waveriderfx.com

It looks as last night rally to 1.9897 was the end of 5 wave count and starting from that price it had made abc correction pattern and stopped right at minimum wave C target which is 61.8 fibo expansion line.. which comes at 1.9762 this could be the start of a new 12345 count or another abc pattern.. I had opened a long GBP/USD post.. the target is open while the SL is set at 1.9762 because the rule of EW says that for an 12345 formation wave 2 should not overlap the starting of wave 1.. If it did break the price then I need to recount.. but as of now I’m trying my luck with a long position..

After last friday’s movement I had opted to sit back and see the daily chart for any indication of a trend lower or higher but dissapointedly the signal never came.. and till today cable had no indication what so ever where it’s going.. based on yesterday’s cs it’s should signal that cable will go down but still it needs a confirmation of a full body bearish cs. And to those who have not opened a single trade I suggest you abandon the idea… this week will be a nightmare… because from today there’s a slew of high profile data which will make the market trap in consolidation…. it’s better if we could catch a ride after this….

tips.. the longer the pair in consolidation mode the bigger the breakout..

Yesterday’s candle had made an bearish harami formation.. it opened and closed inside the body of the previous bullish candle..  to those who want to trade today then pending sell stop at the bottom of yesterday’s low and buy stop at yesterday’s top. http://www.candlesticker.com/Cs41.asp <—– some info about bearish harami pattern..

or you could wait and see if today’s cs is a bearish cs and close under wednesday’s cs before entering the market..

GU had made a rally upward and to those who had followed my tip http://waveriderfx.com/blog/?p=9 on pending a buy stop at 1.9767 had gotten themselves a big profit because the highest for yesterday move was 1.9893 just shy of my target by 5 pips which is 1.9898.. today’s candlestick opens inside the previous days body.. yesterday’s cs closed 1.9862.. today’s open is 1.9861.. for today’s movement I think better stay away from the market because it’s friday and there’s ton’s of news for today.. if you still haven’t closed your post then put your SL on your profit. The 1H and 4 H chart is nearing overbought territory while the daily chart’s stoch had crossed and pointed upward.. so possible correction toward 1.9823 before getting back up.. but if today’s cs turns out as a doji or reversal formation then my prediction is next week it will go south.

23/05/2007

total pips = 126 pips

Today I sold my first top-up using mymode’s program.. heheheheh eventhough the profit is small.. but i’m looking at long term gain with it.. because i’m confident there’s potential in this business.. with only RM 65 for lifetime it’s a steal actually.. and the target is all those prepaid HP user’s out there… don’t you want to gain back a portion of what you spend by topping-up your handphone credit?? it is possible to get a discount by buying in bulk but you needed to buy a lot to get the discount which are being offered by mymode.. let me demo for you.. you buy a RM10 topup from a shop and you’ll have to pay RM 10.. but through mymode you still pay that same amount but RM 0.4 will be credited back to your account. So over time you’ll save more through mymode.. Join me through this link below….

http://prepaid4u.net/?id=chrome76

Yesterday I was hoping to see the formation of the bullish engulfing cs pattern at the daily chart of this pair.. but it was not to be.. the cs opened lower but rallied higher but can’t close 1.9744.. so today no clear signal for the retracement yet.. the daily rsi is still under 50 and the stoch is still haven’t crossed properly.. To those who are brave enough pending buy at 1.9767 and with a tight trailing stop loss in place… target for this retracement is around the 50.0 fibo line taken from 2.0129(100) to 1.9675 (0) which should come at 1.9898.. trade cautiosly because I don’t trade correction. I’m waiting to sell at the top. Here’s today’s screenshot..

http://www.waveriderfx.com/gudaily23052007.jpg

Based on my Elliot wave count is currently in Wave C down (please refer to the attached chart) and my initial initial target is 1.9186. The ABC correction pattern is called a sideway pattern whereby the B wave had overlap and exceeded the starting of wave A. As long as wave A <= wave B < 2 times wave A then this pattern is still valid.. couple that with the weekly and monthly formation I think it is possible..( please scroll down to my posting on weekly and monthly analysis regarding gbp/usd) but first based on the daily stoch I think a correction is bound to happen.. so to those who missed the first ride down from the top be sure to catch this second wave.

http://www.waveriderfx.com/guwavecountdaily220507.jpg

Here my prediction on GBP/USD based on the weekly chart. Divergence  is detected and the stoch is crossing and pointing lower.. which in my opinion is signalling a major reversal of the uptrend and the price had closed under lower trendline of the rising triangle formation.

Here’s my long term prediction for gu starting from the monthly chart.. this chart will be updated every new month. If yo u look at the chart this month’s cs is a bearish cs and couple with the previous month’s cs it is making the bearish engulfing pattern.. if the cs close lower next week.. couple that formation with the divergence of the macd then we will get a strong sell signal.. but the problem is the cs is not closed yet.. wait for next week and i’ll update here.

Are you an avid photographer?? Had any photo that you want to sell?? now thru the power of the internet you could sell your pictures online thru fotolia.co.uk. Sign-up for free and start making money thru your pictures..

http://www.fotolia.co.uk/partner/315363

Korang minta fotografi?? ada foto2 yg nak dijual?? skang ni korang leh jual melalui internet saja.. daftar ada lah percuma.. sila guna link kt bawah utk register…

http://www.fotolia.co.uk/partner/315363