** 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