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.

UPDATE

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.

Read more »

Posted in: Bearish,Crab,EURUSD,Gartley

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.

Read more »

Posted in: 5-0,Bearish,EURJPY

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.. !!!

Read more »

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.

Read more »

Posted in: BAMM,Bullish,EURJPY

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).

Read more »

Posted in: Bat,Bearish,EURCAD

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.

Read more »

Posted in: Bat,Bullish,EURUSD