** UPDATE ** USD/CAD Bearish Gartley with Bearish Engulfing Candlestick

Updated pattern data from previous post (Oct. 2nd) after USD/CAD moved up a little bit and formed a new D point. Also, the recent retracement has produced a Bearish Engulfing candlestick pattern on the Daily chart.

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Quote of the Week

"Whatever is good for us should be discussed often and frequently brought to mind, so that it may be not just familiar to us, but also ready for use.  Remember also that in this way what is clear often becomes clearer"

-- Seneca
(From "The Stoic Art of Living", by Tom Morris, Ph.D.

Dollar May Be Ready for a Pullback! What do you see?

US Dollar Index is showing some bearish signs.  What do you see?  I would like to see your comments.  Happy Trading.

USD/CAD Short Opportunity : Bearish Gartley Pattern - Daily/Weekly Chart

The USD/CAD has formed a Bearish Gartley pattern around the 1.1175 level which is the exact AB = CD level.  The pair traded as high as 1.1222 but has since backed off that high.  Candlesticks are also showing us signs of a potential turn.  Stop above point X.  Initial profit target is 38.2% Fib. Retrace. of AD run.
Manage your risk.  Happy Trading.

LONG GBP/USD : Morning Star Candlestick Pattern

The GBP/USD is forming a Morning Star candlestick pattern on the Weekly chart.  Consider Long trade from here.  Stop would be placed below low of the pattern (below 1.6050).  The Market is very volatile.  Be careful!!

UPDATE: AUD/JPY Short Trade

The AUD/JPY Short trade off of Weekly chart is still valid.  This is a longer-term time-frame, so be patient.  Trade will be invalidated only if price goes above High of the Bearish Engulfing candlestick pattern, around 98.66.  Be patient.

Happy Trading,

CTW

AUD/JPY - Bearish Gartley & Bearish Engulfing Candlestick

AUD/JPY has formed a Bearish Gartley pattern on Weekly chart.  Also, last week put in a Bearish Engulfing candlestick.

EUR/JPY : Bullish Gartley Pattern - WEEKLY CHART

GBP/JPY Gaps Down from Friday Close

The GBP/JPY gapped down form Friday's (09/05/14) close.  This has produced a nice profit for those of us who traded the Bearish Gartley pattern from my previous post.

GBP/JPY - GARTLEY Pattern Trading Examples

GBP/JPY GARTLEY pattern trading examples.

GBP/JPY - Daily
GARTLEY pattern examples

Non-Farm Payrolls lower than expected - USD/CAD short trade still valid

Non-Farm Payrolls came in lower than expected.  This was positive for our Short USD/CAD position.  Price looks to put in another Spinning Top or Long-legged Doji candlestick pattern today.  Looking for a correction in the USD/CAD back down to at least the 1.0850 - 1.0800 level.

USD/CAD - possible Bearish reversal signal - Spinning Top

The USD/CAD posted a spinning top candlestick today.  The spinning top formed between the 78.6% and 88.6% Fibonacci levels (see chart below).  This may be the candlestick reversal we have been looking for to go with the Bearish Gartley pattern.  Non-Farm Payrolls tomorrow.  Be careful.  Happy Trading.

GBP/JPY Long Trade UPDATE

I am still long the GBP/JPY off of a Bullish Gartley pattern.  See post from July 21, 2014  However,  price has been trading sideways for about 8 days now within a very narrow range.  Will see how news this week moves the market.

UPDATE --- USD/CAD Short Trade

USD/CAD price is currently between the 61.8% and 78.6% Fibonacci retracement levels of XA.  A nice Bearish Gartley pattern has formed.  Look to go Short anytime now.  Some may want to wait for a bearish candlestick signal.  I would place my stop above point X, at least one ATR away from your entry price.  The Average True Range for the the USD/CAD for the last 200 trading days is about 60 pips.  Happy Trading.

USD/CAD Short Trade Shaping Up

Potential Short trade opportunity on the Daily chart of the USD/CAD.  USD/CAD is forming a Bearish Gartley pattern on the Daily chart.  AB = CD @ 1.0880 completes around the 78.6% retracement of XA at 1.0887.  It is in the zone where I would short it.  Just realize that price has a high probability of going up to at least the 1.0887 level.  May want to wait for a candlestick reversal pattern first.  See chart below.

Bearish Gartley - Daily, USD/CAD

GBP/JPY Long Trade - Daily Chart

A Bullish Gartley pattern has formed on the GBP/JPY.  Also, a long-legged doji and hammer candlestick formed around the 78.6% retracement of XA.

USD/CHF Bearish Gartley - Trade Setup

Bearish Gartley pattern has formed on the USD/CHF .  Pattern is very symmetrical.  Price has formed several doji candlesticks around the 78.6% retracement level of the XA leg.

Short NZD/USD - Bearish Butterfly Pattern

Daily chart of the NZD/USD has formed a nice Bearish Butterfly pattern.  The RBNZ will announce interest rate decision tomorrow (Wed.), so be aware of extra volatility.

Bullish Butterfly: AUD/USD - 4-hr.

A Bullish Butterfly pattern has formed on the 4-hr., AUD/USD chart.  Conservative profit target @ 0.8980.  Stop well below recent support @ 0.8840. 1.272AB=CD @ 0.8922.  Current D point is spike low @ 0.8915.

Bullish Butterfly: AUD/USD, 4-hr. Chart

USD/CHF - Long Trade IN PROGRESS

USD/CHF is in the process of forming a Bullish Engulfing candlestick pattern on the Daily chart.  Let's see how the day goes.  A Bullish Gartley pattern had formed several days ago.

UPDATE: AUD/USD - 4-HR. Chart

The AUD/USD Bearish Gartley pattern (4-HR. chart) trade from yesterday has hit the 61.8% Fibonacci profit target level.

Quote for the Week

"Trade what the market IS --

 Not what the market IS NOT --

 Traders that trade the market that IS --

Are truly the happiest lot."

-- Gary Porter

from Essentials of Trading: It's Not WHAT You Think, It's HOW You Think

by Larry Pesavento with Leslie Jouflas

NZD/JPY - 4-hr. Chart / Bearish View

NZD/JPY forming a potential Gartley/Butterfly pattern. (See Price Patterns section of HarmonicTrader.com for more information on Gartley/Butterfly patterns).   I have highlighted the area where there is a higher probability of reversal.  Watch for candle signals at these levels for more confirmation!  Similar patterns can be seen on 4-HR. charts of AUD/USD, NZD/USD and AUD/JPY.  Have a great week!

Potential AUD/USD Short Trade

A Bearish Gartley pattern is forming on the AUD/USD 4-hr. chart.  The long green candle in the CD leg might scare you away but I've seen these work.  I've highlighted the potential reversal zone.  Stop should be placed above the most recent high at 0.9085 (see Daily chart).  A Dark Cloud Cover (Bearish Reversal) candlestick pattern has formed on the Weekly chart.  See previous post.  Happy Trading!

AUD/USD Weekly Chart: Dark Cloud Cover?

The WEEKLY chart of the AUD/USD has formed a Dark Cloud Cover candlestick pattern.  Stop-loss would be placed above the high of the red candle in the pattern.  The signal is Bearish for the AUD/USD.  Manage your risk.  Remember, this is a longer-term chart (Weekly).

Video Review: GBP/USD Bullish Butterfly

Video Review of the GBP/USD Bullish Butterfly Trade from 02/04/2014.
Click here to launch video!

USD/CHF Long Opportunity: UPDATED

A Bullish Gartley pattern has formed on the USD/CHF Daily chart.  Stop-Loss should be placed below point X.  Fibonacci Price Target levels have been drawn on the chart at 38.2%, 50.0%, 61.8%, and 78.6%.  The first chart shows the Fibonacci retracements of the XA leg.   Happy Trading.

"If skills could be acquired by watching, every dog would be a butcher."
                                                                              - Turkish Proverb

Is Aussie going up or down?

AUD/USD looks to be headed back down.  A Bearish Gartley pattern has formed on the Daily chart.

Time to Short the Euro? Bearish Butterfly Pattern

The EUR/USD has formed a Bearish Butterfly pattern on the Daily chart.  Point D is currently at the AB = CD projection (1.3767).  The high of the last completed candle is 1.3769.  The Daily charts of the AUD/USD, Gold, and WTI Crude are similar to this one of the EUR/USD.  They all suggest near-term dollar strength.  See chart.  Happy Trading.

Time to Short the Euro?

A Shooting Star candlestick has formed on the Daily chart of the EUR/USD.  There is also a Bearish Gartley pattern.  Will post charts soon.  Note:  Analyze Daily charts of WTI Crude Oil, Gold, & AUD/USD.

GBP/USD - 4-hr. Chart : Bullish Butterfly Pattern with Chart Analysis

Bullish Butterfly pattern has formed on the 4-hr. (and Daily), GBP/USD chart.  I have been watching the pattern play out the last few days.   Also, look at the candle for today on the Daily chart.   I use the Average True Range (Daily Chart) to set a minimum stop amount.  Happy Trading!

"A man, though wise, should never be ashamed of learning more, and unbend his mind."
                                                                                           - Sophocles

Gartley Pattern Example - GBP/USD - 15-MIN. Chart

Gartley pattern example, GBP/USD - 15-min. chart with Fibonacci profit target levels.  The retracement and extension levels are identified also.  The AB leg retracement of the run down from X to A is 56.8% (close to 61.8% Fib. retracement level).  The AD leg retracement of the XA leg is 82% (close to 78.6% Fib. level).  The BC leg retraced about 52.1% of the AB leg (close to the 50.0% Fib. level).  See the books "Trade What You See, How to Profit from Pattern Recognition" - Larry Pesavento & Leslie Jouflas and "Harmonic Trading, Vols. 1 & 2" - Scott M. Carney

GBP/USD Bearish View - Monthly Chart

The GBP/USD is about to form a Doji on the Monthly chart.  Today is Jan. 28, 2014.  We have about 3 more trading days in this month.  I would be very careful about initiating any new Long positions.  Look for Short opportunities.  Happy Trading!

Shooting Star candlestick - EUR/USD

A Shooting Star candlestick pattern has formed on the EUR/USD Daily chart.  High probability short trade.  Place stop above shooting star candle.

Short GBP/USD - Bearish Engulfing Candle

A Bearish Engulfing candlestick pattern has formed on the GBP/USD Daily chart.  Stop would be placed above the Bearish Engulfing Candle.  If price exceeds that candle, liquidate Short position and consider Long.  See chart.