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

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)

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Posted in: Bearish,Butterfly,USDJPY

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)

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Posted in: Bearish,Butterfly,EURGBP

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

NZDUSD Bearish Butterfly

Bearish Butterfly pattern on NZDUSD H1 Chart.

-B point at 0.786XA retracement
-C point at 0.500AB retracement




PRZ Zone :
-1.27XA at 0.8320
-2.00BC at 0.8310
-AB=CD at 0.8300
PRZ zone just formed above 0.8300 physiological level. I will wait until this level is tested.

UPDATE 10 Jun 2011

 Price action had reverse before this pattern is complete and had reached at the B point. Although price action had reverse i did not take this trade as i think the pattern is still not yet complete. Sometime price action will reverse before testing any PRZ level. In this condition i will leave the pair and looking at other pair.

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Posted in: Bearish,Butterfly,NZDUSD