Ranging Market

Thursday, August 9, 2007

For the past 2 weeks, forex has enter the ranging mode. Ive been busy with work since I have a day time job. Merdeka celebration is coming and I am going to be extra busy. Next week I am going to KL.

As for forex, this week is not so good for me. All my technical is correct just that being unlucky sometimes. My position of long GU and GJ both hit SL on the last dip. I can never imagine it can go down that much. Thanks for EG, I manage to cover my lost and made a little profit.

Back to technical analysis, GJ has made it top at 244.06 and there is a reversal sign. GU it seems has not reached it top. There is some room to go before a reversal can be considered. Look for formation of double top and watch out for its strength. Im not going to give signal since I do not have time to trade. If I do enter the market it would be touch and go or thru stop order with sl (which is very difficult to judge).

Happy trading, may profit be with you always.

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