USDCHF H1 Bullish Bat Pattern - 11 Oct 2011

11 Oct 2011

Bullish Bat pattern on USDCHF hourly chart. This pattern is validate by 38.2% retracement of XA at B point and 78.6% retracement of AB at C point.

PRZ :
- 0.886XA @0.89620
- 2.24BC @0.89705
- 1.618AB=CD @0.90056.

Convergence of all important PRZ level at 0.8960-0.9005 give best opportunity to go long on this pair once the price action test the PRZ zone.

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Posted in: Bat,Bullish,USDCHF

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. In the meantime we can trade this as BAMM. I had add my long position with a target on the completion of the bearish bat pattern at 0.8810.

Entry : 0.8729
SL     : 0.8690

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Posted in: Bullish,EURGBP,Gartley

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 CADCHF.

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Posted in: Bullish,CADCHF,Crab

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.

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




UPDATE

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.

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Posted in: Bat,Bullish,NZDUSD

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.

PRZ:
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.

UPDATE

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.

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Posted in: AUDUSD,Bat,Bullish

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.

PRZ :
- 1.27AB=CD @1.3450.
- 1.27XA @ 1.3431.
- 2.24BC @ 1.3407.










UPDATE

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.

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Posted in: Bullish,Butterfly,EURCAD

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.

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Posted in: Bullish,Crab,EURCAD

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








UPDATE

Stopout at 0.8830.

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

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Posted in: Bat,Bullish,EURGBP

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.

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Posted in: Bat,Bullish,GBPCHF

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.. !!!

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Posted in: Bat,Bullish,USDCHF

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.

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Posted in: BAMM,Bullish,EURJPY

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.

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Posted in: Bat,Bullish,EURUSD

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.

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Posted in: AB=CD,Bullish,EURCHF

EURCHF Bullish Crab

13 Jun 2011

Bullish Crab on H1 EURCHF chart. B point at 0.618XA retracement.C point at 0.886AB retracement.

PRZ Zone is define by convergence of two important lines. 1.618XA retracement at 1.1980 and 2.618BC projection at 1.1970. It is best to wait until this two important line being tested before go long on this pair.

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Posted in: Bullish,Crab,EURCHF

EURUSD Bullish 5-0

13 Jun 2011

Bullish 5-0 pattern is formed on EURUSD H1 chart.
This pattern possessed an ideal bullish 5-0 pattern.

As seen on chart B point is at 1.27XA retracement.The important key in a valid 5-0 pattern is a C point.C point must be greater than 1.618AB but must not exceed 2.24AB retracement.



On this setup C point is just below 2.00AB retracement which provide a validity of this pattern.

PRZ Zone in 5-0 pattern is define by 0.50BC retracement at the D point.Reciprocal AB=CD will complement this area.

On this setup D point of 0.50BC retracement is at 1.4330 and reciprocal AB=CD at 1.4320. The tight range of this two important level gives nice opportunity to go long on price action test the 1.4320 area.




14 Jun 2011

Exit all position at 1.4480. Total profit for this trade 210 pip.

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Posted in: 5-0,Bullish,EURUSD

USDJPY Bullish Butterfly

6 Jun 2011
USDJPY bullish butterfly on 1H chart.

-B point at 0.786XA retracement

-C point at 0.707AB retracement

 

PRZ Zone:

-1.618BC @80.00

-1.27AB=CD , 1.27XA projection @79.80

PRZ zone is well define by a convergence of two important line (1.27AB=CD and 1.27XA) at same area of 79.80.Watch very closely once price action testing this important area.We may get nice opportunity to go long around 79.80 area.

UPDATE 8 Jun 2011

  Price action tested important level in the PRZ Zone. Pay attention closely once price action in the important PRZ level. If price action start to stall this will give a good hint of a valid pattern.

Update : I had enter this trade on 79.90.

  
SL moves to breakeven.Price action break 20SMA and uptrend channel.May be want to test 79.80 level again.










Update 13 Jun 2011 

Booked some profit at 38.2fib level. 









 

 Price action had bounce from 80.20-80.30 demand zone targetting for retest of 80.50-80.60 supply zone. If this supply zone is breach look for a retest at 80.90-81.00 supply zone. 81.00 physiological area could give some base to take some profit.



14 Jun 2011

Exit all position at 80.50. Total profit for this trade 190 pips.

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Posted in: Bullish,Butterfly,USDJPY

AUDJPY Bullish Crab

AUDJPY is forming a bullish crab pattern on 15M chart.I hope i can get a perfect crab on this pair.

-B point @0.618XA retracement

-C point @0.618AB retracement

PRZ zone is define by 1.618AB=CD @84.70 ,1.618XA @84.00 and 3.14BC @84.20. The most important PRZ level in perfect crab to be valid is 1.618XA and 3.14BC.This both line converge by 20pip range.

I will be looking long on this pair on price action test the 1.618XA @84.00

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Posted in: AUDJPY,Bullish,Crab