Chart of the week: USD/JPY

USD/JPY seems like the pair is looking forward to retest the support levels below 76.70 in the next trading week.

Scalp or Swing Trading?

Scalp or Swing....actually depends a lot upon individual life style, psychology, aptitude and edge. Its a whole different energy level/ game. Like a difference between playing Basketball and Chess.
Swing is my choice.You identify your edge and then execute without hesitation. If you miss a trade that you were anticipating ....... then "Patience" is the key. Move on to the next one when it appears; without any reservations!

Learn and adapt.

Volatility: Friend or Enemy!!!

http://www.bloomberg.com/video/64585742/

Risk/Reward! Simple is that.

Take risks that can generate profits and allow you to sleep at night.

Life in general: We daily face challenges/ situations in our life which allows (enforces) us to make decisions and those decision highly impact our near future. The influence* itself is a process based on risk/ rewards ratio. For Example. What are you getting out of it!!! Like yourself, school, exercise, healthy diet, education, car, house, investments etc.

Knowledge, experience and confidence will help you consistently make the right choices based on the commitment to integrity and higher performance.

Its just a mind set. Quality Risk! Healthy Risk! Low Risk!

Plus, gradually finding opportunities to lower your risk with higher probability targets is a key

Improving your odds with confidence, knowledge, integrity and gratitude.

* Influence of decisions on future!

Oil Hourly Picture

Flag formation on hourly chart.

Gold daily Chart

Gold sharply dropping towards 1575 region. See Chart!

USD/JPY Daily Chart

USD/JPY is holding up its grounds above support levels 76.27 and 76.00, forming a consolidation period! The trend line from 04/06/2011's high (retest on 08/04/2011) in addition to 77 .84 resistance level are forming a major resistance. If broken and held then we might see a test of 200 day moving average which is currently above 80.00.

Pair is also showing powerful bullish moves above the support levels mentioned above.


See Daily Chart.

Chart of the month: Daily USD/JPY

Click on the chart to see the bigger image.

Weekly Viewpoint

GU: Bearish:
Price level is below 200 day moving average.
I am watching 1.6055 as a resistence and major support around 1.53435

Oil: Bearish:
Price level below 200 day moving average.
I am watching $93.25 and $94.62 (0.00 Fib) price levels.
$87.10 is Target1.

UJ: Side ways:
80.22 and 79.92 region is currently providing support.
80.92 is first resistance moving up.

EU: Bearish:
Price level currently below 100 day moving average.
I am watching 1.4235 as resistance and first target around 1.3725

Gold: Side ways:
Ranging between 1551 and 1461.
Current price level is below 40day moving average.

Summary:
Over all global economy is in a slow moving period. Corporate earning are very crucial for next move up in the equities. Housing market is lagging but a great opportunity for investment (Preferably Cash buying). Gold is still an attractive investment. I expect Dollar is looking to hold its ground against its major counter parts later this year.

Long Term: Second half of the year looks solid for Asia and global economy will sustain and grow. Consumer is getting strong and healthy (Savings are rising and spending is fairly stable).