Transactions (FX) and (DJI)

DJIA

If you follow DJIA, you are still seeing DJIA swinging ups and downs. I almost thought that the swing should end yesterday, however, with the closing price near its opening price (again), I am still waiting patiently for DJIA to break above its current resistance 11180.

Closing (Thu): 11,113
Strong Resistance: 11,257
Resistance: 11,247
Current Resistance: 11,180
Current Support: 11,050
Support: 11,020
Next Support: 10,950

Trading Plan for DJIA on 29-10-2010 (Fri)
DJIA Long (Intraday)
Entry: 11042 SL 10998 TG 11200

DJIA Short
Entry: 11234 SL 11300 TG 11050

Brushing up my entry and stop loss, the closer it gets to the resistance levels and reverse is the best spot for the waterfall in making.  Beware of market swing and don't let greed overtake you!


GBP/USD

1. For PW traders, previous up wave for GBP/USD (taking X on 20-5-2010 low), GBP/USD has hit 3L, recording a high of 1.6103 on 15-10-2010;
2. From Weekly Chart, GBP/USD has reached a good fibonacci retracement level with a nice candlestick reversal pattern on Day Chart on 15-10-2010.
3. Don't despair if you didn't get a short entry 2 weeks ago, market has unveil the next opportunity.

Current: 1.5950
Resistance: 1.6103
Current Resistance: 1.5980
Current Support: 1.5750
Support: 1.5650
Next Support: 1.5500

I may be right, I may be wrong, but I would love to trade a Long for intraday, and planting my shorts for GBP/USD and ride the short through its base 1.5650 and next support 1.5550-1.5500.

Only trade with the price action, and follow your trading plan.

My trading plan for GBP/USD on 29-10-2010 (Friday):
GBP/USD Long
Entry 1.5710 SL 1.5650 TG 1.5900
GBP/USD Short
Entry 1.5950 SL 1.6000 TG 1.5750

Its Friday and Sifu DAR Wong is coming to KL and tomorrow would be the Professional Trade Master Program, if you stay near Peninsular Malaysia, this 2 days workshop is currently selling at RM4800 / SGD2200 strongly encourage traders to attend.

Related:
Forecast GBP/USD on 28-Oct-2010
Professional Trade Master Program :: Apsri Traders
My Weekly Forecast on DJIA for 25 Oct 2010