Tuesday, October 25, 2011

I am posting the AUDNZD chart yet again, but my only purpose is to vent some thoughts on the Gartley Reversal Patters. 
I felt this recent chart was a good example. 
Many people make trades using this particular patter and will post the outcome after the chart soared or declined a significant amount, which creates expectations that do not always occur. 
For instance, the chart of AUDNZD hit point D almost perfectly and a sell occurred.  There was a 100+/- pip decline from point D, which in my opinion is a decent trade made in the FX Market.  Some people will expect larger gains on one pattern and then lose out on profits.  This chart only retraced to a 27.2% retracement after point D was hit and then soared. I have seen people suggest this is a failed pattern, but the reality is, it worked.  So when trading it seems one should either accept the risk and let it ride or take reasonable profits and move on.....
GBPJPY, may see a break to the 119's should a break below the lower line of the pitchfork occur.  AB=CD at 119.43 and the retracement from A to C and B to D are harmonic and spot on.  C hits the 78.6% retracement exact and couldn't break through after a few attempts which signifies a potnetial turn in the trend.

Essentially, if the chart gets to point D, a potential buy would be present as a Bullish Gartley Pattern essentially would be intact.

Monday, October 24, 2011

USDCAD is sitting on the 0.500% retracement as well as the uptrend support line.  Perhaps, a trip to the upside in coming into play?

NZDUSD 8HR 10.24.11

NZDUSD is approaching three key resistance areas on the 8hr chart.  The down trend, the 61.8% retracement and the 200SMA. Failure to break the 61.8% retracement and 200SMA may result in pressure to the down side.

Thursday, October 20, 2011

AUDNZD hit the target and reversed as predicted.  Very nice Gartley pattern.

Tuesday, October 18, 2011

USDCAD 1hr

USDCAD shows an inverted Head and Shoulders pattern signifying a potential bullish run to the upside.
EURUSD 1hr chart a bearish Head and Shoulders is forming.  Lets see if the right shoulder come to fruition and breaks the neckline.

10.18.11 AUDNZD

AUDNZD hit the target where AB=CD.  Lets see how she short pans out.  The 161.8% extension is working well as a barrier thus far.

Friday, October 14, 2011

USDJPY 10.14.11

USDJPY is showing significant signs of becoming bullish and breaking out of the sideways trend it has been experiencing.  The pair has broken through the 20day SMA and 50day SMA, as well as the daily down trend. Lastly, the stochastics have shown a bullish crossover.  This pair may see the 79.00's soon.

10.14.11 GBPJPY

GBPJPY broke through the 120.90 area as noted on the prior chart posted on 10.7.11.  The most resistance is found at the 78.6% retracement with the top part of the pitchfork and the downward resistance confirming the area. However, 70.7and 61.8% retracments will also challenge the pair.

AUDNZD 10.14.11

AUDNZD may be looking to pull back soon.  The center line of the pitchfork has been a good place of resistance.  You will notice, on  this 8hour chart, the stochastics are showing signs of the pair being over bought. In addition, a bearish Gartley is forming.  AB=CD@1.29220 which is very close to the 1.618 extension. Should the pair reach this point a reasonable pullback may occur considering the overall trend on a daily chart is down.

Friday, October 7, 2011

GBP/JPY may meet the 78.6% retracement in time, should it break to the 120.80 area.  A boost may be caused by intervention as speculated by some.
GBPCAD definitely hit a sweet spot for a reversal. This recent retrace may be short lived provided GBPCAD stays below the 6400 level,. 
NZD/USD came to fruition, breaking lower after a retrace up.  Now we find it retraced to the upside again. Perhaps, we see a little more upside at the beginning of the week. However, it can also just drop like a bomb into the 7340-50 area (see prior chart to follow).