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A Mixed Market – Turning the Risk On?

 

While most currencies exhibited a risk-on bullishness, the STI was experiencing intraday distribution (refer to top chart). This is in line with my forecast for the week, and I am expecting some profit-taking from the big players. My short call on Noble should be hitting its target soon, probably this week.

I started off the day with two big winners riding long on the EUR/USD and GBP/USD. I also wanted to short EUR/JPY and GBP/JPY, but a bullish spike when Spain requested for aid negated the setup. Instead, I shorted EUR/JPY after the spike. Let’s see how it turns out tomorrow.

Today, as I was looking through some of my previous trades, I realised that I could greatly improve my results by exiting trades once I knew they were wrong instead of waiting for them to hit my stoploss. Of course, this will require some judgment, but there are some simple guidelines which be easily applied. I will share more in my next seminar.

Commodities on the rise – Indofood and Noble | Technical Analysis | Singapore Stocks

Currently, I am long on indofood, and you can see from the chart that it is in a nice uptrend channel with quite some space to its next level of resistance at 2.58. Olam recently exhibited a similar pattern.

Noble seems to be the laggard in the commodities sector, but it has found decent support, also exhibiting a double bottom test, followed by a pullback. This double bottom pullback pattern is very bullish, plus it has just broken out of the price channel.