Wednesday, 27 August 2008

EU: Today has a higher high and higher low. Daily MACD shows a bullish divergence, but H4 seems to show a bearish divergence. Drawing 2 trend lines on a weekly chart from highs and lows after 2006.2.26 will find EU has broken down the upper TL. The lower TL shows the support will be 1.444-1.45. Lower support will be previous lows at 1.43. (James Chen support 1.4400-1.4450)
Action: (1) buy at 1.45, SL 1.43, target above 1.49; (2) buy at today's 61.8% (currently 1.4682+ spread (2) at 1.4687).

GU: Both H4 and daily MACD show bullish divergence. But today has a inside bar.

UC: Yesterday has a long upper shadow. Today has a lower high and lower low. However, on a daily or H4 chart, it's in a up channel. The trend is up but some retracement may happen.
Action: Sell at today's 61.8% which is 1.0972. (Closed)
Buy limit at the low TL/Channel at 1.0890, SL 1.08;
Sell stop at 1.078 with SL 1.088;
Sell limit at 1.11 with SL 1.125 (expect retracement).

UJ: Bearish and Sell.

AU: Daily MACD show bullish divergence. H4 is not clear. Today has a inside bar.

Yesterday I sticked to using a tightly TSL when I longed AU. The profit shrank from around 1.6% to 0.48%. A too tight TSL is NOT always good.

Statistically, the maximum TSL for GJ should be 400 + spread = 407 pips (8.13 low to 8.15 high). The second biggest TSL is 337 + spread = 344 pips.

For AU, the maximum TSL GJ may be 222 + spread = 225 pips (8.13 low to 8.21 high).

this week until now: -0.325%
EU: +0.2%
UC/AU/AU: +0.176%
UJ: +0.402%
AU: +0.48%

3 weeks ending 22 August: 19 out of 33 win. +5.5%

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