Saturday, 30 August 2008

This week has been bad for me. In my memory I didn't lose money if I enter a trade at major S/R based on daily/weekly/monthly chart, but lost some money if the trades are based on a single daily bar (e.g. 61.8% Fib of a single daily bar).

SO I SHOULD ALWARYS ENTER TRADES AT MAJOR S/R BASED ON DAILY/WEEKLY/MONTHLY CHART!

EG:
Sell limit 0.8100, SL 0.8150.

UJ:
Likely to drop.
Sell stop 107.60, SL 108.8.

EU:
The weekly low TL shows the support of next week is 1.4464. The lows of last 3 weeks are 1.4658, 1.4629 and 1.4571. The projected low in next week is 1.4513 and 1.4455. These 2 supports are not as reliable as 1.4464.
Action:
Buy at 1.4515, SL 1.4364 (1.4464 - 100pips).

GU:
The first support 1.8312 has been effecitively broken. The second support 1.8021 is 23.6% from 2005.11 to the highest. The 3rd support 1.77** is a TL on the monthly chart. The 4th support 1.7428 is 50% Fib from 2001.6.
Action:
Sell stop: 1.8150, target 1.8030, SL 1.8250
Buy limit: 1.8030

GJ:
GJ bottomed at 197.60 and didn't quite respect 198.04 which is 23.6% Fib of the last rise from 2008.3.16.

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