GBPUSD trade taken 22nd Sept

Explainations on the charts.
Half profit taken as I type this, stop moved to breakeven.
This first target is just under the 4hr50sma
Next target is another 45pips up, just under the 50% fibo retracement level, so let’s see what happens.

GBPUSD flat top triangle break

Sorry I haven’t posted in a few days, been busy as well as sick. In fact, I’m still feeling somewhat under the weather. I hope it’s not H1N1!

Basically I’m seeing a flat top triangle, it broke above 1.6630 resistance
General trend is largely up, though it’s been kind of range-ish lately.
I’m waiting for a consolidation or a pullback on the 15min before making my entry.
Note the importance of the 1.6655 level. See the chart for further explaination.
On the 15min charts, there are 2 long tailed dojis, one inside the other, done against a know level of support/resistance. Rather bearish signal ya?
So alternatively, if this breakout fails, there’s a supporting trendline which I’ll be observing.
There’s a doji forming on the 1hr. 
You can see it on the chart attached.

USDCAD breakout and fakeout setups

Just saw this on the USDCAD charts this morning, and I realised there were 2 very possible plays based on the way I like to trade range breakouts and fakeouts.
Picture perfect setups!
Usually for breakouts, I’d wait for a decent 1-2-3 after the break, doesn’t always happen.
For fake outs, I’d like to see a clear entry where the fakeout is confirmed, with a doji or a break below the consolidation area before the fake break, doesn’t always happen either.

For the USDCAD chart however, both events happened in the same night and both had beautifully clear entry and stoploss levels!
Explainations on the charts.
A little sore that I wasn’t focused on watching the charts last night and missed these beautiful setups.
In some ways, trading really does require you to commit time to it like a full-time job.
But then again, we can’t catch all the pips. =)

Plays for 24/8

Ok, STI didn’t want to break under 2500 last friday.
To end the week, DJIA traded high and closed up +155points
However, after the close, they reported the failure of 3 more US banks, among them was a really major lender called Gauranty Bank.
I don’t know how this is gonna affect our opening. If there wasn’t any news of the bank failures, I’m certain we’ll gap up pretty high.
But with the news of the bank failures, I’m not sure how the market will react.
I’m inclined to think possibly gap up at first then trade down heavily..

Anyway, I found a few interesting counters over the weekend.

**Sinomem tech
NR7, super strong move up.
I believe the retracement should be of significant magnitude as well.
Volume hasn’t fallen even though price is going nowhere.
Lots of players, if either are proven wrong, I’m certain they’ll switch sides and contribute to the magnitude of the next move.
Will be watching the 0.51 level to go short and the 0.57 level to go long.
long side, target 0.63, fib extension.
short side, target 0.45, 50% fib retracement level

***DBS
Something is obviously happening here. price is going sideways in a very tight range.
support $12.50, resistance $13

**Tat Hong
NR4, price is consolidating on the MAs.
volume is falling.
long side trade might be worth a swing for a few days.

*Hyflux
bollinger bands squeezed then came the break, could be the start of a new leg up, but that huge long-tailed doji conflicts with this.
Price broke a new high then immediately a long tailed doji followed.
Down side bias to test the breakout level around 2.75, then about 2.46 support of the recent retracements
However, if $3 goes, then we should see much higher.

**CSE
just broke out to a new high.
retracements covered the gap, volume very high on the breakout day.
should be a valid break to the upside.
Difficult to swing short term for a good risk/reward since the stoploss would have to be very far down.
I’d be playing it intraday, if at the end of the day, there’s a good profit buffer, then i’ll keep part of the position to capture more of the move.

edit: made clearer analysis on some counters. 
the ’ * ‘ next to the counter indicates the extent of my favour in counter that it’ll be a good trade.