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MY TRADING UPDATE - FEBRUARY 11, 2009
I saw my profit go up to around $754 towards the close of the U.S. market yesterday and saw it shrink to zero in today's early trading in Asia. In fact, USDJPY retested the 91.00 support level. Currently, I am still up $450 at the current levels of 91.32.
A weakness in the daily chart seemed to have formed at the current price levels. A pattern similar to an "Evening Star" has formed on the daily chart (see the figure below).
As I have discussed in my previous post, for the market direction, I always take my cue from the monthly candlestick charts as a general rule. Although the above candlestick pattern formed in the last three trading days shows a possible reversal pattern, I consider this merely as a sign of a market weakness in the current market direction (uptrend), and does not warrant any action to be taken. Besides, the reversal of the USD downtrend in the monthly candlestick chart has remained intact.
Today's trading will be very volatile as the market anticipates important developments on Obama's bailout plan and the U.S. Fed's announcement on it's rescue plan for the banking institution. The jobless claims numbers may also add up to today's volatility.
I shall be holding on to my current position and will maintain my stop as well as my objective.
Please feel free to send your comments or questions regarding any of my posts.
I saw my profit go up to around $754 towards the close of the U.S. market yesterday and saw it shrink to zero in today's early trading in Asia. In fact, USDJPY retested the 91.00 support level. Currently, I am still up $450 at the current levels of 91.32.
A weakness in the daily chart seemed to have formed at the current price levels. A pattern similar to an "Evening Star" has formed on the daily chart (see the figure below).
As I have discussed in my previous post, for the market direction, I always take my cue from the monthly candlestick charts as a general rule. Although the above candlestick pattern formed in the last three trading days shows a possible reversal pattern, I consider this merely as a sign of a market weakness in the current market direction (uptrend), and does not warrant any action to be taken. Besides, the reversal of the USD downtrend in the monthly candlestick chart has remained intact.
Today's trading will be very volatile as the market anticipates important developments on Obama's bailout plan and the U.S. Fed's announcement on it's rescue plan for the banking institution. The jobless claims numbers may also add up to today's volatility.
I shall be holding on to my current position and will maintain my stop as well as my objective.
Please feel free to send your comments or questions regarding any of my posts.
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