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Gav's trading blog - Perseverance, Consistency, Confidence

Trading Journal

$NZDUSD 07 Jan 2011

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So, this is the first post of the year. I am fortunate enough to have my weekly target hit during Tuesday and Wednesday session. And, we are expecting Non Farm Payroll at the end of the week, so I am not opening any new position for the rest of the week.

Any of my 12 readers observe the interesting setup forming in NZDUSD? I see a bullish harmonic setup in there. I thought it is not too difficult to see the confluence of Fib levels, support levels and Channel bands.

[tab: Initial Setup]

Here is the CHART!

Bullish Harmonic setup

[tab: Update 14 Jan 2011]

It was indeed a very slow trade. I was paying a lot of attention at the 76 level. It seemed to be bottoming at this level. It was. Kiwi broke out from the range during Thursday session, and first two profit targets were hit. I am now holding the last portion and looking a 78 as next target. Well, let’s see how it goes.

Here is the updated CHART!

NZDUSD Bullish harmonic setup

Happy Holidays

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I am still around, and still trading last week, just did not find time to post chart or tweet. Anyway, it is holiday season again, and I am closing most of my positions, and keep the last piece of AUDUSD short (at trailing stop stage now). Well, I am going to spend next week with family, so I don’t expect to pay too much attention to the market, not to mention, blogging.

Till then, have safe and happy holidays.

Merry Christmas.

Gav

$AUDCAD 07 Dec 2010

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I have been watching the chart of AUDCAD over the weekend, and I thought it provide some decent short opportunities. From price action perspective, it is trading around the defined downtrend line, and moving into the resistance area defined by previous swing points. On the other hand, we have a bearish harmonic formation at around 0.9970 area. I am watching price above parity level to invalidate this setup.

Here is the…. CHART!

$AUDCAD Bearish Harmonic setup

GOLD $GLD 02 Dec 2010

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Here is the GOLD chart that I am looking at.  I see confluence of resistance level, channel, Fib levels, and harmonic formation.

I am keen to watch 1400 before deciding if to go short.

[tab: Initial Setup]
Here is the chart…… to confuse you.

$GLD bearish harmonic setup

[tab: Update 05 December 2010]

The initial bearish harmonic setup was invalidated after NFP announcement. GOLD fired through 1400 level. At the Friday close, I observed another bearish harmonic formation. The formation will be invalidated again if ‘X’ is violated.

Here is another chart….to CONFUSE you.

$GLD GOLD Bearish Harmonic setup

$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