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5-0

$AUDCAD 19 Jan 2011

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Slow start for the week. I did not find too many interesting setups at the early of the week. Anyway, who is looking at $AUDCAD? I thought we have some interesting bearish harmonic setups here.  I am looking at short opportunity here. It is not too difficult to see the confluence of fib levels, Channel bands, and price resistance at current level. Well, and the little ABCD formation into the zone is just another sweetener. Let’s see how it goes.

[tab: Initial setup 19 Jan 2011]

No guarantee of success, but a window for me to enter the market.

Here is the….CHART!

$AUDCAD Bearish Harmonic setup

[tab: Update 21 Jan 2011]

The weakness of CAD bothered me a bit initially, and this setup was working out slowly. Good news is, it works, and it works out nicely. Two-day work (or waiting) for over 100 pips of profit, I can’t complaint. Anyway, AUDCAD is now back to the lower channel band,  I have taken majority of my position out, and leaving a small position to ride towards 0.97, well if it ever reached there, who knows?

I am pretty much done for the week, still have a couple of setups are developing, let’s see what brings on during Friday session. Otherwise, Have a nice weekend ahead!

Here is the updated CHART!

Updated AUDCAD Bearish harmonic setup

$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

$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

$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