Gold is pouring out some news which i been waiting for..............Watch it.

Gold is pouring out "hope" news ...http://www.marketwatch.com/story/gold-bulls-come-out-of-hiding-2013-01-11?dist=beforebell
IMHO, If you are prudent it's time gold might  retrace substantially to a low,where i believe is a good entry for gold to ride the 3rd wave.Watch it.
Like it or not in most case we should act opposite of the news.Watch for a corrective wave 2

EURUSD update 110113

Just a small update.

A trading of EURUSD short can be initiated if EURUSD turned from the resistance at around 1.327 region. Risk is high as you are playing on riding the wave C where B had just ended around its resistance high around 1.327 ( an A-B-C flat correction). Confirmation will be needed. Look at the 34FPL and 47 HTH , these means 34 time bar from prior low and 47 time bar high to high. These are good time bar factor to look at since both are significant lucas and fibo numbers. This will coincide at 4am SG time. So, we can wait for monday to iniated a short if there is a turn here...cheers.

GBPUSD 070113

GBPUSD

1hr chart

GBPUSD was mine new entry for analysis. I kicked out AUDUSD as it is too messy with correction day in and out...gave up.Haha.

Lets look at the wave down on the hourly basic first..the rally before the close last week I labelled it as a wave 1 up and a retracement of wave 2 should end at 1.602 region. With that we can try to go on long.Of coz we need to put our stoploss(SL) and Target profit (TP) which I have placed them in the chart. With a housing data our at 4pm (SG time), a 1.2% housing price increase should be a + for the currency which we can see from the chart its spike up from 1.602. But of coz other facts can play in and affect this pair. If you notice,This is a more riskier play since we are acutally playing on a formation of a wave B on a larger degree (refer to below 4 hrly chart). In fact if proven wrong we might not be even have a wave 5 which ended at 1.602, it might go lower. But since 1.602 is a strong support, i believe the wave 5 down should have ended here. Cheers.

4hrly chart

Gold - i am back 070113

First of all happy new year to all.
After a break from the market, i am back.Was happy to see that gold reached my target price and responded with high buy back at 1625 region.

Let me share with your my outlook.

Weekly Gold

This is what i see for the gold to be from the past to future.To me the gold price had come down (corrective) for quite significantly. Right now we are looking at a wave 2 to end probably around 1625 if i am right. Then a wave 3 should follow. This is of coz the longer term direction in gold.

Zooming back to a closer look at its behaviors now we look into the daily or the 4hr chart. I choose the latter.
4Hrly Gold

Gold did rallied strongly from its last move to 1690, telling us a strong support is very close below. A sudden plunge of last week thurs-fri should be a "scaring off" weak long holders to reach the price objective of 1625. With that target reached, it also signify that length of wave A = wave C, which we can common find in elliott wave theory and price prediction books. Not long after, a immediate rebound of gold price came straight after the news of non-farm payroll (NFPR). Coincident or not, I doubt so.Anyway right now one should look into a good wave 1 up, a wave 2 retracement that doesn't hit or clear off 1625 as a low. Then we can long the gold and ride on the 3rd wave. Alternatively, as can see from my chart labelled (alt), the gold corrective wave C hasn't finish, it might go even lower to target a wave C = 1.618 wave A. There fore hitting a much lower target. Let's see what happens.Cheers.