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Having just returned from reservist, I did a quick review of all my trades and positions, and noticed some interesting observations.

1. USD/JPY hitting our TP
Firstly, the USD/JPY has finally hit 100, after my numerous previous post predicting this magnetic number, and calling for a buy. This is a good milestone to take some profits off the table.

https://synapsetrading.com/2013/04/more-easy-trades-on-the-usdjpy-buying-with-the-big-boys/
https://synapsetrading.com/2013/04/usdjpy-nearing-our-predicted-price-target-of-100/
https://synapsetrading.com/2013/03/follow-up-on-usdjpy-up-300-pips-since-our-last-call/

https://synapsetrading.com/2013/03/usdjpy-chance-to-hop-on-the-super-swing/
https://synapsetrading.com/2013/02/usdjpy-will-it-really-reach-100/

 

usdjpy 130513 h4

2. Breakout on the STI and other Blue Chips
There have been breakouts on the Straits Times Index and other bluechips, fortunately we saw it coming and were able to take long positions before the breakouts started.

https://synapsetrading.com/2013/04/straits-times-index-how-i-predicted-the-breakout/

o32 130513

STI 130513

3. Croesus Retail Trust IPO
This IPO was a surprise windfall for many of us, and personally I’m not a big fan of IPOs, since I don’t have much time to research, but fortunately we were tipped off by one of our trainers. This was a good punt, netting us a quick 20% profit in a single day.

s6nu 130513

s6nu 130513 2

 

A simple follow-up for those who traded based on this previous post 4 days ago:
https://synapsetrading.com/2012/12/the-week-before-christmas-parties-rallies/

Olam has shot up over 9% within 3 days. How did I know the selling pressure was exhausted and a big move was coming? This has to do with reading hidden volume clues and understanding the price action.

Looking back at last week, we saw a strong run-up in the EUR/USD. Initially, I was bearish, but I realised the path of least resistance was upwards, so I cut-and-reversed to go long, applying the reverse psychology setup. Next week, we will see if it can clear the resistance zone.

Gold has broke the major trendline, and based on behavioral analysis, the path of least resistance is currently to the downside. I have been short since Thursday as mentioned in the forum, and I have taken 1/2 profits and trailed the rest. Let’s see if it can go lower.
 

For those trading SGX stocks, here are some trade ideas for you to apply the 7 setups.  Remember to apply the visual scans before taking action, and focus on getting an optimal entry point. Watch for the tipping point.

Starting to look toppish from a longer-term perspective.

This is what I call a strong trend. You do not have to be a genius to make money from this trade. Hence, for beginners, we encourage to focus on the trend-surfing play, and put aside the other 6 setups until they have mastered this.

 

Same chart as the one i posted a few days ago calling for a sell, except that this is the updated version. 3 black crows in that context is very bearish. I will continue to post new stock picks in advance in the Synapse forum. Stay tuned!

After a climatic plunge and a small 3-bar pullback, Olam broke to new lows on increased volume. This looks bearish, so I took a short position @1.720 with a stop @1.755. Let’s see how it fares tomorrow. If it takes out my stop, then it will enter a narrow range or have a larger pullback. The R/R is in my favour.