Conflict on the Daily GBPUSD 19 Oct 2009

A conflict occur on the daily GBPUSD chart. A clear defined 5 wave Elliott Wave have been completed followed by 3 Wave Counter-trend on the last bar at 19 October 2009. If this counter-trend is just a simple ABC correction, price should climbed up soon.

If not, then cable may making a complex counter-trend to make retracement untill, 1.6133 - 1.5969 target point (purple ellipse).

Head and Shoulder on Daily GBPUSD

A possible Head and Shoulder formed at Daily GBPUSD chart. On the smaller time frame the 4H time frame is in Overbought zone which indicate that the upside should be limited soon.

Strategy: Go short at minor swing low at 1.6215 (using 5M entry)

Min Target: 1.6051

Typical Taret: 1.5985

Maximum Target: 1.5918

Stop at : 1.6300

I just use simple Fibonacci, Stochastic and classical chart pattern analysis.

Soy Bean 13 Oct 2009

By referring to the chart above, seems like the soy bean futures will continue bullish for the next trading day. If the wave C is completed, then we will see a possible of Wave 1 of a 5 E-wave pattern.

Momentum: Bullish
Pattern: A possible Wave 1 if Wave C completed
Price: A strong narrow range resistance at 1016 - 1036 area

Trading strategy: Ready for long at opening bell

The E-mini Trading

Today, for the first time I traded the E-mini S&P 500 futures for December contract. Not a bad day.

Long at 1025.50 at 9.40 pm and exit 4 minutes later at 1028.25. I made profit with 2.75 point equals to $137.50 after commission. This is what we call a true scalping strategy - a trading style which took very short period, from a few seconds to a few minutes only. But geng, it's a very very risky strategy, jan buat selalu.

I've analyzed the market thoroughly before just using momentum and price analysis. The blue rectangle on the chart above is the high probability of strong support which spotted via the projection of one retracement and one alternate price projection.

I'm thinking about...

"Great people talk about ideas,
Avarage people talk about things,
Small people talk about other peoples."