The RBA steps in

After 2 weeks of back and forth for the AUDUSD, coupled with narrower and narrower trading volumes and trading ranges, largely due to confusion over the Federal Reserve's policies and the expectations for its future moves, the inevitable has finally happened. I had always said that the RBA still feels that the AUD is overvalued from its perspective. Finally, the traders are pricing that into the market. This clue was derived from the following article of the Minutes of the RBA board on monetary policy - http://www.rba.gov.au/monetary-policy/rba-board-minutes/2013/02072013.html

Traders only took into consideration then that the RBA was staying put with its then stance of being satisfied with the monetary policy, but that was only temporary as we can now see.

Technical trading always provides a partial picture for traders to take advantage of the price moves in the markets, but the big money is always made from fundamental trades?

News Trading 29th July - 2nd August 2013

Good Day!! Traders!!!

How will I trade the News from 29th July to 2nd August 2013

Monday 29th July 2013

The USD/JPY & AUD/JPY will move – if the news is more than expected than you can expect the JPY strengthening…

The US data’s are getting better each week and this will be no mistake with good sales m/m…I will buy USD at every low..

Currency to pay attention: EUR/USD & USD/JPY

Tuesday 30th July 2013

 Morning will be NZD movement which I am expecting standstill for NZD for now as it already moved significantly high for now – PAIR to watch for NZD/USD

7.30am will be Japanese news…last week the JPY have strengthen across all pairs and for me is a good pullback for a good rally; BOJ statement here will make a big difference for JPY pairs…any wrong statement or grey messages from Kuroda will make the JPY strengthen across the board..Pairs that will move at a rapid rate is: USD/JPY, EUR/JPY , GBP/JPY & AUD/JPY….

9.30am – is the Australian turn to move the market – is the rate adjustment again…I will short AUD if there is anything negative from Glenn Stevens RBA Gov….as he have said earlier last month than he would like to see the AUD drop further so that Australia can get out the mess

After the Australian nightmare will be EURO to handle and CPI is an important part for ECB to make adjustment to their interest rate…

I am expecting a lot more bad news coming from Euro this week; Spanish GDP will be good to watch if they are out of recession and also improvement in their Unemployment, Pairs to watch: EUR/USD & EUR/GBP

10.00pm – CB Consumer Confidence – recent survey showed great improvement in the consumer confidence and I am not expecting anything less…Pairs to watch:  EUR/USD, USD/JPY & USD/CAD

Wednesday 31st July 2013

USD/JPY pair to watch for the Japanese PMI – anything good will put JPY to strength again but here again it all depends to BOJ Kuroda message on Tuesday as it will make a big difference

Later in the morning you will see some movement on the NZD confidence and I am sure is going to be weak and I will wait for any short position, Pairs to trade: NZD/USD

Is all about Euro now; and more importantly the German News which will lead the market to next level; my assumption is that after last week the PMI results were good and push the EURO to new high…and I am expecting some movement here but will not be any huge movement as all awaits the ADP & NFP & ECB / BOE Rate Announcement…Pairs to Trade: EUR/USD & EUR/GBP

ADP news is almost as important as the NFP; I am expecting nothing more than good news and should see some good movement for USD & S/P500; Pairs to watch: EUR/USD & USD/JPY

US GDP is extremely important at this stage of game as the “TAPERING” will be the focus; I will short USD if the data is weak and will continue hammering USD till Friday NFP results; however if the news is good than is obvious I will take USD back home and keep it :)  – Pairs to look out for : EUR/USD,USD/JPY, EUR/JPY & AUD/USD 

Canada will be announcing their GDP which is obviously going to be good and I am expecting some huge movement for the USD/CAD 

Thursday 1st August 2013

If the GDP of the US is bad..than tapering will be out of the table for the moment but if the GDP is good than you can expect the USD rally against all major pairs…

So the FOMC trade is a no brainer of you are able to understand ADP & GDP

There will be huge movement for: EUR/USD & USD/JPY

Then we will have Chinese news – which I am expecting to be bad or worst…Huge movement is expected for AUD/USD, EUR/USD & AUD/JPY (every trader will be waiting for the news)

Then later in the afternoon we will hear from Carney from BOE and what he is going to do with rates; stay or to cut – can expect GBP/USD, EUR/GBP big movement if there is a rate cut if no change than the GBP is going to head north or level

Then later the ECB turn to make a decision – IMF have suggested to ECB to reduce rate; this time ECB might do that to stimulate the economy as the EUR is seating down on a good price of 1.32 and anything lower for EURO is acceptable…I am expecting a huge reversal of EURO next week….Pairs to watch for: EUR/JPY, EUR/USD, EUR/GBP & EUR/CAD

Finally the night will end with USD MFG PMI – which I am expecting to be good rather than bad…this will be easy after the BOE & ECB rate news…

Friday 2nd August 2013

Australia will be easy at this stage after all the USD, CHINESE, UK & ECB are out…just follow the trend and take on the AUSSIE…

Nothing much accept for 5.00pm construction PMI which will be good for sure….Pairs to watch: GBP/USD & EUR/GBP

The Trade of the WEEK…..“NFP” every trader will be trading this night and collect huge money for sure!!

Any bad news for US NFP - that will be sudden death of “TAPERING”

Any good news – Rally will be the beginning for USD

So you can see is going to be an exciting week for all traders around the world….the first week of each month is always a great week for all professional traders around the world…

Have fun and be all ready for many surprises this week….. :)

A rich man's game?

Real estate investments, is it for everyone? They say that 90% of wealthy people either keep a large portion of their wealth in real estate or made their money from real estate. Either way, it makes the question an interesting one of whether we should look towards real estate as a form of building or accumulating wealth.

In the 21st century, as the global economy becomes more and more interconnected, and the marketplace competition becomes more equal with the emergence of the internet as a medium of knowledge, it has become more imperative for the average consumer to invest as a means to keep their income or net worth on par with or slightly better than inflation.

Say hello to real estate or property investment, which has jumped into the limelight more significantly during the past decade in this country. In the past 5 to 6 years alone, there has been a noticeable increase in property INVESTORS in the market, be it the big shot property tycoons, or highly paid professionals or businesspeople in the market, be it laymen such as your average working executive, schoolteacher, college graduate, or any person who was willing to be caught on to the "property investment" fever, or worried about missing out on opportunities. Of course, I am not speaking based on official statistics, but for those of you who are not aware, apart from the currencies markets, I have been involved for some time in the property markets, buying and selling and also being involved in group buying and with friends and business partners alike.

So, can you really get rich through property investments? Or is it just a game for the rich?

Looking back at history, real estate used to always be a revenue churner for the rich and powerful, mostly royalty and/or those associated with royalty, ie knights, civil servants etc. Today, the same privilege is extended to almost everyone.

The plain fact is this, real estate is one of the commodities in this world that is not renewable, meaning one cannot produce land, nor is it something that will produce itself given time, hence, it can be a valuable resource. Throw in the fact that the world population is consistently increasing, and a need for this commodity will increase as well as people require shelter and accomodation, then yes, owning real estate is, can, and will be a significant vehicle for creating wealth.

The question still remains, is it a game that is confined largely to being participated in by the rich and wealthy? Or can anyone with abit of knowledge and alot of determination play this game as well? In my opinion, anyone can play the game, and profit big from real estate investments.....the next question would be....HOW? And that will be the subject of our next discussion in another article......Stay tuned!

Is India going to ignite a time bomb?

Don't BE fooled with the rising stock market in Asia…the Tsunami ripples are on the way with the RISING USD …protect your assets with USD for now…and make huge profits or else collapse with your domestic money… is just my thoughts… Courtesy of Traderence Holding Pte Ltd

(Updated!) 25th July, 2013 - This is how I will trade the EURGBP today

A trading idea was shared with me on this pair today by a friend. He was kind enough to allow me to share this.

And the results!!!!

This trade idea was derived from www.traderence.com

The key to learning how to trade - Understanding what to focus on

A man with no prior experience at all went on a skydiving trip. He had seen it done before on video, and on TV, and it sounded easy enough. He went on the plane and jumped from it without a parachute because he only knew what he saw - people floating around in the air. He broke his legs as a result and thereafter condemned the sport as one of the most dangerous sports in the world, and that people who skydive are no better than brainless morons who deserve to die.

A boy, who just got his driver's license for around 2 months, starts feeling more confident behind the wheel. He sees other cars on the road speeding and thinks that all the warnings from his driving instructor, his parents, the authorities and others are meant for the "slower" drivers, those who cannot keep up with younger, faster learners like him. He starts driving faster and faster, gets into an accident, and is paralysed. He blames this on his parents for not getting a "safer" car. (Translate : a more expensive one). Because if he was driving a better car, he would not have gotten into an accident, and he still thinks his parents are stupid because they never warned him enough about the dangers of speeding.

Do these scenarios above sound ridiculous to you? They sure sound ridiculous to me. Now let's take a look at the following scenario.

A man, has heard about how bigshot traders are making tons of money trading financial products in the market. He has no experience whatsoever, and has heard that there are alot of losers as well. However, he thinks that "If they can do it, so can I". He signs up for a class with some Guru which he found off the internet. After a 3 day session and armed with some new knowledge, he jumps straight into the market. Can you guess what happened? He loses all his deposited money. Of course he blames this on the "Guru" and that he lost money because the strategies taught by the "Guru" do not work. He has conveniently forgotten all the Guru's warnings of managing his trade sizes and that "a 3 day session is just so that you can learn the basics of what trading is all about"

He goes looking for another Guru to learn other strategies, which he believes will allow him to be better equipped. 6 months later, he has some minor successes in the markets and thinks he is ready for the big time. He takes out a large portion of his savings and puts it all into his trading account. He starts feeling more confident with each successful trade he makes. He sees other people trading with bigger sizes and making alot of money and thinks he can do the same. He believes that alot of "standard" rules or warnings given by his teachers, his coaches are meant more for those who are not as smart as him, and that he is smarter than the average person. He starts trading bigger, and bigger, and crashes. He loses ALL his money, save for a few hundred dollars left in the account. He finally "admits" to himself that the market has been a con job all along, and that people who put money into the financial markets are brainless morons who deserve to lose all their money.

Trading is both an art and a science. Quoting the words of Dr Alexander Elder, it is a science in that almost everyone has access to the same tools, data and news, and it is an art in that each and everyone interprets and uses these tools differently and achieves different results. IT IS NOT EASY, IT IS SIMPLE, BUT NOT EASY.

Trust me, I have seen so many who are convinced that they know something about trading, and see these same people crash and burn. Some of them are even talented in my opinion, but lack the understanding that it is not just about knowing strategies, it is about a lot more than that. It is about knowing yourself and having the ability to make decisions, and knowing when you are wrong, AND BEING ABLE TO ACT. For some people it may take longer to realise this and be able to take advantage of this simple fact, for some people it may come quicker. If you understand this then you know that learning how to trade is a matter of longevity in the game - the longer you can survive in the game, the higher your chances of learning that single thing that might make all the difference.

In the 2 scenarios above, the lesson we can understand is;

 No 1, understanding what you are getting yourself into - IF YOU DO NOT EVEN UNDERSTAND WHAT YOU ARE DOING, HOW IN THE WORLD ARE YOU GOING TO DO IT WELL? Let me help you with this statement. If you have been dabbling in trading, whether its stocks, FX, futures or other instruments, do you know what it is you are trading, as in the product that you are actually buying or selling? If the answer is NO, you have already lost the battle before its begun, no matter what anyone or the internet tells you. I mean it.

No 2, YOU, and you alone are the one responsible for your trades, your successful ones, and your failures. No matter who tells you to buy or sell, no matter what strategy's rules you are following, no matter what the guy who sold you the robot told you about how much money you can make, or no matter which book you are reading on "Learning how to trade" says, YOU are the one who clicks the button, and you are the one who makes the decision. Never, ever, ever, blame anyone else, not even the scammers out there. If you had done your research and are not lazy, you will not fall into their traps!!

Given all this nonsense, I have recently started sharing with some people who asked me how I trade. If anything, all I have to do is to throw everything I have at them, and people eventually pick up what is useful for themselves and discard the rest.

What is Happening around the world!!!

What is Ben Bernanke doing?

• He doesn’t want any of his word to break the market down; so he chooses his words carefully when he speaks
• He is concern over the US inflation rate of less than 2% even with so much of QE – this would be scary because US might end up like Japan – DEFLATION
• He is concern over employment – the fortune 500 Companies are doing well with all this QE but they are not employing enough to make a difference is the employment – he wants it to go to 6.5%
• He is also concern over the US Consolidated data which he wants it to be more consistent
• He is also concern over the US Stock market sudden crash like the one in 2008 – if too drastic monetary policies is made

What is in the pipeline?

• Reducing the QE is an important part of slowing down easy money and stop creating a deflation soon if they don’t do it
• Borrowing cost should not be too low
• Interest Rate adjustment soon
• Ensuring the unemployment rate to 6.5 by end of this year

In Conclusion

• Start buying USD for Long Term investment
• Unload commo Stocks if you have any
• Unload Australia Dollar
• Unload GOLD and related ETF’s
• Unload Banks Stocks
• Buy Japanese Stocks – with Cheap Yen
• Buy Australia Stocks w – with cheap Aussie Dollars
• Be ready to Short S&P 500 & Oil- Signs of Slowing down are already here

What is Mario thinking?

• Reduce interest rate further to stay competitive?
• Will he be able to solve Unemployment rate in Europe as a Whole?
• Will he be able to handle Spain, Italy, Greece & France crisis which is on the line to burst?
• Will he start a currency War with other countries?
• Will he be able to pay all the bonds that have been sold – or is he creating deeper grave?

In Conclusion

• I don’t see any future in Europe
• I don’t see any reason for me to buy EURO
• I don’t see why Euro will allow their currency to be strong and damage their economy further
• Sell Euro on all New High
• Sell Euro on any bad news

  

What is the Prime Minister Rudd of Australia Thinking?

• Will he be able to bring the country Debt down?
• Will he be able to stay competitive with China slowing down?
• Will he be able to maintain the country GDP & EMPLOYMENT on track?

In Conclusion

• He together with Glenn Stevens WILL do anything possible to keep the Aussie down to 0.70cts against USD to stay competitive
• He will have do more to stay competitive as their biggest investor China IS SOON GOING TO SQUEEZE the banks with easy borrowings
• If the China Bubble burst that could crash the AUSSIE DOLLAR – I am always at “Short Position” for any new high for Aud

  

What is Abe – the Prime Minister of Japan thinking?

• He will and ensure that Japan reached 2% inflation and get out of Deflation
• He will win the election today and push ASO & KURODA to do more
• He is focusing on Growth and not on the weakness of the currency – which is impossible – without JPY being weak they can’t and never be competitive in this market
• He will push BOJ to do more soon

In Conclusion

• The USD/JPY will hit 115 by end of this year or earlier
• Nikkei Index will cross 20,000 by end of this year – with Cheap JPY – as many will buy into Japanese stocks that has value rather than keeping cash which is going to depreciate – just like the US Stock Market 0 when the USD was cheap
• Borrowers will return USD dollar back to the FED and start borrowing from Japan

What is China Prime Minister Thinking?

• Will they really going to reform the financial industry in China?
• Will they slow down easy borrowings?
• Will they be able to keep the 7.5% GDP growth for the next 6 months?
• Is he handling the Property bubble well or will he not?
• Will he allow the Yuan to rise and be the Reserve Currency in 10 to 15 Years time

In Conclusion

• China is slowing down and be ready for more shocks that is in the Pipeline
• China Slowdown will surely affect everyone around the world and not the US
• China problem ripple is going to be 5 times worst than the Lehman Brother issue
• Asia will not be spared
• Have enough money to grab cheap properties across Asia soon
• Sell AUD at all new highs

18th July, 2013 AUDUSD - up or down? How to trade this pair? Short at all highs?

Following up on the current direction of the AUD, it was unusual that the AUD strengthened although the RBA stated a possibility of further easing activity, but was satisfied with the current stance on monetary policy. However, nibbling on the long side on the way up netted me some small profits and I also managed to take a sell towards the peak, as I sold near to the point of the upper trendline as I believed that that was the extent of the upwards retracement on a bigger timeframe (H4 chart)

Currently, the AUDUSD has moved back into within the trend channel created from the high of 11th April, 2013 to the high of 11th July, 2013, therefore I am of the assumption it will continue the downtrend, as the RBA has not ruled out further easing of the currency if required.

GBPUSD 18th July 2013

Yesterday the GBPUSD break the high (1.5222) of 11th July, thanks to the better than expected Claimant Count Change which shows -21.2k compare to previous -16.2k. And also the MPC Asset Purchase Facility Votes shows 0-0-9, BoE New Governor Mark Carney managed to unify the 9 members into voting to leave the QE unchanged at 375 billion GBP, where previous month results is 3-0-6 where 3 members (Sir Mervyn King, David Miles, and Paul Fisher) votes for extra 25 billion GBP asset purchase. If the Retail sales later shows a better than expected data again, we might see another bull runs in this pairs.....

i'm planning to make a buy @ 1.5105 near my Support 1, aiming 50 pips. but i will make my decision after the UK Retail Sales scheduled to release at 4.30pm later. Lets wait and see how it goes...

trade update, 16:45

the UK Retail Sales released shows a 0.2% growth, meet the market expectation. And looks like the market took it as a bullish sign even its way below the last month figure (2.1%). immediately after the release, the pair went up 45pips.... Hmmm, i will remain my buy limit position, and maybe will make a Sell @ 1.5290 which is my Resistance 1 from my pivot indicator, take a small counter trend trading aiming for 25pips with smaller lot size. So lets wait for the price to move....

trade update, 19th July 2013, 17:00

Yesterday night we had some good data from the US which the Unemployment Claims comes in 334K better than consensus 344K, and the Philly Fed Manufacturing Index showed a whopping increase 19.8 than 8.5 forecast. From the FED chairman Ben Bernanke 2nd day testify, Mr.Ben said that the FED is in no rush to increase interest rates while reducing the QE is still their intention, but the Bank's decision will based on the strength of the recovery as determined by economic data, especially the jobs market. So for the near future we can expect that the traders will watch closely the employment data from the US as an  indicators to trade.

Technically, the pair is currently trading at 1.5250 which is near to the previous high, and looks like it is going to break the ascending triangle, i will remove my previous sell limit @ 1.5290 for now, and wait for the breakout. As it is Friday, and we don't have much important news on the lines, so i don't expect much movement tonight, unless something big came out of the G20 meetings.
For now my trade plan for this pair is that if the price breakout of the ascending triangle, i will look for the retest of break and try to make a buy next week.

What is trading all about?

A good friend and great mentor of mine opened my eyes to the fact that trading and investing is not just about where to buy and where to sell. It is much more than that, it is about knowing WHAT you are buying and selling and understanding where you stand in terms of the food chain of traders/investors out there. Once I realised this fact, everything started to click.

Where are you on the food chain? AND what is your weapon of choice? (market or product that you trade/invest in)

15th July, 2013 12:33AM; AUDUSD - Is it time to continue the ride down?

Has it come time again to sell into the downtrend of the AUDUSD? Even the full realisation by traders that they had previously priced in too much premium into the USD did not serve to provide any form of support to counter the erasing of value in the Aussie. Much will lie in how the numbers will be reading on Monday's data releases coming from the world's most populous nation where its (i) GDP; (ii) Fixed Asset Investment; (iii) Industrial Production; (iv) Retail Sales and (v) PPI numbers will be revealed, as concerns over China weighs down on this currency.

Will there be a cooking of the numbers? And how will traders react to it? Technically the downtrend is in continuation, and hence, it could be a smart move to keep shorting at new highs. But has the market already factored in bad data being released??

The AUDUSD was much weaker than the USD in the aftermath of the speech by Federal Reserve Chairman Ben Bernanke, so much so that in the following day, it found relatively no support level that could withstand the selling pressure that came in, even when the USD was still weak. When the USD finally found some support, the AUD crashed.

FAKE - MAKE 5000 USD IN 5 SECONDS WHILE RIDING A ROLLERCOASTER AND DRINKING BEER

My journey as a trader has put me into an environment where I am constantly in contact with many traders, both professional and amateur alike. And looking at it from various types of traders' perspectives, I would say that many people who start out trading go in with the wrong expectations.

When one starts considering trading as a career or as a means to make money, the thought process will almost always start with 2 things; the money and the effort required to make that money.

Seldom do you see people go into trading because it is an INTERESTING job; well, people do, but the concept of it being interesting would be severely diminished if you take away the monetary aspect out of the equation. That's because the "interesting" factor of trying to gauge markets and how they move, is increased by having something on the line, something at risk and something to gain. 

Without the potential risk and gain factor, gauging the markets and how they move will be nothing more than doing what an analyst would do, or on a less in depth scale, what a news analyst/pundit would do, EXCEPT you don't get paid. 

So, now that we have determined that monetary gain is what drives many people to go into trading, let's look abit deeper into how this can affect how you end up as a trader. 

RULE NO 1

-Keep your expectations realistic!!

Many traders start out thinking that trading is easy, and I know that all of you out there who have not dabbled in this on a first hand basis, but have heard about trading, would normally have a vision in your mind of a person sitting in front of a computer, scanning the screen, tapping the occasional key on the keyboard, clicking the mouse button, waiting, and then making thousands, hundreds of thousands, if not millions of $$$$.

I experience this alot with my fellow Malaysians,as trading is not something that is common over here, hence, we do not really have the option of speaking to people who do this for a living and finding out what it is really like. 

It is also made worse by the statistical fact that 90% of the would-be-traders out there think that they have what it takes to become the next George Soros, which is not wrong, but realistically thinking that way because you know what it takes to become a good trader, and thinking that way because you have successfully predicted the rise of the Chinese Yuan or the Singapore Dollar based on the fact that you read an article on the Internet - I see a big difference in how these 2 schools of thought will create very different results in terms of creating successful traders.

Compare this; what would it take for you to learn how to become a good butcher? Being able to stand the sight of blood and guts is one thing. But I do not think anyone would deny that it would greatly help if you understand the anatomy of the animal that you butcher. Apart from that, it would be learning how to use knives and cleavers until you become expert at it.

Now this; would the same apply in learning how to become a good surgeon? (i) Stand blood and guts, check. (ii) Understand the anatomy (in this case, human), check. BUT, you would need to understand the anatomy more in-depth as compared to being a butcher. You are cutting to keep a person alive, the butcher is cutting to divide the meat and bones and sell them. (iii) Learn how to use scalpels, saws and pinchers AND various other equipment as technological advancements bring new equipment, as it will greatly improve your success rate of successful surgery.
                                      

The main difference is that the surgeon has something to lose, and is aiming for a specific scenario, where the main issue that called for surgery is sorted out, and the patient is alive and better because of it. In the course of surgery, the surgeon also has to make decisions based on his knowledge and experience whether to be aggressive or to play safe, in order to achieve the optimal outcome from a surgery.

 I am not knocking a butcher's job, but it is not the same!

Now, imagine learning how to become a surgeon who is so good at what he does and has much experience in terms of decision making and diagnosis while not being affected by emotions, having to perform surgery on his/her own loved one! You would need to have steel hard emotional control to be able to call the right decisions!

Trading profitably and being good at it requires that you first set your expectations right! If that is wrong, everything else that you proceed to learn will be useless...USELESS!! It does not matter what strategies you have, whatever software you are using to help you....USELESS!!

A good trader stands to make as much or even more money than a surgeon, WHAT MAKES YOU THINK YOU CAN BECOME A GOOD TRADER BY SPENDING LESS TIME IN LEARNING AND EXPERIMENTING AND PRACTICING THAN THE AVERAGE PROFESSIONAL TRADER??

11th July, 2013 NZDUSD - Are commodities staging a comeback or is this a temporary pullback?

11th July, 2013 UCAD fundamentals and market sentiment dissect

So....the movements in the markets shook out alot of new traders and made alot of pros some money. Uncle Ben Bernanke, the Fed Reserve chairman with a politician's mouth, made sure of this...!So...I will delve more into fundamentals and sentiment and how smart traders can take advantage of this to follow the momentum of the markets

10th July, 2013 USDCAD H4 chart

10th July, 2013 GBPUSD H4 chart

10th July, 2013 EURUSD H4 chart

EURUSD 8th July 2013

Last Thursday (4th July) the ECB head Super Mario made a dovish statements and pledge the ECB will remain the interest rate low for 'as long as it needed', helping the bears' victory on that day and followed by the 2nd day NFP data came out 195k better than market consensus 163k and also better than ADP data 188k on Wednesday, pushing the pair lower and traded near 1.2800 level.

Since there is still many issues on the Euro sides such as the Portugal political uncertainty, Bond Yields hikes,  whether Greek can get their next trance on Aids etc etc.... i remain bearish for the pairs fundamentally... Of cos, the better than expected NFP data helped a lot as this data is supporting the investors' bullish bias on the dollar and the FED tapering might just happened as they mentioned earlier. But the daily charts shows its trading near to a strong support, so i'm going to wait for the price to make some correction which is near to the trendlines, then i will make a sell.... now, i think i'm just gonna stay side line until tonight US market open, see how others traders going to react.

Below is  the price range that i'm planning to sell the EURUSD, lets see what happen tonight.

trade update, 9th July 2013, 15:20

Sell Limit triggered, lets see whether the upper channel can hold or not.... 50pips SL 100 pips TP.