Thanks for the reply Greg --- There is deffinately a top coming up in EURUSD... I think the very furthest this rally can go is the 61.8 retracement of the fall from 1.60 which is at 1.4621 ... We're not far away from there now... Time to be getting short now or soon... I think a safe stop can be placed on shorts above 1.4866 .... I'll be keeping an eye on the daily chart for a candlestick reversal to confirm the down move before next short entry...

Brad, before calling a top, seek for confirmation of an indicator like MACD or rsi divergence, or an MA cross. Then enter short with said stop. Calling tops right now can be financial suicide. Eventhough I agree with you that it must come soon.

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my current strategy is to use the stochastic to tell when to enter a trade when an instrument is retracing between the 38 and 61 levels. in other words when the instrument retraces to between the 38 and 61 levels i look for the stochastic indicator to enter the overbought 80 or oversold region. this works great but i want it to work better. also i am using hour charts. one strategy was to wait for the smooth stochastic to cross over the fast stochastic and enter there, but that lags a bit. (also by the way my stochastic numbers are 14 period, k 5 period, d 3 periods) another strategy that worked better was to use the 15 minute chart as soon as the hour chart travels into the overbought or oversold region, then enter when the fast stochastic begins to retreat. does anyone have a better idea. if you're interested here are the price movements i researched, these are all with the usd/chf. the first number represent the month, then the day then the hour.


usd chf
2007
6 18 22
8 22 13
8 27 14
8 29 2
9 21 13
9 24 15
9 26 11
10 16 12
10 29 1315
11 1 0600
11 12 2100
11 14 2200
11 15 1400
11 23 1600
2008
1 7 1030
1 16 1800
1 18 700
1 21 500
1 25 1200
1 29 1100

8 6 7
8 7 8
8 18 4
8 25 16
8 26 22
9 12 7
11 3 6
11 4 12
11 7 10

These pairs may be worth a look as there are corresponding signals on both daily and weekly charts

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Monthly Charts

These three may well be worth paying attention to as the fib patterns are indicating a pending reversal

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Is AVAFX hard up for business.......????????????????

Most interesting screener....... thanks for posting.....

British Pound

This charts shows that price is about to experience a triple bottom break out.

This could be a great short. We will have to see what develops.

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Here's the daily chart of EURUSD... There's a decent risk to reward set-up coming up very soon in this pair... I would suggest short entry at 1.4500 with a stop at 1.4728... I expect price to come back towards the middle of the last triangle on the chart down near 1.2800.... Risk is 228 pips ... Reward is potentially 1700 pips ... Not Bad At All !

Fibonacci Pattern

AUDCHF daily

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Hi there Jeff..... I got that information from looking at the chart.... Bank Traders Use a combination of Candlestick Signals at important FIBONACCI numbers like """61.8""" to initiate trades because the odds are most in their favour at those points with the least risk possible.... It takes a trained eye to catch the candlestick reversal points, but combined with Important FIBONACCI numbers, the high yield / low risk areas of the market can be exposed with better clarity, giving scope to best entry points for traders...

Thanks for pointing this out Brad, I am still new at this and just use basic s/r & fib levels, working on candlestick patterns just tryin to keep it simple so to speak. I dont post much but your charts and insight are a must read for anyone looking for some straight foward no bs information. This is a green light trade in my view I am in pretty heavy, just looks sweet! Personally I am stayin away from the gbp/usd trade just not as sexy lookin to me THANKS AGAIN

Yes.. True.. The GBPUSD trade is not as sexy as the EURJPY trade.... The GBPUSD is deffinately not my favorite pair of them all... I actually trade that pair rarely, I don't like the way it moves... The candlestick on the monthly chart of GBPUSD is a inverted hammer and signals a bottom now or soon, but it doesnot guarantee a bottom yet, so getting long in that pair is like playing with fire right now.. I decided to stand aside for further confirmation in that pair of a bottom as I did not like the way price broke over into the new month... But I may still end up getting long in that pair... I'm Just waiting on confirmation of the move first...

Now as for EURJPY.. That is a beautiful candlestick reversal on the monthly chart.. There is an inside month candle at the bottom of a major drop which is alone itself a reversal signal, and now there is a bullish engulfing candle right after it and all this is happening right at a major 61.8 support zone... That trade does look very good... The funny thing is, right before I posted that EURJPY long trade, on DailyFX I read an article looking for further EURJPY declines... Just goes to show ya, always do your own homework and trust yourself not your broker !

Hey Brad, was able to coax a 100pips + out of the eur/jpy with a following stop now its back again going to watch action for a bit it could retrace down to 125 or 123 levels that major 61.8 fib at 119.84 is quite a drop so I am on standby for now, but definitely watchin!!

This pair is now at a retracement fib @ 125.32 if this doesnt hold looking at 123.66 as next possible stop, I am looking for a spot to go long again but and it might be here will wait it out.