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Gav's trading blog - Perseverance, Consistency, Confidence

Harmonic setups

$USDCHF 29 Nov 2010

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Here is the USDCHF. From technical point of view, it is forming a almost perfect harmonic pattern. Every point hits the target. Well, this doesn’t mean the pattern will work out. However, pattern recognition trading is about providing you a road map, or a window for you (well, at least, for me) to enter the market.

Have a closer look at USDCHF, we are approaching reversal zone, and I see confluence of resistance and Fib levels. Bearish harmonic formation might be signaling the continuation of down trend. Well, let’s see.

Here is the chart to …CONFUSE you.

$USDCHF Bearish Harmonic setup

$NZDUSD 26 Nov 2010

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While the NZDJPY setup is still valid, I have another bullish setup found in NZDUSD. Again, I see confluence of Fib levels, support level, bottom of channel as well as my favorite bullish harmonic formation.

[tab: Setup 26 Nov 2010]

Here is the chart to confuse you.

$NZDUSD Bullish Harmonic setup

[tab: Update 28 Nov 2010]

The reversal zone of  the original harmonic setup was violated, no sign of reversal in the zone, so, no entry yet. However, while I was zooming out the chart, to look at a bigger picture, another bullish harmonic formation is setting up. Still, I see confluence of support and Fib levels at the channel band.

Here is another chart to confuse you, yet, again.

$NZDUSD 27 Nov 2010 Bullish Harmonic setup

$EURJPY 22 Nov 2010

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We have a gap up during Monday Asian morning. I have two levels in my radar for potential short position. It is the confluence of resistance level, Fib extensions and channel median line.

[tab: Setup]

Here is the CHART to confuse you.

$EURJPY Bearish Harmonic setup

[tab: Update 24 Nov 2010]

This type of ‘fast-and-furious’ sell off does not happen very often, but I try to make sure I am in the market when it happens. Last piece of EURJPY short was closed few hours ago. Market seems to be a little messy now. I have no position at the moment, prefer to watch and wait for the market to settle for now.

Here is the CHART

$AUDJPY 12 Nov 2010

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Here is the $AUDJPY chart I mentioned earlier on. I am holding long position, with some profit booked, and stop is now at break even. This is a text book 5-0 formation where all fib levels are nicely respected.

[tab: Setup]

Here is the chart to confuse you.

$AUDJPY 5-0

Have a great weekend!

[tab: Update 18 Nov 2010]

The pattern works now nicely. With the weakness of JPY at the moment, and AUD gaining some strength, the pair might stretch further. But, there is also a possibility of forming triple tops, and now it is trading at the top of channel as well…so..

Here is the updated chart.

$AUDJPY 5-0