30th September 2009 Update 1

a possible formation of the inverted H&S with neckline at 1.4650 area is now observed. possible support to validate pattern include the 1.4585 and 1.4560 area

30th September 2009

The pair had made a potential break of the bear correction channel, this might signify the end of the current bear correction trend. keeping an eye for higher lows in the hourly charts and the prior low to hold.

EU the week ahead

The pair had manage to rally up to the resistance area at 1.4850 and the weekly chart is now showing signs of correction. immediate support is seen at 1.4600 and next important support would be the 1.4450 area which was the resistance turned support area.

23rd September 2009

price venture into fresh new year highs yesterday but failed to hold up at the area. Buying opportunity might still be around if 1.4750/70 region holds.

16th September 2009

The pair appears to have hit one of the important Resistance area which is was the december 2008 high at 1.4700 region. the pair currently face tought resistance ahead with the ascending channel ceiling and horizontal resistance at 1.4700 region, i would expect some pullback here before challenging the 1.4700

EU the week ahead

the pair had managed to break free and closed above the upper trading range this week, further upside might expected and near term target is at 1.4700 region. support can be seen at the 1.4450 region

10th September 2009

finally ! The pair finally breaks free of the zone at 1.4447 and next resistance would be the 1.4700 region. For now the pair trades above the 1.4447 area.

tips for going naked in the markets

to trade without indicators is kinda tough at the beginning, but one would get use to it quickly if we pay enough attention to Support and Resistance areas. For me the key to successful naked trading is to be able to identify S/R levels in the markets. Here are some basics to get one started in SR levels entry.

3rd September 2009

still, the EU is stucked in a range from 1.4175/1.4200 area to 1.4400 area. The pair had been in this resistance area for quite some time. and any strong break above 1.4400 will challenge the high at 1.4446, breaking the latter clearly will renew fresh buying interest. on the downside, immediate support is seen at at the 1.4200 region, breaking the latter will expose maybe 1.4050 in near term.

1st September 2009

based on the monthly chart, the EU is now at the resistance formed from the year high at 1.4450 area. the emergence of the spinning top in the monthly chart might indicate a pause for the rally. A correction might be in the cards as well as most global markets are in the oversold area, thus hampering the move up in EU.