Thursday, June 30, 2011
29 Jun 2011
Trade Details :
Entry : 81.16
SL : 81.70 (54 pips)
Target 1 : 80.67 (49 pips)
Target 2 : 80.29 (87 pips)
...
Jun 30, 2011
Posted in: EURGBP H1 Bearish Butterfly Pattern
29 Jun 2011
Trade Details :
Entry : 0.8981
SL : 0.9030 (49 pips)
Target 1 : 0.8951 (30 pips)
Target 2 : 0.8912 (69 pip...
EURJPY H1 Bearish Bat Pattern
29 Jun 2011
Trade Details :
Entry : 116.97
SL : 117.80 (83 pips)
Target 1 : 115.77 (120 pips)
Target 2 : 114.90 (207 pips)...
Jun 26, 2011
EURCAD M15 Bearish Bat Pattern
Bearish Bat Pattern On EURCAD M15 Chart.
B point at 0.500 retracement of XA.
C point at 0.707 retracement of AB.
PRZ Zone :
0.886XA at 1.3961.
1.618AB=CD at 1.3963.
2.24BC at 1.3956.
The convergence of all fibonacci retracement in the PRZ zone at 1.3960 area give a strong probability of a reversal from predominant uptrend in 15min chart.PRZ zone also had been supported by two supply zone at 1.3945-1.3955 and 1.3960-1.3975.
Trade Details :
Entry : 1.3958
SL : 1.3985 (27 pips)
TP 1 : 1.3915 (43 pips)
TP 2 : 1.3885 (73 pips)
EURCAD manage to reverse until demand zone at 1.3920-1.3930 before bounce back to PRZ zone.My position had been stopout at 1.3985 with -27 pips loss.
However i had short...
Jun 24, 2011
CADJPY H1 Bearish Deep Crab
22 Jun 2011
Bearish Deep Crab Pattern On CADJPY Hourly Chart.
This pattern is validate by a 0.886 retracement of XA at B point and 0.500 retracement of AB at C point.Convergence of 1.618XA and 2.618BC at 82.70 limit the PRZ Zone.
Trade Details :
Entry 1 : 82.49
SL : 83.10 (61 pips)
BE : 82.10
TP : 81.75 (74 pips)
Price action made a rally to 82.60 before start to stall. I had entered 2/3 of my position on entry 1 as price action not yet retest the PRZ Zone at 82.70. Entry 2 will be triggered if price action needed to retest 82.70 area. However this trade not produce good risk reward ratio. I will not be scaling to exit in this trade because...
Jun 23, 2011
EURUSD H1 Bearish Gartley Pattern
22 Jun 2011
Bearish Gartley on EURUSD Hourly Chart.
B point at 0.618XA retracement.
C point at 0.500AB retracement.
In this pattern, PRZ zone is define by a convergence of 0.786XA retracement and 1.41BC retracement at 1.4400. While AB=CD at 1.4450 complement the limit for the PRZ zone.
This setup also posses pattern within a pattern formation.In 5M chart we could see a bearish deep crab pattern which formed in the CD leg of hourly bearish gartley.PRZ for 5M deep crab limit by 2.00BC at 1.4440.
Trade Details :
Entry 1 : 1.4400
SL : 1.4450 (50 pips)
TP : 1.4295 (105 pips)
This trade will return at least 1:2 risk reward ratio.Remember that we still got 5M...
EURJPY H1 Bearish 5-0
22 Jun 2011
Bearish 5-0 Pattern On EURJPY Hourly Chart.
This pattern is continuation of bullish BAMM in the previous post. B point at 1.13 retracement of XA validate this pattern.
This Bearish 5-0 pattern completion projection is define by a convergence of 0.50 retracement of BC and reciprocal AB=CD at 115.70.
Trade Details :
Entry : 115.70
SL : 116.10 (40 pips)
TP 1 : 114.90 (80 pips)
TP 2 : 114.40 (130 pips)
23 Jun 2011
Exit 2/3 position at 114.95 with 75 pip profit.
Exit all position at 114.68 with 102 pips profit.
Total : 177 pips profit.
...
USDCHF H1 Bullish Bat Pattern
20 Jun 2011
Bullish Bat Pattern On USDCHF Hourly Chart.
B point at 0.500XA retracement.
C point at 0.618AB retracement.
PRZ Zone:
Extended 1.27AB=CD at 0.8380.
0.886XA projection at 0.8370.
2.00BC projection at 0.8370.
PRZ zone is define by a convergence of 8.886XA and 2.00BC projection at 0.8370 and complement by extended 1.27AB=CD at 0.8380.
The PRZ zones was in the middle of two demand zone. The first one is 0.8380-0.8390 while the second is 0.8350-0.8360. Such a tight demand zone between PRZ should give a strong support for price action to reverse in the PRZ zone.
22 Jun 2011
Trade Details :Entry : 0.8374
SL : 0.8340 (34 pips)
TP 1 : 0.8440 (66 pips)
TP 2 : 0.8480 (106 pips)
UPDATE : SL triggered...
Jun 21, 2011
EURJPY Hourly Bullish BAMM
BAMM is abbreviation for Bat Action Magnet Move. The essence of this technique is based on location of mid-point (B) within the pattern structure. Any B point with a retracement less than 50% resulted in a completion point that was closer to the initial X point.
In the Bat pattern when CD leg exceeded the B point, the price action would test the 0.886 retracement of XA leg. This will give an oppurtunity to capture the segment of CD leg instead of waiting for the ultimate completion of the larger pattern.
The trigger of this trade is based on the price action breakout B point.As seen on the hourly chart for EURJPY, B point was at retracement of 0.382XA. When C point complete at retracement of 0.886AB it will validate the Bat pattern. Once...
Jun 20, 2011
EURCAD H1 Bearish Bat Pattern
EURCAD H1 Bearish Bat Pattern
Bearish Bat Pattern On EURCAD Hourly Chart.
B point at 0.500XA retracement.
C point at 0.382AB retracement.
PRZ Zone:
0.886XA projection at 1.4064.
2.618BC projection at 1.4060.
AB=CD at 1.4049.
PRZ Zone for bearish bat pattern is define by a convergence of 0.886XA projection and 2.618BC projection at 1.4060 and complement by AB=CD at 1.4050. There are also supply zone at 1.4060-1.4080 area. I will pay very attention on the retest of these suppy and PRZ zone. This trade should give at least 3:1 risk reward ratio.
One thing to remember as B point was at 0.500XA retracement,this pattern could complete at 0.886XA (Bat Pattern) or 1.618XA (Crab Patter...
Jun 17, 2011
EURUSD H1 Bullish Bat
15 Jun 2011
Bullish channel on EURUSD weekly chart.
EURUSD is forming a bullish bat pattern on H1 chart exactly at the bottom of weekly bullish channel.
B Point at 0.500XA retracement.
C Point at 0.382AB retracement.
PRZ Zone :
0.886XA retracement at 1.4050
2.618BC retracement at 1.4030
Extended 1.27AB=CD at 1.4020
PRZ Zone is below bottom bullish channel on weekly chart. This could signal high probability of false breakout on the weekly and uptrend continuing was on the way.
I will be looking to buy this pair on the retest of PRZ pivot level. This trade should give at least 4:1 risk reward ratio.
One thing to remember, as in this setup B point was at 0.500XA retracement, the pattern could be a Bat pattern or a Crab...
EURCHF H1 Bullish AB=CD Pattern
16 Jun 2011
Daily Chart :
Bullish crab had been formed on EURCHF daily chart. 0.618XA for B point and 0.382AB for C point validate this pattern which takes 3 month to complete. This example show an important to wait for all the PRZ level had been test especially 1.618XA for a crab pattern.
On 1 Jun 2011 price action had test 3.618BC at 1.2090 and quickly reverse from a predominant down trend a day later. Despite that i'm still considering this pattern still not yet complete as price action not yet test the very important level in crab pattern which is 1.618XA at 1.1940. This cause this pair in consolidation for more than a week. A clear completion of this bullish crab pattern could be seen...
Jun 16, 2011
USDCHF Bearish Gartley
Bearish Gartley formation on USDCHF H1 chart.
B point @0.618XA retracement
C point @0.786AB retracement
PRZ Zone :
Convergence of 1.27XA and 1.27BC at 0.8500
AB=CD at 0.8490
Convergence of all PRZ at 0.8500 could give best opportunity to short this pair at this area.
UPDATE
Price action quickly stalled after all PRZ is tested.This should give a signal an end of predominant uptrend.
Short on 0.8493.
UPDATE
At first 1.27XA and 1.27BC at 0.8500 manage to hold price action from predominant trend, but this not last for to long. In the next candlestick price action was able to break the PRZ and stay above there for a few hours. In my oponion this could give a signal for a failed pattern.
I had exit my position on the pullback...
Jun 15, 2011
AUDUSD Bearish Crab
Bearish Crab Pattern On AUDUSD H1 Chart
B point @0.50XA
C point @0.786AB
PRZ Zone :
1.618XA retracement at 1.0730
Extreme 3.618BC projection at 1.0710
Price over time give an extra confirmation of this pattern formation. Vertical line on chart is fibonacci time zones which calculate the time of completion pattern.Best time is between 0.382 to 1.00 fibonaci time zones.Although i'm prefer 1.00 time zones as usually there will be sharp reversal at this time.I hope price action will test 1.0730 before 1.00 time zone which could give best opportunity to short this pair.
UPDATE
Mistake :
Afraid of missing the trade i had entered this position too early. There are two position i had entered,first is at 1.0672. Without...
EURCHF Bearish Crab
EURCHF Bearish Crab pattern on H1 chart.
B point at 0.618XA retracement.While C point at 0.886AB retracement.
PRZ Zone is define by two important level of 1.618XA and 2.618BC retracement at 1.2220 area.
Convergence of this two key level could give a strong resistance to go short at 1.2220 area.
UPDATE
This trade quite difficult to follow as this week there are many news regarding euro zone especially greece bailout. I had short this pair first time at 1.2220. Price action reverse nicely from predominant trend with rejection to 1.2170. Unfortunately after that there got talk from ECB's Shark show some hawkish in the greece situation.Price action quickly respond to this hawkish talk which bring eurchf back to PRZ pivot . At this time...