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Today in the trading room we identified two trades. Both were long the Euro in the face of the crisis in Greece. Once again the patterns prove that standing against the herd pays the best. But only if a pattern with solid risk to reward is present. Click on the chart below for a clear…
Today we are seeing a Bullish Butterfly pattern develop in the GBPCHF pair. This pair is one of the more volatile ones so extra caution is advised. We are long from 1.3488 with stops at 1.3434. The target is move back to and even through 1.3689 so we are risking 54 to make 201 or…
We are now watching a few bearish patterns coming together in the CADJPY. We have both a Bearish Gartley on the 30 minute chart and a bearish butterfly on the 15 minute chart. So we are looking to short around 82.55 level with stops above 82.89, targeting a move back to the 81.89 level. Risk…
This week we start off without a lot of larger time frame patterns. We are seeing a number of 5 and 15 minute patterns develop and will look to work with some of them early this week. The situation in Greece continues to breed uncertainty which has temporarily led to the markets chopping around in…
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The NZDUSD has been in a long term uptrend quite frankly since bottoming out in early 2009 recently capping at multi-year highs at .8300. There has been a turn down from those highs and is now showing signs of potential reversal on multiple compressions.
Begining on the Daily chart below there has been an open/close below the daily trend line that originates from March of this year. This O/C candle also forms below the previous resistance back in April and before the highest high. Looking forward, a few weeks, if the pattern persists we could set up a Head and Shoulders on the Daily….only potential at this time.
On the 4hr chart we can see an intraday climb back under the