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

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 unable to hold the strong predominant uptrend.

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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 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