TraderGav.com

Gav's trading blog - Perseverance, Consistency, Confidence

ABCD

$EURGBP 24 Jan 2011

by Leave a Comment

I have been looking at this chart since last Friday. Starting from 0.8540 will trigger my short.  However, there’s also a possibility of running into 86 level where another bearish harmonic setup is formed. In short, currently, I am looking at the zone that contains confluence of bearish harmonic pattern, Fib levels and price resistance level.

Let’s see how it goes.

[tab: Original Setup 24 Jan 2011]

Here is the….CHART!

$EURGBP Bearish Harmonic Setup

[tab: Update 25 Jan 2011]

After the weaker than expected British GDP data, EURGBP pierced through the reversal zone. The setup is now invalidated/failed/whatever you wanna call. Time to move on, and look for next opportunity.

Here is the updated… CHART!

EURGBP Bearish Harmonic setup

$AUDCAD 19 Jan 2011

by Leave a Comment

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

GOLD $GLD 02 Dec 2010

by Leave a Comment

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

$GLD GOLD 08 Nov 2010

by Leave a Comment

I am looking at GOLD chart this morning, I got the feeling it might be the time to see some corrections soon. It is now trading around the top of the recent channel, and there are confluences of Fib extensions and harmonic patterns. I have two potential zones defined on my chart. Let’s see how it works out.

[tab: Setup]

Here is the CHART to confuse you.

GOLD 08 Nov 2010

Define your level, and trade the level.

Trade well.

[tab: Update 13 Nov 2010]

Here is the updated GOLD chart.  We have a pretty nice pull back of GOLD (not without some initial shaking though)

$GLD Bearish harmonic action