GCHF trade update

MKT filled me and am +71pips up. nice trade

EURJPY _ 5-0 ANTICIPATION TRADE

Eurjpy is again at R. we had 5-0 almost completed. C-Max achieved, and we knew that price might likely hit the buy area to complete the pattern for buy entry,

15M TF: gave a good reason to sell from R in the bearish gartley.

NZDJPY: BEARISH TRADE

The daily points at bearish move:

1. ab=cd

2. Bearish divergence

3. Pin bar at R

entry:

price rejection at 61.8, trendline + support turning into resistance

MKT OPEN: GCHF UPDATE

market gapped down considerably with 47pips. that's a good bearish sign, well, mkt might close up the gap before diving.................

sell limit still valid

GCHF SHORT SIGNAL

GBPCHF ANALYSIS

Daily: we had a gartley signal which indicates trend continuation, also had ab=cd1.618 and now price is at 38.2 of the present swing with weekly R.

4HR: events unfolding on this time frame is very nice and . looking at the chart, we can clearly see how two patterns converge at same point. having bearish Butterfly and Bat at the same place indicates possible price projection

presently, price bull have scored a point(creating a HH) with Long time TL and R acting as resistance............ that could be B retracement for the patterns in question and also an indication of possible Bull crown.

UJ Possible BAT at resistance

The daily bearish channel in UJ is intact and dictating the trend nicely. price hitting the bottom channel with those tweezers signalled bullish move and the break of the inner TL confirmed the bullish run.

the 4hr gave a crown entry earlier and the tgt of the crown will signal a bearish BAT setup. even if price doesnt get to 92.0 before retracing, the bounce of the TL around support shd give bullish entry.

IS NZDUSD READY FOR A 200PIPS DROP?

Daily TF: Divergence spotted on daily TF around R. this tells me a possible bearish run to next support as indicated on the chart.



1hr TF: Bullish channel broken with the next low taken out, this confirm my shift in bias to bear, tentatively on this pair............... we watch out for a retracement to the back of the TL and short to the daily support line.

price might form a bearish crown or might just drop. but i will wait for a pull back

nice aussie run

another nice catch!
1-2-3 break out strat

eurjpy trade UPdate

was a lost trade............. -55pips!

here is a trade i post in another forum http://www.forexfactory.com/showpost.php?p=3143321&postcount=1754

Not too well to trade but will post if i see any good setup

eurjpy short

Sequel to the earlier post on eurjpy, eurjpy hit the Price potential zone and turning. i waited to get in from 15m TF to get better R:R

http://i35.tinypic.com/jrxz6p.gif

eurgbp 123 trade

tgt1 already hit, waiting for tgt 2 to be hit

123 break-out strategy update for today

UCAD +80PIPS
EURGBP (1st trade) +30pips
GU +35pips
eurgbp (2nd trade) +22pips............... two-third still running

Update on trade call

123 break out strategy hit its tgt................ +35pips

123 break-out strategy

first trade of today, GBPUSD short:

CADJPY : POSSIBLE POSITION TRADE TO COME

Price have been playing ping pong on weekly time frame(lol), bouncing off resistance(88.86) and support at (80.55).

price have been trending nicely down from the resistance off a bearish channel on 4hr TF, we could see that price has already broken out of the channel, creating a higher high, showing a bullish intention.

we expect a bull back. am expecting pull back down to 84.15 because of the following reason.

1. back of a bearish TL
2. 32.8/61.8 fib convergence
3. 4HR TF PPZ

possible short coming in eurjpy(medium term)

EURJPY have been trading in a wide range channel since march. price have been bouncing off resistance at 137.37 and support at 126.90.

price is trending down nicely from resistance and we want to assume that price is heading towards the support at 126.90.

presently, price has created an impulsive wave after the bearish gartley hit its fib target. we are waiting for price to hit a very good level for us to get in and trade south.

I will be watching price action at 133.00 level, its a strong level base on the following convergence.

a. 61.8 fib level
b. possible TL bounce
c. good s/r level

we wait patiently for Plan to tank

trend continuation

Once a trend is establish, i have a well laid down strategy for banking pips in the market as long as the trend is healthy.

this strategy is multi-time frame base. once the higher TF(Daily tf) frame is trendy, once an impulsive wave is established in lower TF, in the direction of the higher TF, i wait for a retracement to either 61.8/78.6 with various convergence and i ensure that stoc(833) of lower TF is well out of oversold/overbought region, crossed and hooked down, then i pull the trigger

1-2-3 5mins break out

I wont write much on this but will just give a chart example of how i trade this very reliable intra-day set and forget strategy

CROWN FORMATION

This is the king of all chart formation patterns. it is a trend reversal pattern.
some chartists call it head and shoulder. it has its unique structure to the formation completion.

Butterfly formation

This is a reversal formation pattern.
The structure of the Butterfly pattern was discovered by Bryce Gilmore. In my experience, I believe an Ideal Butterfly Pattern, which requires specific Fibonacci ratio to define the structure - including a mandatory 0.786 retracement of the XA leg as the B point - offers more precise Potential Reversal Zones (PRZ) and more significant trading opportunities. Also, the Butterfly pattern must include an AB=CD pattern to be a valid signal. Frequently, the AB=CD pattern will possess an extended CD leg that is 1.27 or 1.618 of the AB leg. Although this is an important requirement for a valid trade signal, the most critical number in the pattern is the 1.27 XA leg. The XA calculation is usually complemented by an extreme (2.00, 2.24, 2.618) BC projection. These numbers create a specific Potential Reversal Zone (PRZ) that can yield powerful reversals, especially when the pattern is in all-time (new highs/new lows) price levels.(scott carney)

gartley formation

gartley formation: gartley is a continuation pattern that uses strictly fib levels to define Price Reversal Zone.(PRZ)

The Gartley pattern was outlined by H.M. Gartley in his book Profits in the Stock Market, published in 1935. Although the pattern is named "The Gartley," the book did not discuss specific Fibonacci retracements! It was not until "The Harmonic Trader" was released that the specific retracements of the B point at a .618 and the D point at a .786 were assigned to the pattern. There are others who have assigned Fibonacci retracements to this framework. However, they use a variety of Fibonacci numbers at the B and D points. Despite these variations, the Fibonacci retracements that yield the most reliable reversals are the .618 at the B point and the .786 at the D point. Furthermore, the pattern should possess a distinct AB=CD pattern that converges in the same area as the 0.786 XA retracement and the BC projection (either 1.27 or 1.618). The most critical aspect of the Gartley is the B point retracement, which must be at a 0.618 of the XA leg. (scot carney)

fibonacci tool

fibonacci is a tool use for gauging/measuring and projecting price movement. for me, if the mkt retracing at 61.8/38.2/50.0 fibo, most likely mkt will move to 1.618 fib extension and if the projected fib extension is withnin PPZ, 98.% of the time, mkt will hit it to the pip

Trendline

trendline is dynamic support and resistance. It is derived in a bullish rally by connecting two lows together and in bearish dive by connecting two highs.

It is normally use to predict future rejection/s-r with other tools

SUPPORT AND RESISTANCE

Support is in a down trend with a low having two candle to the right and two candle to the left higher than the candle in the middle and resistance is in an uptrend with an high having two candles to the left and two candles to the left lower than the candle in the middle

example is giving in the chart.

But for my trading, i place more emphasis to a point, where price has acted as both resistance and support previously. u could call this, Price Pivot zone(PPZ) or Flip between support and resistance.

PPZ for me is an important level, u can find it on any time frame, my essence of trading is using my trading tools to determine how strong the level is for me to place the trigger

My trading tools

I am a chartist, and my approach to trading is using my tools to find a convergence at important levels in the market.

My trading tools/strat are as follows

1. support and resistance level
2. trendline
3. fibonacci
4. pattern formations. eg, gartley, crown and butterfly
5. trend continuation
6. 123 5mins break out

I will elaborate more on these tools in the posts to come