EURGBP H1 Bullish Gartley Pattern - 18 Aug 2011

18 Aug 2011 Bullish Gartley Pattern On EURGBP Hourly Chart. This pattern is validate by 61.8% retracement of XA at B point and 61.8% retacement of AB at C point. PRZ: -0.786XA @0.8693 -AB=CD @0.8675 -1.618BC @0.8670 Convergence of all important fib retracement/projection at 0.8670-0.8690 provide a nice opportunity to go long on this pair. We also have demand zone at 0.8660-0.8680 which is in confluence with the PRZ. I will be looking to long this pair once price action finish testing all prz level. This setup at least should provide 1:4 risk reward ratio. Trade Details : Entry : 0.8670 SL    : 0.8650 (20 pips) Target 1 : 0.8749 (79 pips) Target 2 : 0.8801 (131 pips) 23 Aug 2011 Possibly emerging bat pattern....

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Posted in: Bullish,EURGBP,Gartley

AUDCAD H1 Bearish Bat Pattern - 15 Aug 2011

15 Aug 2011 Bearish Bat Pattern On AUDCAD Hourly Chart. This pattern is validate by 50% retracement of XA at B point and 61.8% retracement of AB at C point. PRZ : 0.786XA @1.0403. 2.24BC @1.0392. 1.27AB=CD @1.0392. The convergence of all important fibonacci at 1.0390-1.0400 should provide a strong resistance for AUDCAD from predominat uptrend. If we are looking on daily chart for this pair, we could summerize a strong uptrend was started on May 2010 without hesitating of a reversal sign. However this pair formed a double top at 1.0550. I will be looking to short  on this pair once price action is testing the PRZ. One thing to remember as the B point is below 50% retracement of XA, this pattern could formed to Crab pattern if PRZ...

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Posted in: AUDCAD,Bat,Bearish

CADCHF H1 Bullish Crab Pattern - 1 Aug 2011

1 Aug 2011 Bullish Deep Crab Pattern On CADCHF Hourly Chart. This pattern is define by 88.6% retracement of XA at B point and 38.2% retracement of AB at C point. PRZ : 1.27AB=CD @0.8160 1.618XA @0.8112 2.24BC @0.8092 However i think it is quite dangerous to jump in long position at the moment. Price action is testing the PRZ and was in all time low at 0.8070. I will be looking on the retest of the PRZ. This pair still  in strong predominant downtrend. 4H Bearish Channel On CADC...

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Posted in: Bullish,CADCHF,Crab