you must know about the Moving Average:

1) Price crosses above MA, you buy. Exit position when price crosses below MA.
2) Price crosses below MA, you sell. Exit position when price crosses above MA.

See what a bunch of cash you could have collected by shorting the dollar, on two occasions, in recent days?

Tuesday, January 6, 2009

Moving Average Go

USD/JPY, 30m, Today.

Buy signal generated, price closes are all above the exponential MA.

Flag Formation

USD/JPY, 30m

Tell me that isn't a classic flag! In flag formations, set a profit target as long as the flagstaff.

Quanto Costa

One of life's FAQs: How much does this cost? In Italian, Quanto costa?

The one defining prompter to soothing the burning curiosity that challenges the extents of materialism. What number of dollars (or Euros or Pounds or Yen or barter chicken legs) do I have to hand over to you, that you may offer in return that which I covet? What measurable quantum of blood, sweat, tears and flying spit do I need to produce before you, that you may present that which I desire?

You can come back to this blog regularly. I will record every single gorgeous detail about my exchange programme to Italy here. Also, my tactics for the most exciting computer game (currency trading) I ever played will be put up here.

I leave for Italy in slightly under a month's time. There will be plenty that I will miss about this place.