On the hourly, a slow upward channel has formed over the first 3 days of the week. I had put a pending sell at 1.382, SL 1.3846, TP 1.3686. I am not really expecting the hit the full TP but the supply at 1.382-1.384 should give a decent retracement for a intraday trade.
Taking a pending short at 0.8715, SL 0.8725, TP 0.866 for a quick intraday pullback trade. The prices is likely to bounce off 0.872, at least good for 50 pips.
The bottom had fell out of this pair, and it looks like a short only upon retracement trade. Any long position in this pair will not be a good idea. The nearest supply is at 123.8-124.22. The price is moving away from the 21 & 55 MA, indicating an acceleration in the drop in price. It will be crazy to long now without knowing where the demand is. RSI and CCI also shows that momentum is still locked into a downtrend. This is clearly bearish but unfortunately there isn't a good point of entry into a short position until the supply area at 124-ish.
Price is moving towards supply at 1.241-1.245. I am waiting this to coincide with the weakening of the US$. This will likely to signal the bounce in EUR/USD.
I am looking forward to a bounce in the demand at 1.021-1.023. The Aussie dollar had took a beating for the last 3 trading sessions, and had burned through the demand at 1.03. It is not a fresh level and might just burn towards 1.013-1.016.
Chart clean up. Waiting for a clear retracement, somewhat similar to the GBP/USD setup.
Chart clean up.2350 hours :
Prices look like it will bounce off 1.572-1.579. The demand zone looks too wide and it's hard to tell whether the trade will work or not. I will be interested in a buy to 1.597.
My pending sell order at 1.0025. SL 1.0065. TP 0.775 triggered. It manually closed out the trade for +58 pips went the price stall to stall near 0.996. I will be still interested in shorting at 1 - 1.0025, so I re-entered the order.
I was waiting for a retracement to supply at 1.419-1.421 but prices kept falling like a brick towards demand at 1.376-1.383. Getting towards 1.38 is a certainty but without a deep retracement after massive 600 pips sell off is mind blowing. Looks like a steep drop on H4 is coming but hopefully at least with some sort of retracement.
I had entered a pending sell at 1.4064, SL 1.4081, Target 1.38. It's a case of drop base drop at 1.405-1.41, not a nice base due to the CHF driven rally-after-shock but let's give it a shot. A straight sell to 1.38 is too risky.
It's already at 1.38. I need to rethink my pending order during the weekend.
This pair is stuck in limbo, in-between two zones. RSI and MAs are flat, confirming that prices are not moving much. Ignoring this pair for now.
88.39-88.57 is a old demand zone. I am expecting this to take a little bounce here back to supply at 89.98-90.28, which will make a nice sell off, as it is a fresh area. But given the crazy Swiss policies changes recently, I am not going to touch this pair.
I had missed my pending sell at 0.885 for a measly 8 pips, causing a hindsight loss of 150 pips. Not to be dishearten, I have a pending long at 0.8655, SL 0.8635, TP 0.886. This is going to be a swing trade.
The pending buy triggered. Thinking of moving my SL to BE. A bit premature and I don't feel like losing a single cent more this week. But stick to the trading plan. It's kind of hard to do that. 0.8645 is another strong demand level, so even if it goes through 0.8655, there is still one more chance to break even. Let's see if NY can push prices back up.
The uptrend looks good and still intact, and the recent USD strength had pushed AUD/USD down towards a demand area. I am looking for a long at 1.0486 for push back up towards 1.07. I am setting up a pending buy at 1.0486, SL 1.0455, TP 1.0486.
I don't really like the way prices are moving today. The bounce from supply at 122.68-123.5 looks weak but could take it all the way to 126 or even 128.5. Staying off this pair for now.
A man came home from work late, tired and irritated, to find his 5-year-old son waiting for him at the door...
Son: "Daddy, may I ask you a question"
Daddy: "Yeah sure, what is it?"
Son: "Dad, how much do you make an hour"
Daddy: "That's none of your business. Why do you ask such a thing?" he said angrily
Son: "I just want to know. Please tell me, how much do you make an hour?"
Daddy: "I make Rs. 500 an hour"
"Oh", the little boy replied, with his head down. Looking up, he said,
"Dad, may I please borrow Rs. 300?"
The father was furious, "if the only reason you asked that is so you can borrow some money to buy a silly toy or other nonsense, then march yourself to your room and go to bed. Think why you are being so selfish. I work hard everyday for such this childish behavior"
The little boy quietly went to his room and shut the door. The man sat down and started to get even angrier about the little boy's questions.
How dare he ask such questions only to get some money? After about an hour or so, the man had calmed down, and started to think:"May be there was something he really needed to buy with that Rs. 300 and he really didn't ask for money very often!"
The man went to the door of little boy's room and opened the door. "Are you asleep, son?" He asked.
"No daddy, I'm awake," replied the boy.
"I've been thinking, may be I was too hard on you earlier", said the man, "It's been a long day and I took out my aggravation on you. Here's the Rs.300 you asked for" The little boy sat straight up, smiling "oh thank you dad!" He yelled.
Then, reaching under his pillow he pulled some crippled up notes.The man, seeing that the boy already had money, started to get angry again.
The little boy slowly counted out his money, then looked up at his father.
"Why do you want money if you already had some?" the father grumbled.
"Because I didn't have enough, but now I do," the little boy replied."Daddy I have Rs. 500 now. Can I buy an hour of your time? Please come home early tomorrow. I would like to have dinner with you"
MORAL
It's just a short reminder to all of us working so hard in life. We should not let time slip through our fingers without having spent some time with those who really matter to us, those close to our hearts.
If we die tomorrow, the company that we are working for could easily replace us in a matter of days. But the family & friends we leave behind will feel the loss for the rest of their lives. And come to think of it, we pour ourselves more into work than to our familyand friends. An unwise investment indeed!
The SDP’s solutionsTo overcome this problem and help Singaporeans meet daily expenses, the SDP proposes the following measures:
1. Lower prices of our daily use of various items and services by:
- reducing the GST from 7% to 3% and abolishing the GST for essential items such as rice, oil, medicines, etc,
- lowering your PUB bills by at least 50%,
- making sure that our public hospitals reduce charges and stop making a profit from Singaporeans,
- bringing down bus and MRT fares by at least 20%, and
- ensuring that the government increases public expenditure for the poor.
2. Increase the wages of workers and employees through schemes like Minimum Wage.
This will put more money into the pockets of Singaporeans. Higher incomes mean greater spending power for Singaporeans. This will benefit businesses and help the economy to become stronger.
3. Implement the Singaporeans First Policy.
We want to rely more on Singaporeans and less on cheap foreign labour. The high number of foreign workers presently in Singapore will only lower wages further because if there are more workers in the country, then employers can pick and choose the ones who will work longer and longer for less and less.
We must stop the PAP from raising our population to 6.5 million because this island cannot cope with so many people.
So help us to help you keep the cost of living to an affordable level. Support the Singapore Democrats for a more secure and brighter future.
1. Re-calibrate our tax structure.
Singapore should bring up its tax bracket for top earners closer to the 30 percent mark like Canada, Germany, and Japan. The increased revenue collected from higher tax rates could go towards funding social programmes such as increasing the Public Assistance Scheme for the poor.
In addition, we should lower and vary the GST rate for different goods. Purchase of basic food items as well as other basic necessities should not be taxed while the GST for luxury items should be increased.
In 2008, the PAP Government abruptly abolished taxes on estate duty. Inheritances are taxed when individuals die and pass on their possessions. The Singapore Democrats propose the reinstatement of the estate duty tax for the wealthiest 20 percent in Singapore, both for citizens and non-citizens. Revenue from such a tax can be used to pay for programmes like retrenchment benefits described below.
Unfortunately, the wealthy are also the smartest people around when it comes to tax evasion. Putting such laws in place only drive them to get creative. For a good example, look at again my favorite punching bag, the United States. Many of the wealthy simply migrate to another country with more favorable laws. Personal gains can be creatively managed by using the cover of off-shore companies etc.
What happened in US is that instead of gaining any tax from the wealthy, US actually LOST taxes in the long run. The tax burden ends up where? The not-so-smart public who do not have the means or ability to dodge the bullet.
Such laws only served to make things look pretty to the majority to us but instead the wealthy will just take it as a we-are-not-welcome-here law.2. Introduce Minimum Wage.
Paying indecently low wages in high-cost Singapore not only dehumanises our workers, it also creates insecurity among the workforce which threatens productivity.
Minimum wage is the lowest amount of wages an employer may legally pay to an employee. Based on a wage level of $300 per week, the official minumum wage for Singapore would work out to $6.80 per hour. This amount would be applicable to the lowest of the low-wage income earners.
Some fear a minimum wage policy because such legislation would drive wage costs up, cutting into profit margins. But increasing the wage levels of workers increases the spending power of workers which will stimulate consumption, benefiting businesses.
Minimum wage also increases the productivity of the workers as they can focus on their jobs instead of being distracted with having to find supplementary income because of low and inadequate wages. It also reduces poverty and want which can breed mistrust and resentment towards management thereby lowering quality output of work.
Most of all minimum wage prevents workers from being exploited and allows prosperity to be shared by all.
Today over 90 percent of countries across the world have minimum wage in one form or another. The few countries that have no laws or regulations on minimum wage are Bahrain, Qatar, UAE, Tonga, Brunei, Somalia, and, of course, Singapore.
Most economists today agree that the negative effects of such a policy to employers as well as employees are relatively minor. Even Hong Kong has just passed a minimum wage bill.
The flip side of such policies is that the minimum wages will become effectively the maximum wages. Jobs will be lost to foreigners who will take up the jobs for minimum wages which locals will shun. Prices of goods and services will soar as businesses pass the cost to the customer. Price inflation kicks in and ends up hurting the very people the law is suppose to help.
Worse yet, the number of illegals and over stayers will also climb to fill in the positions which the minimum wages is too high to be paid for. Why pay $6.80 for a cleaner when you can pay $3?
How about reducing the number of workers and demand free overtime? Someone else will take the job if compliance is not met.
