Jul 29, 2011

NZDUSD H1 Bullish Bat Pattern - 29 July 2011

29 July 2011
Bullish Bat Pattern On NZDUSD Hourly Chart.

This pattern is validate by 50% retracement of XA at B point and 88.6% retracement of AB at C point.

1.27AB=CD @0.8641.
1.618BC @0.8633.
0.886XA @0.8630.

Enter long position at 0.8635. This situation show a sharp reversal after price action testing the PRZ. I had exit my position at 0.8689. The reason is i just don't like hold my position on the last week of the month. As next week is new week of the month, there are many fundamental news which could easily change market sentiment very fast. Usually on 1st week of the month market tends to be indecisive and we could see wild swing as different surprises dominate market sentiment.On August 2 (Tuesday) also will be a deadline for congress to raise debt ceiling in US. Although price action manage to rally higher from my exit point i'm satisfied with this trade. This trade produce me a nice fast 54 pips profit.

AUDUSD H1 Bullish Bat Pattern - 29 July 2011

29 July 2011
Bullish Bat Pattern On AUDUSD Hourly Chart.

This pattern is validate by 0.50 retracement of XA at B point and 0.886 retracement of AB at C point.

1.618BC @1.0955
0.886XA @1.0948
1.618AB=CD @1.0944

For a summerize,AUDUSD is in the uptrend for quite a long time. This pair just formed a double top of all time high at 1.1075-1.1080.
Convergence of all important fib level at 1.0940-1.0955 will determine if this pair will continues in the predominant uptrend or should reversal is coming.We also have a demand zone at 1.0930-1.0940 just below the PRZ. I will be looking to go long on this pair on the price action testing the PRZ. One thing to remember as B point is below 50% retracement of XA, this pattern could be a Crab pattern if this Bat pattern is fail. However for a Crab pattern PRZ will be more extreme as important fib level will be at 1.618XA which is at 1.0840.

I had enter my long position at 1.0950. Price action struggling challenging PRZ for a few hours. I had been stopout at 1.0915 after PRZ is failed to hold price action from short term downtrend. However sharp reversal could be seen after my stoploss been hit. This is another case of pure friday stoploss hunt for me. I had lost -35 pips in this trade.

Jul 19, 2011

EURCAD H1 Bullish Butterfly Pattern - 19 July 2011

19 July 2011
Bullish Butterfly Pattern On EURCAD Hourly Chart. 
This pattern is validate by 0.786 retracement of XA at B point and 0.618 retracement of AB at C point.
- 1.27AB=CD @1.3450.
- 1.27XA @ 1.3431.
- 2.24BC @ 1.3407.


Trade Details :
Entry : 1.3458
SL     : 1.3400 (58 pips)
Target 1 : 1.3795 (337 pips)
Target 2 : 1.4015 (557 pips)

If this trade play out nicely we had a very good risk reward ratio.

22 July 2011
Strong supply zone at 1.3630-1.3660. If this is break will open all the way to 1.3830.If weekly candle closed above this supply zone, a good sign to achieve my 1st target.

25 July 2011
EURCAD start this week with about 40 pips gap up on the Monday morning. This pair manage to rally untill 1.3700 which is strong physiological level. Still uncertainty in the EUR zone regarding greece issue capped this pair to break 1.3700. Truth is i'm hoping it could break 1.3700 level which had bring me a bad decision based on emotional feeling. Sharp decline in this pair once it failed to to break the 1.3700 level. 
I had closed 2/5 of my position on the 0.382 retracement of reversal trend which is at 1.3619 with 161 pips profit. Remaining position had been lock in profit at 1.3570 below demand zone.However if the demand zone at 1.3575-1.3620 is hold i will be looking to add long position for this pair.

EURUSD H1 Bearish BAMM - 19 July 2011

19 July 2011
 BAMM - Bat Action Magnet Move.

Bullish bat is being formed on EURUSD H1 chart. As the B point is below 50% retracement of XA we could catch a trade on the CD leg. This is called as BAMM. Important note is as BAMM to be valid, B point must be less than 50% retacement of XA. Take profit will be at completion of D point which is at 0.886XA.
Price action must continue convincingly until D point is complete.If not, it is best to cover this position that tend to stall after the BAMM is triggered.

Trade Detail :
Entry : 1.4090
SL     : 1.4140 (50 pips)
Target : 1.3890 (200 pips)


Stopout at 1.4140 with -50 pips loss.

Jul 7, 2011

EURCAD H1 Bullish Crab Pattern - 7 July 2011

7 July 2011
Bullish Crab Pattern On EURCAD Hourly Chart.

This pattern is validate by 0.618 retracement of XA at B point and 0.382AB at C point.

PRZ is define by convergence of 1.618AB=CD and 3.618BC at 1.3700 and being complement by 1.618XA for lower limit in the PRZ.

Trade Details :
Entry : 1.3744
SL    : 1.3630 (114 pips)
Target 1 : 1.3850 (106 pips)
Target 2 : 1.3970 (226 pips)

I had entered this trade a little late as i'm waiting for price action to test 1.618XA. Price action manage to decline until 1.3660 about 15 pips from 1.618XA at the D point, then make a sharp reversal. Although in crab pattern it is critical for price action test all level in the PRZ zone, but for me 10-15 pips different is acceptable.Convergence of two important demand zone also had manage to capped price action from a complete test of PRZ. However, as the late execution in this trade, my SL is wider (106 pips) which make i'm only risk 1/3 of my normal lots.

8 July 2011
Exit all position at 1.3759 with 15 pips profit. Just don't like this trade because my entry is quite high. I will see if price action will make a second retest on the PRZ, maybe i can get nice entry there.

EURGBP H1 Bullish Bat Pattern - 7 July 2011

7 July 2011
Bullish Bat Pattern On EURGBP Hourly Chart.

This pattern is validate by 0.382 retracement of XA at B point and 0.50AB at C point.

Convergence of 0.886XA and 3.618BC at 0.8890 define a PRZ for this pattern, while extended 1.618AB=CD at 0.8920 complement the PRZ.

Extra caution if this trade is execute as B point is below 0.382XA this could be an alternate bat pattern. Although 0.886XA is primary retracement in bat pattern, price action could decline to 1.13XA for alternate bat to valid.
11 July 2011
 Trade Details :
Entry 1 : 0.8885
Entry 2 : 0.8863
SL        : 0.8830
Target 1 : 0.8940
Target 2 : 0.9000


Stopout at 0.8830.

Entry 1 : -55 pips loss
Entry 2 : -33 pips loss
Total    : -88 pips loss

GBPCHF H1 Bullish Bat Pattern - 7 July 2011

7 July 2011
Bullish Bat Pattern On GBPCHF Hourly Chart.

This pattern is validate by 0.382 retracement of XA at B point and 0.618AB at C point. One thing to remember as B point is below 0.50XA this pattern could be a crab if the bat is failed.

The convergence of 0.886XA,2.24BC and 1.618AB=CD at 1.3310 define a PRZ from predominant trend. Demand zone at 1.3260-1.3300 mark all time low for this pair at the moment. I will be update this pattern on my twitter. Hopefully can get nice trade here.
Monthly Bullish Crab

Looking at monthly chart we could see bullish crab is being formed. However this pattern is still far away from complete as PRZ is at 1.1490 area. But it is worth to know how far this pair possibly go in the predominant downtrend. It is amazed to see in this pattern start to formed at 1996 and takes 15 years to complete.

Jul 5, 2011

EURJPY H1 Bearish Bat - 5 July 2011

5 July 2011
Bearish Bat Pattern On EURJPY Hourly Chart.

This pattern is validate by 0.500 retracement of XA at B point and 0.886AB at C point.

  • 0.886XA @117.39
  • 1.618AB=CD @117.46
  • 2.00BC @117.84
Price action had test one time on PRZ and manage to hold from predominant uptrend. Supply zone in 117.50-70 also provide a strong resistance.I had entered this trade last week but got stopout on breakeven.Refer my last week trade here.  I will wait until second test of PRZ is finish,if PRZ manage to hold the price action from predominant uptrend this should give an opportunity to go short for this pair with stoploss just above the suppy zone. Follow me on my twitter for the updates.

Trade Details:
Entry : 117.40
SL     : 117.85 (45 pips)
Target 1 : 116.10 (130 pips)
Target 2 : 115.10 (230 pips)

Confluence of supply zone and PRZ at 117.50-117.70 manage to hold price action from predominant uptrend. This trade if successful potential to return 1:5 risk reward ratio.

6 July 2011

Exit partial position at 116.20 with 120 pips profit. I had add another position on the breakout of demand zone (116.15-30) and trendline break.

Trade Details :
Entry 2 : 116.01
SL       : 116.45
TP       : 115.25


Exit all position at 115.60.
Entry 1 : 180 pips profit.
Entry 2 : 41 pips profit.

Total this trade : 120+180+41= 341 pips profit.

8 July 2011

Trade Followup

Great entry,great exit,good pips..if i can make like this everyday every trade ... :)

Jul 4, 2011

EURUSD H1 Bearish Gartley - 4 July 2011

4 July 2011
Bearish Gartley On EURUSD Hourly Chart.

This pattern is validate by 0.618 retracement of XA at B point and 0.886 retracement of AB at C point. While PRZ is define by a convergence of 0.786XA at 1.4563 and 1.41BC at 1.4580. Although AB=CD in this pattern is at 1.4470 which is about 90 pips from 0.786XA, i believe 1.4580 area will provide a limit in PRZ.
Trade Details :
Entry : 1.4560
SL    : 1.4695 (135 pips)
Target 1 : 1.4380 (180 pips)
Target 2 : 1.4260 (300 pips)

Although this trade could produce 1:3 risk reward ratio i only entered 1/3 of my normal position as SL is quite big for me (135 pips). Maybe i will go for target 2 with trailing stop if this trade manage to achive target 1 level.

5 July 2011

Price action is testing demand zone at 1.4450-1.44770. SL move to breakeven.

6 July 2011

Price action challenging demand zone at 1.4410-30.Lock in profit at 1.4505.

Stopout at 1.4460 with 100 pips profit.

7 July 2011

Trade followup.

Too bad i had been stopout before target 1 been hit. Sooo hate just to watch 150+ pips just been washed away... !!!!!! grrrrrr !!!!!!.

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