Here is what I see in $EURGBP. I am looking at the potential head and shoulder formation. Let’s see how it works out.
[tab: Setup]
Here is the CHART! (click on the chart to magnify)
[tab: Update]
EURGBP did not follow through, and it failed to reach the level to form H&S. No trade was taken.
Not so much of trading for me this week. It is a gambling week, and I don’t have too much of time and energy to gamble the NFP, FOMC, Election etc. Anyway, Dollar index ($DX) bounces off weekly trend line formed by the lows of 2008.4.20 and 2009.11.22. We have a simple harmonic pattern and some Fib levels confluences at current level. Here is the daily chart. This might open up the door for some interesting trading opportunities for the coming week.
[tab: Setup]
Here is the CHART!
Trade safe, Trade well.
[tab: Update 16 Nov 2010]
Here is the updated DX chart. Bullish harmonic formation works out nicely. Dollar still looking bullish
Here is the Swissy chart that I am looking at. I would like to see some price rejections in this zone before establishing short position. Notice the ABCD formation is completed in the resistance zone as well.
Just look at the chart, I am too lazy to write lately. It is really not difficult to recognize a pattern. The key is to manage the trade after recognizing the pattern. We can always have the same patterns/setups, but different set of trading result.
Here is the CHART!
I am looking at USDCAD at the moment. It just formed a basic bullish 5-0 harmonic pattern. Let’s see if it starts to bounce from here, and a breakdown of current level might potentially lead us to around 1.0025 level.
Here is the CHART!
I was watching AUDJPY. I thought it was going to invalidate the Bearish Butterfly formation. We had just broken out from the trading range yesterday, and now it renews my interest in shorting the pair. I am watching closely and preparing to build a swing short position.
what do you see here?
Here is the…CHART!
Let’s have a look at the weekly chart of $EURGBP. We have a pennant forming, with ABCD and Bullish Butterfly formations within. It is just so beautiful. I see two possibilities here. First, we might start to have correction right now with 88 level as immediate resistance. Second, we might have another leg and approach 89 nice to the top of the pennant. Personally, I prefer the second option. But it doesn’t mean I am jumping in to Long EURGBP now.
I will be watching closely in daily and lower time frames for any possible signs of weakness.
What do you think?
Here is the CHART!
