Jun 30, 2011

USDJPY H1 Bearish Gartley Pattern

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)

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 pips)

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 again for this pair at 1.3962.
The reason i reenter a position after SL been hit in this pair is i believe this is a alternate bat pattern. As for alternate bat pattern to be valid, B point must be at 0.382XA. In this case, B point is 9 pips above 0.382XA.In alternate bat pattern price action will reach beyond 0.886XA to 1.13XA but must not exceed 1.13XA. Normally price action will not test 1.13XA.

Trade Details :
Entry : 1.3962
SL     : 1.4005 (43 pips)
BE    : 1.3930
TP    : 1.3880 (125 pips)

I will not scaling into exit in this trade. However SL will be moves to breakeven once price action reach 1.3930.

Stopout at breakeven (1.3962).

Total : -27 pips loss.

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 TP 1 should be at 82.10 while TP 2 should be at 81.75. Despite that beakeven level is put on TP 1 at 82.10. By this i can get at least 1:1 risk reward ratio.

23 Jun 2011

Add 1/3 of my position on second retest of PRZ Zone.
Entry 2 : 82.66
SL point and TP same with Entry 1.

Exit Entry 2 at 82.72 with -6 pips loss. Price action start to show lacked of reversal strength.
Reduce SL for Entry 1 to 82.95 (46 pips).

Update : Exit Entry 1 at 82.92 with -43 pips loss.
Total : -49 pips loss

24 Jun 2011

Followup on CADJPY. 
Sharp reversal after stoploss had been hit and reach my TP level already. It is frustrating when i'm faced a position like this. Just to watch my position had been stopout and price action quickly reverse after that.

Any comment on this is welcome...

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 bearish deep crab which is not yet complete.I had enter 2/3 of my position on the retest of hourly bearish gartley leaving 1/3 position if price action needed to retest 5M bearish deep crab before reversal had been done.


1/3 of my position triggered on the retest of 5M deep bearish crab.

Trade Details :
Entry 2 : 1.4430
SL        : 1.4450 (20 pips)
TP       : 1.4210 (220 pips)

23 Jun 2011

Exit Entry 1 at 1.4320 with 82 pips profit. We have bullish ABCD on hourly chart and price action is testing demand zone at 1.4290-1.4320.

Deep Bullish Crab On M5 Chart. Price action is testing PRZ zone 1.4290-1.4300.

Exit Entry 2 at 1.4306 with 124 pips.

Total profit : 206 pips.

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 at 0.8340 with -34 pips loss.


23 Jun 2011

USDCHF FollowUp.
Sharp reversal after hit SL.
Self Reminder : Take A Lesson From This Trade !!!

Lesson 1 : Always look for more bigger demand zone. There are demand zone at 0.8325-0.8340. SL should be put below bigger demand zone.

This trade show lack of preparation definitely cost me money. This pattern start show on 20 Jun 2011 and complete on 22 Jun 2011. I had 2 days to plan this trade.. !!!

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 CD leg had breakout the B point, BAMM was triggered. This technique should give best risk reward ratio as the stop loss will be put just below B point and the target is at retracement of 0.886XA.

Trade Details :
Entry : 114.99
SL     : 114.60 (39 pips)
Target 1 : 115.71 (72 pips)
Target 2 : 116.33 (134 pips)

 Exit all position at 115.27 with 28 pips profit. The reason i exit this trade early is because now on H1 chart got bearish 5-0 pattern. This pattern completion projection was at a convergence of 0.500 retracement of AB and 2.00 retracement of BC which is at 115.70. I had exit early before the 5-0 pattern completion is because based on other EUR pair is start showing some weakness and this week show a lot of the pattern had reverse before price action testing the PRZ Zone. As a reminder to myself "When in a doubt,take your profit and cut your losses quickly" . However, i'm satisfied with this trade.

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 Pattern).

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 pattern. While PRZ we must use for Bat pattern is 0.886XA retracement,Crab pattern possess a more extreme PRZ which is 1.618XA retracement. This will make there are several entry possibility on this setup.

17 Jun 2011
After decline to 1.4070, just 40 pips above 0.886XA projection, EURUSD make a strong rally and close the week just below B point at 1.4320 which is about 200 pips. I did not take this trade as i'm waiting the price action to test the PRZ zone before execute my trade. This example show that not every harmonic patterns will produce a trade. The key point is every trade must be execute in the PRZ Zone, which sometime we will miss a good trade. But in my opinion it can filter a lot of bad trade.

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 on the chart as price action are testing 1.618XA at the moment.

 H1 Chart:
On the H1 chart we could see a bullish AB=CD pattern.
0.786AB retracement at C point define a reciprocal ABCD pattern which make D point must be at 1.27BC . Convergence of 1.27BC and AB=CD at 1.1940 complement the area for PRZ Zone.

1.1940 possess a very important pivot level as it represent 1.618XA on the daily and AB=CD on the hourly chart. Such situation making this setup possess very sharp reversal.As seen price action quickly reverse after merely test the 1.1940.
Entry: Buy at 1.1983.

UPDATE 17 Jun 2011
Breakout on the 5M supply zone. Next supply zone should be at 1.2105-1.2125. I had lock in profit below current supply zone at 1.2010.Very extra cautions must be taken in this trade as tension remain in EU regarding greece bailout etc.Risk averse condition on Friday trading also my reason i lock in profit quickly in this trade.

Update : SL had been triggered at 1.2010 for 27 pips profit.

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.


Price action quickly stalled after all PRZ is tested.This should give a signal an end of predominant uptrend.

Short on 0.8493.

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 with 1pip profit. Let see next if this pattern should failed or not.

Failed Pattern.

In my opinion price action should reverse at least  0.236AD for a valid reversal. Although most of the time after reach 0.236AD price action will retest again the PRZ the pattern still consider valid. Inability of price action in this setup to reach 0.236AD and quickly break the PRZ is a signal of a failed pattern.

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.
 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 waiting for a retest of PRZ i entered this trade which cost me in the early.Luckily on second retest PRZ manage to hold predominant trend and clear reversal could be seen.


Clean breakout on M5 demand zone.
Targeting on the next demand zone at 1.0570-1.0580.SL move to breakeven


1.0570-1.0580 demand zone on 5Min chart

Imbalance between buyer and seller in 1.0570-1.0580 demand zone.
Lock in profit above demand zone.

Breakout at 1.0570-1.0580 demand zone.  Look for a retest at 1.0525-1.0545 demand zone.
Nice Rally!!

Update : Exit position at 1.0575 with 120pip profit.

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.


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 my position had been take out with a break even.
Even though with the hawkish talk, price action was unable to show clear rejection of  PRZ pivot which bring me to reenter again at 1.2206.

Take a look at EURCHF M5 chart. There are demand zone on 1.2170-1.2185.For third times price action unable to breakout from this zone.On the 2nd test there was hawkish talk from ECB's Shark which bring back this pair to supply zone at 1.2210-1.2230.
I had closed 2/3 of my position with respect of the strong demand zone and to reduce my risk.I'm not quite confident with this pair right now.
Lot of uncertainty in the EUR Zone with all the focus is on greece bailout make this pair like roller coster today.


Exit EURCHF position at 1.2131 with a 75 pip profit. Don't like very much at the price action for EUR today.

Demand zone on M5 chart provide a good place for a profit taking.

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