Candlestick Trading - Page 11

Sean Hyman · #**151** (**permalink**) 10-30-2009, 12:03 PM

Breakout coming soon...

Sean Hyman · #**152** (**permalink**) 10-30-2009, 02:48 PM

AUD/NZD is breaking higher out of an inverted head & shoulders pattern. Bullish upward move.

brad_1199 · #**153** (**permalink**) 10-31-2009, 01:30 AM

Earlier in October I was looking at the monthly chart of EUR/GBP and posted saying price action looked like it would finish the month a shooting star.. Now the month of October is closed and that shooting star is in place.. Bears are in control now, Look for pullbacks to seLL ... I'm looking for a pullback to atleast 91.64 Fib Resistance or possibly a little higher offering bears another chance to load on short positions before price heads lower...

Here's the monthly and the daily charts ---->

jcole252 · #**154** (**permalink**) 11-01-2009, 08:19 AM

Quote:

Originally Posted by Sean Hyman

Breakout coming soon...

If it breaks to the upside, I see no problem.

But... the SNB said something last week like it was happy with the economic recovery and with the current level of the currency, and that it did not intend to intervene any more. It's easy to strike a conciliatory tone when things are going nicely, in one's favor... However, if the triangle started to break violently to the downside, it wouldn't surprise me if the SNB had a quick change of heart and bought enough Euros to blast it up through the top of the triangle. On June 24th they taught a lot of people buying the Franc quite a lesson. I wasn't in the trade, but I was impressed with the double barrel shotgun approach that added insult to injury (nicely seen on an hourly chart).

iceoverflow · #**155** (**permalink**) 11-02-2009, 11:44 PM

Here is consolidation on the daily chart of the EUR/GBP with a fib line.

brad_1199 · #**156** (**permalink**) 11-11-2009, 04:24 PM

EUR/GBP finally broke higher today out of the consolodation area i was watching, this rally should turn into an intra-day rally back towards fibonacci resistance at .9164 and i think it may go a bit higher too, ultimately I am looking for a short opportunity anywhere by .9164 or higher for an eventual move downward through the longer term up trend line on the daily chart...

A shooting star candle is in place last month on the monthly chart giving confirmation a top is in place, bears should now be looking to short this market at resistance... There is potentially a very big move into the down side here worth a lot of pips

With beautiful candlestick confirmation of a long term top in place already, I will be shorting EURGBP in size.. I have been patiently watching and waiting for the perfect short entry in this pair for quite a while now, Oh how sweet it will be

brad_1199 · #**157** (**permalink**) 11-12-2009, 11:48 PM

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Looking at the daily chart of EURGBP today i see that yesterday's rally fell apart pretty hard today giving back all of the gains from yesterday, I stiLL believe we're creating a large base in the current area before rallying back to fib resistance at .9164 and then dropping lower.... I said yesterday the market looks like it will try to doddle, and indeed it looks like it is taking it's sweet time... Bears keep a patient eye on this sucker for short entry don't let it slip away...

brad_1199 · #**158** (**permalink**) 11-13-2009, 04:08 PM

I'm not exactly sure which way the beast is going here yet, but currently the market is holding above an important long term fibonacci confluence zone, if the market continues to show support on this level, i will eventually be looking for a larger up side move shown here on the daily chart --->

brad_1199 · #**159** (**permalink**) 11-13-2009, 09:22 PM

What an insane rally in AUDUSD since last year.... I think this pair is heading for a double top at prior multi-year highs at .9849 before staging a reversal... The intra-day strength is extreme and when this rally finds a top price is going to slingshot backwards hard and fast relieving excess upward momentum... For now it looks like price remains in an up trend though and a re-test of .9849 is in the cards --->

brad_1199 · #**160** (**permalink**) 11-19-2009, 08:13 PM

I've been watching USDJPY and I think it's still heading lower in the bigger picture... In the shorter term though, it looks like price is likely sitting on a major phsycological barrier at 88.57 ... I'm looking for some choppiness in the market around this level while we work our way lower through it... I show here on the monthly chart what it may look like as things progress...

Sean Hyman · #**161** (**permalink**) 11-20-2009, 12:14 PM

Quote:

Originally Posted by brad_1199

I've been watching USDJPY and I think it's still heading lower in the bigger picture... In the shorter term though, it looks like price is likely sitting on a major phsycological barrier at 88.57 ... I'm looking for some choppiness in the market around this level while we work our way lower through it... I show here on the monthly chart what it may look like as things progress...

Brad, here's another pattern. EUR/USD's descending triangle...and the Daily uptrend line happens to hit at the bottom of that horizontal support too.