After raking about 100 pips from trading the bullish gartley
harmonic pattern I earlier mentioned. The pattern is still intact, though
undergoing a minor retracement due to the formation of a pin bar.
I still maintain a bullish bias looking at the 4H chart below,
the 4th Elliot wave could end @ 1.4555 to resume a fresh bullish
move (wave 5) to 1.4690-1.4700 (confluence of strong resistance and 50%-61.8%
retracement of the bearish run which started on 5th march)
This pair looks like forming a good formation, rising from a
bounce off the established upward trendline after a bullish candles formation.
The price is heading toward strong resistance @ 0.8045.
A bearish candles formation off this level could create a
bounce and price gets bearish to 0.7900 or lower.
If price breaks 0.8045 upward, the next visible level is
0.8175 .If price turns back before 0.8175, we could have a bearish harmonic
set-up
I have been watching this pair for some time and I think it has fulfilled my 'righteousness' enough to consider for a buy.Here are my reasons
1. A successful bullish gartley pattern formed
2. Pattern confirmed by an engulfing candles formation which also contain a bullish reversal pin bar, though the day is still open
3.The gartley formed at a reversal trendline support region
4. The oscillator trending up from an oversold region
These are more than enough reasons to consider a buy, though 1.4640 could act as a barrier.
A consolidation could happen there before the price move to 1.4850 which is the ultimate target
Check this pair out and see four reasons one might consider to sell this pair
1. Successful bearish butterfly pattern formed
2. Pattern confirmed by a bearish candlestick ( provided it's maintained till the end of today's candle
3. Pattern and bearish candle formed at a strong resistance level ( 1.8390)
4. Momentum indicator at overbought region.......
If today's candle engulfs yesterday's candle..I will definitely open a sell order
From September last year till now, this pair has been ranging. After forming a resistance at 1.6675, it moved down steadily to retest 1.6255 with a pin bar candle.
I expect a movement up from there to 1.6465 and 1.6600 which are going to be my targets with my stop loss below the pin bar.
Price could dip lower with about 30-45 pips before the predicted move. As usual my buy limit will be at 1.6285
This pair was on an irregular trendy bearish wave pattern from mid-December 2013 to late January and early February this year before it commenced on a sweet bullish run to 1.377s and it remained there to form a resistance. It broke this level on Friday 28th February with a long bullish candle to retest the 1.38 - 1.381 resistance formed on December 2013
We have seen this week, so far, how price reversed below this level and formed an inside bar and pin bar set ups.
I expect price to retest 1.3755-1.3770 or a little bit more before it starts the bearish reversal to 1.366s-77s and the stop loss could be above the middle candle.This scenerio will be invalid if price returns to 1.38100 with a high momentum.
Learn how to trade price action and spend 2 hours daily
This pair looks good to my eyes with beautiful swinging patterns forming, which started on August 2012 (Zoom back your platform to view). A fall could be imminent ( at least at the short term).
The wave that formed from early January this year formed a bearish reversal candles pattern at (1.5315-1.5320) , and tested 1.4970-80 briefly before resuming the swing upward to retest (1.5315-20) level.
The formation of a pin bar reversal candle at this level could force this pair to form a double top and drag it back to (1.4970-80) level and if broken could see it going down to 1.4426
On the other side, if the afformentioned pin bar is broken upside with a high momentum, we could see a bullish wave resumption to 1.6 levels.At the moment, I see this pair retesting 1.528s before moving toward 1.497s with stop loss a little pips above the pin bar.
Trade at your own risk.
The long bearish trend of this market, which we see, has entered into a range between 0,8170 and 0.7725.
The latest counter trend bullish move from 0.7725 was rejected at 0.8170 with a pin bar, and price has since continued the bearish move and it's percieved to halt by a pin bar at 0.7960 ( which is a strong level considering the number of times it has been broken and retested )
This pair could continue its counter-trend bullish move toward 0.8170 and this scenerio becomes invalid if price, today or tomorrow, breaks the pin bar downside with a great deal of momentum
At the moment, there is a bullish bias in the nearest term
After a strong bearish move from 1.5770 which started on 24th January of this year, breaking 1.5300 with high momentum and finally reversed with a bullish engulfing caldlestick formation at 1.5020.
The reversal started on 12th of February back to retesting 1.5300 ( a support terned resistance ) with a pin bar bearish reversal candlestick formation.
I expect a reversal from here with retracement to 1.5280 before the bearish movement starts.
The target should be close to 1.5020 which should welcome price before it determines its next move. The stop loss will be about 5-10 pips above the pin bar.
This scenerio will become invalide if price broke the pin bar today or tomorrow with a high momentum to break 1.5300 upside to face 1.5550 and finally 1.5770, but this will take some time
Trade with caution and maintain proper management
Due to my analysis yesterday about these two pairs
I will be going for a sell at a little reversal
Please check my previous posts about these pairs
I have been a forex trader for a while. There were times when I solely depend on indicators, you need to see how heavy my chart was. I was confused day-by-day and I changed from one strategy to the other. No concistent result, instead I wasted a few accounts. I was frustrated and took a time from forex. I thought it wasn't real and those claiming to be successful were scammers.
I started learning price action trading systems and I began to see the mind of great traders, why they trade what they trade. I began to recognise levels to watch out for. I learnt how the market react to these levels
It was then I realised forex market is a very organised market. You need to be well harmed to be successfulI proceeded to learning how and where to place stop loss and target profits; how to exit a loosing trade; profit and loss management; risk/reward ratio and how to accumulate profits.
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I studied this course very well and I chose one strategy out of this five, modified it to suit me, and that is the basis of my analysis on this blog.I have traded actively with this strategy and make an average of 850pips on a monthly basis trading 1-2 hours daily. I have a job I keep, I trade forex part-time and I still trade very profitably.
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This pair rose from 1.3500 last week and having seen a worse NFP data, I was expecting this pair will thrive to 1.3700
A pin bar was formed on Tuesday altering the full bullish move. This pin was confirmed yesterday by a full bearish candle
I will sell on pending order @ 1.3615 and put my stop loss @ few pips above the high of the pin and target 1.3510
I discussed a pin bar forming on a falling counter trendline which has been re-established and I percieved strong . I took the trade and my first profit target was hit on 50% of my account, I reduced my stop loss to 50% and the other 50% of my account was hit giving me a little profit of 31pips in total.
Price has since moved up and broke the pin bar to retest the falling trendline I discussed. A doji was formed today and I will wait till tommorow expecting a good bearish candle to confirm before locating a good level to sell. If price broke the trendline upward with a full bullish candle, I will have to come back another day
The trade I took last week due to a clear bullish pin formed at 1.5035 support was closed on monday with a profit of 125 pips due to a percieved clear pin formed at a tiny critical point that needs an eagle eye to view.
So the market didn't reach my profit level at 1.5450. I didn't take a sell because of the ECB president speech that was to be delivered today and given the fact that the level wasn't that signifant to my eyes.
I just saw it as an opportunity to exit a winning trade. We will see how this market reacts at the present level, whether it's going to break it or continue the upward trend
The level now is very critical, I will watch out
In my previous post on this pair, I recognised 0.9100 and thereabout as my trading level.
In the past 3 days, this pair has continued its retracement from 24th January low and a bearish movement is imminent
With a DOJI formed today a little below 0.9100, the bears might be gathering momentum to push the market down. I will wait for a full bearish candle to form at the end of tommorow close.
If that should happen, I will sell and hope I can make a good return at 0.8845 and 0.8710 and if otherwise, I will simply wait if a breakout will happen or price simply wants to touch 0.9100
I will keep you updated tomorrow...
A pin bar was formed at a strong support region (1.5055) and I opened a buy order. I was making 95 pips before the close of market last week
I expect this market at 1.5450 this week or early next week
If the market reverses downward and breaks the 1.5055 support then we'll be looking at 1.4540.
This pair has been bullish since November 2013.
I will keep you updated as the market unfolds itself in the coming trading days.
This pair has been in a down trend from October 2013, reversed to form a strong resistance at 0.9100
With a worse than expected non-farm payroll data released from US last week, I expext this pair to move to 0.9100 which was formed by a horizontal resistance line and a counter trendline.
I will expect price action bounce around this level before the bearish trend will continue
Conversely, if 0.9100 is broken to the upside, I will wait for a reversal price action signal to push to 0.9300
In the main time, I will make 0.9100 my trading point
This pair, after the pin bar-orchestrated bear move from 0.9135, reversed upside to test 0.9135.
0.9135 wasn't reached due to the bearish engulfing candles pattern formed and the market ended last week on a bearish mood strenghtened by a worse than expected non-farm payroll data
This pair could bounce off the 0.8850 support level ( combination of trendline and horizontal support).
I will watch price action at 0.8850 if the market gets there
Otherwise, if the market turns upside, I will watch for price action at 0.9135 resistance which is made stronger by negative slope trendline
KEY LEVELS TO WATCH OUT FOR
Resistance Level 0.9130 Support Level 0.8850
I will keep you updated as this market unfolds in the course of the week
After making 150 pips from this pair last week due to a candles reversal pattern formed around the 1.3700 where we saw a movement to 1.3500 support level.
A reversal inside bar was formed after the market broke the trendline support (which was made stronger by the support formed earlier last week), and we see this pair immediately moved up, helped by a worse than expected non-farm payroll data released from the United states on Friday.
1.3700 is the next level to target where we could see a bounce to sell or a breakout toward 1.3830 resistance.
LEVELS TO WACTH OUT FOR
Support levels___________ 1.3480 and 1.3320
Resistance Levels____________ 1.3700 and 1.3830
I will keep you updated as the trade unfolds
This pair reversing upward after a sharp movement from 0.8197 to 0.7722, could resume downward bearish trend that started from 0.8730
The resumption of the bears is based on the daily pin bar about to be formed at 0.8120-0.8197 resistance region which also coincides with the bearish trenline that started on october 2013
If this pin bar is successfully formed at the end of the trading day and it's not far away from 0.8700, I will sell at market price with my stop loss slighly above today's high ( i.e the high of the pin bar) and take profits at 0.7900 and 0.7750
If you are following this trade , please maintain proper money management
