Wednesday, February 24, 2010

Gbp vs Jpy, Eur vs Usd and Aud vs Cad - Market Overview


Gbp vs Jpy (1H) - At this moment, I'm looking forward for a bearish continuation trend scenario refering either toward the alt counts in magenta or aqua. A breakout towards the white critical line would bolster to this scenario. Otherwise, please be careful for any "bearish trap" scenario refering to the alt count in white.


Gbp vs Jpy (Daily) - A further strong bearish continuation trend is still remain to be seen to bolster towards the alt count in magenta scenario. Please be careful for any bounce scenario.


Eur vs Usd (4H) - At this moment, a breakout toward the white critical line would bolster towards the alt count in magenta scenario to complete wave 3. Otherwise, please be noted that a valid "diagonal triangle" reversal pattern would indicate that we may see a bullish retracement trend scenario to perform sub corrective wave a, b and c/2 in white.


Aud vs Cad (Daily) - Favourably, I'm looking forward for a "pullback scenario" towards a bearish continuation trend either refering to the alt counts in magenta or yellow scenario. Otherwise, please be careful for a breakout towards the upper green trendline.


Tuesday, February 23, 2010

Gbp vs Jpy, Aud vs Usd and Usd vs Cad - Market Overview


Gbp vs Jpy (1H) - At this moment, a breakout towards the white/yellow critical line would bolster towards the bearish continuation trend scenario in magenta. Otherwise, a "double bottom" and bounce scenario would bolster towards either the alt counts in aqua or white scenario.


Gbp vs Jpy (Daily) - At this moment, the alt count in magenta is more in favour. Otherwise, we may see a bounce scenario perhaps to perform subcorrective wave e/2 in white first before expecting for another bearish continuation trend scenario.


Aud vs Usd (Daily) - Preferably, I'm looking forward for a bearish continuation trend scenario to perform 5 bearish subwave structures i, ii, iii, iv and v refering to the alt count in white scenario with condition of major wave 2 in white is already completed. Otherwise, we may see another bullish rally perhaps to complete the unfinish of major wave 2 in magenta.


Usd vs Cad (Daily) - Favourably, I believed major wave 2 in yellow is already completed and looking forward towards a bullish continuation trend scenario to perform 5 bullish subwaves structures in i, ii, iii, iv and v. Otherwise, please be careful for any breakout towards the 1.0373 critical line. Good luck.


MINDSET IS THE KEY FOR TRADING SUCCESS

When I talk with struggling traders I can sum up most of their issues in one word...MINDSET. Of course, the right methods, training, technical skills and market knowledge are all a must when it comes to successful trading but I think many underestimate the value of also working very hard on creating a positive environment in the mind. After extensive research I have learned that the mind can be trained for success. So what is success ? According to Earl Nightingale, the "Dean of Personal Development", it is...the progressive realization of a worthy ideal. In essence, if you have a goal to be consistently profitable as a trader and are doing the things necessary to become such, you are already a success. Many times as humans, we get ahead of ourselves. In this age of microwaves, fast food and internet access we have forgotten that patience is still a virtue. Why is it that 95% of those who enter the arena to become a trader fail ? Well, there can be many factors but I truly believe that it comes down to one major thing...a deep belief in their eventual triumph. I liken anything worth while in life and especially trading success to the planting of a garden. We do not see the fruit of our labor immediately. It takes a true commitment on our part. We must prepare the land, plant the seed, water it regularly, keep out harmful agents, and be patient for the growth. The plants do not develop on our time scale but rather in the amount of time nature has decided. However, the laws of nature say that if we do what is necessary we will see the plant come to maturity and then can enjoy the end result. Much like the garden in the physical realm, we must plant that seed of belief in our minds and take great care to let it grow. How can one do that? I have found that reading quality materials, finding a mentor to guide the way and writing down your goals and plans are essential. In many vocations, especially trading we need a support structure. When a new tree is planted most times it needs a support structure until it is mature enough to stand on its own. We are no different. Since trading is almost all mental, we can second guess our abilities, our commitment and even our self worth. However, by feeding our mind things like books that detail the successes of other individuals, songs that motivate us to succeed and continually verbalizing our belief in ourselves as no less qualified to be successful than those who have attained it, we will begin to shape our mind and prepare for the end result...a profitable trading portfolio. I also think that a mentor who has achieved the success we desire is paramount to our development. The mind can be a very difficult animal to tame, but it can be done and YOU are worth the effort.

Monday, February 22, 2010

Gbp vs Jpy 1H & 4H


A breakout towards the bearish continuation critical line 1 and 2 is needed to bolster the alt count in magenta senario. Otherwise we may see a bullish rally 1st to complete either subcorrective wave c in aqua or white.


Overall, I believed market will perform a bearish continuation trend scenario either refering to the alt count in aqua or white. Therefore, advisable to always look for any bearish entry signal from BSTS everytime market perform a bullish retracement trend scenario. Good luck.

Sunday, February 21, 2010

Gbp vs Jpy, Aud vs Usd, Gbp vs Usd & Usd vs Cad - Market Overview


Gbp vs Jpy (Daily) - At this moment, a breakout towards the bearish continuation critical line 1 would indicate that market may in progress to complete subwave v in aqua or subwave 3 in magenta. Otherwise, we may see a further bullish rally perhap to complete subcorrective wave e in 2 (white).


Aud vs Usd (Daily) - Preferably, I'm looking for a bearish continuation trend scenario to complete subwave 3 either in white or magenta. Please be extra careful for any "bull trap" scenario to complete subwave 2 in magenta. Advisable to look for a bearish entry signal from BSTS later within this week.


Gbp vs Usd (Daily) - At this moment, price already break to white critical line. Favourably, I believed market in progress to perform a bearish continuation trend either in yellow or magenta. Otherwise, please be careful for any strong bounce scenario.


Usd vs Cad (Daily) - Preferably, I believed subwave 2 will be completed soon and looking forwards for an opportunity towards the bullish continuation trend scenario to perform subwave 3. Therefore, advisable to look for any opportunity towards a bullish entry from BSTS later. Otherwise, please be noted that this scenario would be invalid if market break the yellow critical line. Good luck.


Friday, February 19, 2010

USD/CAD Poised for a Rally?

I have been watching the USD/CAD with great interest over the last several months. The Canadian dollar has been near par with the USD for the last several months getting at close as the 1.02 handle. As of this writing the pair is trading at 1.0517. The EUR/USD, GBP/USD and USD/CHF have all been hammered against the dollar the last few weeks, yet the CAD seems to be holding it's own. I feel this is because OIL has held it's support at the 70.00 mark per barrell. I have posted an OIL chart to "explore" the possibility that the USD/CAD and AUD/USD could be lagging behind Euro and Pound. If this head and shoulders comes to fruition, this could be the turning point for the commodity pairs in a good dollar rally. I realize the dollar has rallied already against many other currencies but not the commodity pairs. After attending the Trading Expo in NYC, I heard some very sound fundamental analyst predict a major dollar rally, giving very good reasoning for such. I don't forecast what may happen, however, the technicals could be giving us a hint to what may be coming. If OIL and GOLD begin to fall as some predict, then the USD/CAD will rally and the AUD/USD will fall. I will reserve my judgement for a later date, but it seems quite interesting to view the possbilities.

Thursday, February 18, 2010

Gbp vs Jpy, Aud vs Usd & Usd vs Cad - Market Overview


Gbp vs Jpy (1H) - At this moment, I'm looking forward for a true breakout towards the lower yellow trendline to bolster towards either the alt counts in magenta or latest white scenario. Otherwise, please be careful for any bullish trend and any breakout towards the S3 critical line (aqua scenario).


Gbp vs Jpy (4H) - Preferably, I believed market will perform a bearish continuation trend either to perform subwave b in white or subwave 3 in magenta.


Aud vs Usd (Daily) - Favourably, as long the white critical line is remain intact, I'm looking forward for a major bearish continuation trend scenario with condition subwave 2 is already completed refering to the alt count in white scenario. Otherwise, we may see a "bull trap" scenario until the upper green trendline perhaps to complete subwave 2 in magenta.


Usd vs Cad (Daily) - Preferably, I believed subwave 2 is already completed and looking forward towards a major bullish continuation trend scenario to complete subwave 3 in C. Otherwise, please be careful for any "bearish trap" scenario or any breakout towards the yellow critical line. Happy weekend and good lucks.


Wednesday, February 17, 2010

Gbp vs Jpy 1H & 4H


At this moment, a breakout towards the lower yellow trendline would bolster towards the alt count in magenta scenario. Otherwise, a breakout towards the R3 critical line would bolster towards the alt count in white scenario to complete corrective wave e in 2.


At this moment, advisable to look for any opportunity towards a bearish entry from BSTS either market in progress towards the alt counts in magenta, aqua or white scenario. Please be noted that a further bullish continuation trend scenario would indicates that market either in progress to complete subcorrective wave c in aqua or corrective wave e/2 in white. Otherwise, we may see a bearish continuation trend scenario refering to the alt count in magenta. Good luck.

U.S Dollar Strength Still on the Horizon

I have been attending the Trade Expo here in New York City. It is the first time I have visited the big apple and let me say that it has been a very pleasant experience. After attending several "workshops" I gained some information I thought you might want to know. Several of the analsysts for large trading firms were commenting on this years forecast for the U.S. Dollar. Their forecast is very favorable for dollar strength. The reasoning behind this can get quite complex so I will try to condense it down.
One major factor is the verbal positioning of certains members of the Federal Reserve. Some members are moving away from the view that interest rates should be held at near 0 levels. With this new positioning, the dollar could continue to rise on rumors of higher rates instead of actual news. China also plays a part in the game (don't they always?), by tightening their fiscal policy and slowing down the growth of their economy, thereby reducing the chance that the commodity countries would raise their rates (such as Australia). If China slows growth, they would not need the commodities countries like Australia would provide and that woud slow Australia's growth in turn. Slow growth usually means lower interest rates. Ah, and there is the infamous EURO. It has fallen sharply and one analyst predicts it could see .90 again. .90???? Are you kidding me? Well in trading ANYTHING IS POSSIBLE.For now the eye is on Greece and what is developing between them and the Eurozone. Greece didn't show up at a meeting this week concerning eurozone  policies and so that does not look favorable for this situation. Some Eurozone officials sense that Greece doesn't want the aid and if they can't work out a deal for the needed stimulas the EURO could really see some more depths agains the dollar and other currencies.

We can only gather this information and then use it as a tool to constructively try to place trades in the direction of the overall sentiment in the market. If you trade a 5 minute chart, this information should not affect you very much, but if you are a swing trader, you may want to take note that the EURO could see much lower prices when doing your analysis. And as the EUR/USD goes, so goes many of the other pairs which means a stronger dollar overall.

Tuesday, February 16, 2010

Gbp vs Jpy, Aud vs Usd, Usd vs Cad & Eur vs Usd - Market Overview


Gbp vs Jpy (1H) - At this moment, unless market perform a strong breakout towards the upper green trendline, then we may see a bearish trend to be perform 1st either to complete subwave b in aqua or wave v in magenta.


Gbp vs Jpy (4H) - Please be noted that a valid rising wedge pattern would bolster towards the alt count in magenta scenario to complete wave v or subcorrective wave b in aqua. Otherwise we may see a bullish continuation trend to complete subcorrective wave c in white.


Aud vs Usd (Daily) - Preferably, I believed market in progress to complete subwave 2 either in white or magenta. Therefore advisable to look for an opportunity towards a major bearish continuation trend scenario to perform subwave 3 from BSTS later.


Usd vs Cad (Daily) - Favourably, I believed market in progress to complete subwave 2 in yellow. Advisable to look for a bullish continuation trend scenario entry signal from BSTS later once subwave 2 is completed. Otherwise, please be careful for any breakout towards the yellow critical line.


Eur vs Usd (4H) - Favourably, I'm looking forwards for a bullish retracement trend scenario either to complete subcorrective wave c/2 in white or wave 4 in magenta.


Eur vs Usd (Weekly) - I believed market in progress to perform a bullish retracement trend to complete subwave 2 in white before expecting for another major bearish continuation trend scenario. Therefore, advisable to look for any opportunity towards a bearish entry signal from BSTS later. Good luck.

Wednesday, February 10, 2010

Gbp vs Jpy 1H


At this moment, I'm looking forward market to perform a bullish retracement trend scenario eiher refering to the alt count in white or aqua. Otherwise, if the white critical line is taken then we may see a bearish continuation trend scenario to complete subwave v in magenta. I'm also would like to wish a Prosperous Happy Chinese New Year and happy holidays to all. Good luck.

Tuesday, February 9, 2010

Gbp vs Jpy, Eur vs Usd, Gbp vs Usd & Aud vs Usd - Market Overview


Gbp vs Jpy (4H) - At this moment, I'm looking forward market to perform subcorrective wave a,b and c in e/2 refering to the alt count in white. Otherwise, if the white critical line is taken, then we may see a bearish continuation trend to complete subwave v in magenta.


Eur vs Usd (4H) - At this moment, I'm looking forward for a possibility towards a bullish retracement trend scenario to perform corrective a,b and c/2 in white. Otherwise, we may see another bearish continuation trend scenario refering to the alt count in magenta.


Eur vs Usd (Weekly) - Favourably, I believed market will have to perform a good bullish retracement trend 1st before we can expecting for another bearish continuation trend scenario refering to the alt count in white. Otherwise, please be careful for any breakout towards the bearish continuation critical line 1.


Gbp vs Usd (Daily) - At this moment, I'm looking forward for a possibility market to perform a subwave i, ii, iii, iv and v to perform an extension of wave 3 in yellow. Therefore, advisable to look for any opportunity towards a bearish entry from BSTS later once subwave ii (yellow) is completed.


Aud vs Usd (Daily) - Preferably, I believed market in progress to perform subwave 2 either in magenta or white. Advisable to look for a bearish continuation entry signal from BSTS later once subwave 2 is completed. Good luck.

LIVE TRADES 2-9-10

Monday, February 8, 2010

Gbp vs Jpy 4H


At this moment, please analyse both alt counts either in white or magenta. Unless market break the S3 critical line, therefore I believed market will perform a bullish retracement trend scenario either to perform subwave iv in magenta or subcorrective wave a in white. Otherwise we may see an extension of either subwave iii or subwave v in magenta. Good luck.

Sunday, February 7, 2010

Gbp vs Jpy, Aud vs Usd & Usd vs Cad - Market Overview


Gbp vs Jpy (4H) - Preferably, I believed market just performed a "bearish trap scenario" and I'm expecting towards a bounce scenario to perform subcorrective wave e/2 in white. Otherwise, we may see another bearish continuation trend scenario refering to the alt count in magenta.


Gbp vs Jpy (Weekly) - I believed market will bounce first to complete subcorrective wave e in aqua 1st before another possibility towards a major bearish continuation trend scenario. Otherwsie, this count would be invalid if there is a strong breakout towards the lower yellow trendline.


Aud vs Usd (Daily) - Favourably, I believed market will perform a bullish retracement trend scenario to perform subwave 2 either in white or magenta before we can see towards another strong major bearish continuation trend scenario to complete a major corrective wave C.


Usd vs Cad (Daily) - I believed market will perform a bearish retracement trend scenario to perform subwave 2 in yellow before expecting for another strong bullish continuation trend scenario. Otherwise, please be careful for a breakout towards the bullish continuation critical line 1. Good luck.

Thursday, February 4, 2010

Gbp vs Jpy, Gbp vs Usd, Eur vs Usd, Aud vs Usd & Usd vs Cad - Market Overview


Gbp vs Jpy (Weekly) - At this moment, market already reached the lower yellow trendline. Favourably, I'm looking for a bounce scenario to complete subcorrective wave e (aqua) to complete the descending triangle bearish continuation pattern. But, please be careful towards any strong breakout towards the lower yellow trendline.


Gbp vs Usd (Daily) - Preferably, I believed market in progress to perfom subwave 3 either in magenta or yellow. But, please be careful for any bounce scenario 1st towards the bearish continuation critical line 2. Otherwise, we may see a strong breakout to perform the subwave 3 in C.


Eur vs Usd (Weekly) - Please be noted that the alt count in white is already invalid. Therefore, I believed market in progress to perform an extension of subwave 1 in C (magenta). Therefore, advisable to look for any bullish retracement entry from BSTS later by next week.


Aud vs Usd (Daily) - Due to the breakout towards the bearish continuation critical line 1, therefore I believed market in progress to complete an extension of subwave 1 in magenta. A strong bounce from the bearish continuation critical line 2 would bolster towards the bullish retracement trend scenario to peform subwave 2 in magenta. Otherwise, please be careful for another breakout towards the critical line.


Usd vs Cad (Daily) - At this moment, I believed market in progress to complete an extension of subwave 1 in yellow. Please be careful for a bull trap pattern. A double top pattern would bolster towards the bearish retracement trend scenario. Therefore, advisable to get ready for a bearish retracement trend scenario to perform subwave 2 later. Happy weekend and good luck.

Wednesday, February 3, 2010

VIDEO UPDATE ....TWO TYPES OF TRADES

USD/CAD Possibility of Head and Shoulders

4 Hour time frame on the USD/CAD shows a possible head and shoulders pattern. This could give way for
a pull back to 1.0413 which in my opinion would be a good place to buy for a longer term move. I would love to get into a position trade on this pair as I could see it heading back to 1.10 or even higher.

Gbp vs Jpy 1H, Usd vs Cad, Aud vs Usd & Eur vs Usd - Market Overview


Gbp vs Jpy (Weekly) - At this moment, I'm looking forward market to perform further bearish continuation trend perhaps to complete corrective subwave d (aqua) for a descending triangle bearish continuation pattern. Otherwise, please be careful for any breakout towards the upper trendline in 1H chart.


Usd vs Cad (Daily) - Preferably, I believed market will perform a further bearish retracement trend scenario to complete subwave 2 before expecting for another bullish continuation (reversal) trend to perform subwave 3 in yellow.


Aud vs Usd (Daily) - At this moment, I believed market in progress to complete the subwave 1 either in white or magenta. Therefore. I'm looking towards a bullish retracement trend scenario to perform a subwave 2 later. Please be careful for an extension fo subwave 1 in magenta.


Eur vs Usd (Weekly) - Preferably, I believed market will perform a bullish retracement trend to complete subwave 2 (white or magenta) later. A breakout towards the white critical line may indicate that we may see an extension of subwave 1 (magenta) first before expecting for a bullish retracement trend scenario. Good luck.

Tuesday, February 2, 2010

Gbp vs Jpy Daily


At this moment, please be careful for any bounce scenario to perform a descending triangle pattern for corrective wave abcde in white. Otherwise, we may see a breakout towards the lower red trendline. Advisable to look for any opportunity towards a bearish entry from BSTS later before the announcement of the upcoming NFP this friday. Good luck.

AUD/USD...Waiting on a nice Pull Back

Many market analysts thought the RBA would raise rates yet again but it was not to be. This is why you never trade what you think, but trade what you SEE. Forecasting the market is alot like forecasting the weather. Meteorologists scurry on television to give us the up to the minute forecast, many times in error.
The weather is a force much greater than anything we can predict many times and the market is no different.
While we can be on the right track much of the time, it is better to let the decisions be made by the movers then take positions based on that. For those who held long positions thinking that the RBA would raise rates, they are taking the hit. I prefer to think of it as an even better opportunity to buy. The .8550-80
range to me would be a nice area but .8200-.8350 to me would be a great bargain. I do forsee that if any of
the Central banks start to increase rates steadily, the RBA makes the best case at this point given their solid
economy and being commodity driven. AUD/JPY carry traders could also benefit from a deepen pull back in the AUD. We will all have to see what shakes out and make our decisions accordingly. I like bargains! :)