Looking to buy EURCHF

16 Jan, 05:59 - EURCHF seems to be sitting around an immediate support of 1.4696, and based on the Daily chart candlestick, it might be going for the long side if the current trend continue.

My action for this pair: - I place buy stop at 1.4815 with stop loss a distance away at 1.4675. My target for this pair will be at least 100 pips or near the 200 pips figure.

By the way I loss on 15 Jan trade with the EURUSD. The signal given to me by kuasaforex indicator seems to be a false one. Moreover, I jump in quite late and during heavy volume trading happening. Thus, I get a requote from my broker over three times and I was given a bad price than anticipated. Lesson learned from this condition for me is not to push the trade under heavy trading volume, where other traders pushed their orders.

Thin Range Trading condition ahead of ECB

20:26 Brunei - Market is very quite with very small volume movement. Especially with the EURUSD as the ECB will due to release Minimum Bid Rate. The pair currently under very thin range bound trading. Yesterday was a good long trade for the USDCAD. I will update again with trading position I might be taking after 20:45 of the ECB announcement released.

Unable to trade Monday

Due to poor internet connection yesterday, I am not able to take any trade the market offer. Anyway I believe some of us [the forex traders] enjoy good profits yesterday for those who trade all the major currency pairs. I like the EURUSD movement yesterday which a discipline trader could easily pocket an easy 100 pips.

Monday, 12 Jan: Asia Market Outlook

2203 GMT [Dow Jones] ASIA OUTLOOK: Little change in FX majors so far with quiet trade as Japanese market shut; USD/JPY around 90.10 vs 90.30 late in NY on Friday, EUR/JPY at 121.40 vs 121.36, EUR/USD 1.3472 vs 1.3438. Stocks have negative cue from Wall Street, which fell in wake of data Friday showing more U.S. labor market weakness; NZ shares though have ticked up 0.2% early. Data include Aussie ANZ job ads 0030 GMT, Korea export/import price index 0300 GMT, India industrial output 0630 GMT. China trade, M2 data due. Thailand has by-elections to replace sacked MPs after airport protest. Europe has German manufacturing turnover, UK RICS housing survey while in U.S. there's Federal Budget, Lockhart speech.(RXM)

Expect USDJPY going below 90's

In the coming week, based on the daily chart analysis, if the current price of 90 with USDJPY break below 89.71, I expect a further short towards 89 or 88 price range. This is based on my daily technical analysis with an immediate support coming at 89.71 and a break below this will push the pair further. Most probably towards the low of Dec 17, 2008.

GBPUSD: Shows some upward push with a target towards 1.5512 or towards the high of Dec 17, 2008. A reversal from the current trend may see the pair to go towards the support of 1.4859 before finding direction of new trend.

EURUSD: The pair now has break the support of 1.3469 and I will wait for next week for trend confirmation for another strong trend continuation. A further break below this support will see a further bearish trend of Euro towards at least 1.3310.

USDCHF: A possible top may now be created at this point of 1.1130's area, however a break above 1.1250's calls for further bullish trend.

AUDUSD: The pair may now change it's momentum from bullish towards bearish cycle. The pair will be going bearish toward the support of 0.6950 and a break from here may see the pair to go further sliding downwards to 0.6750's level

All of the above market summary is of my personal analysis from the current week for next week market momentum. All analysis are based on Daily chart by observing current support and resistance as well as daily bar characteristics.

Catching the big waves

Some of you will realised of why I did not trade when there's strong trending market. Actually I trade during those time using additional technique I used before in all my previous posting last year. But you need to know where you enter or ride the waves.

One way to enter in which I like to use it, is utilising the little S&R (Support & Resistance) that develops by the market maves in the 1-minute chart. In a strong up trend market movement like the case with GBPUSD within this week, I will enter at the break of the small resistance and placing my stop loss at the most recent support developed by the market waves. I will then place my target at least twice of the risk I placed for my stop loss.

However, you need to remember before you commit to such trade you must ensure that all 3 indicators in the TRIPLE timeframe must be of the same color. In a strong up trend, all 3 indicators must show the blue color.

Happy trading guys...and I will be back for another live trade next week. I will stay on the side line today knowing the US NFP will be released. Tsunami might be created, and my naval vessels can't cope with that kind of waves...

No position are possible to be open, as the market today somewhat making stronger bull against the US Dollar. My target for GBPUSD is also not possible and the pair has now hit the R2 levels. I may not be trading if the market has hit R2 level, as the likely chances for the market to reverse may occur from here.