The Journey of Becoming A Pro-FX Trader

USDCHF : Bullish Butterfly [emerging]

2010-05-12T15:08:00.000+08:00

CADJPY : Bearish Butterfly [emerging]

2010-05-12T15:05:00.001+08:00

AUDJPY : Bearish Butterfly [emerging]

2010-05-12T14:36:00.000+08:00

USDJPY : Bearish Butterfly [emerging]

2010-05-12T14:33:00.001+08:00

While looking at this pair, I see a potential of deep drop for cross Yen pairs. I prefer to stay away form this pair due to uncertainty. In bigger picture, when it completes its D, this pair will continue the downtrend.

EURJPY : Bearish Butterfly [emerging]

2010-05-12T14:24:00.001+08:00

B is 0.786 XA at 122.2, triggering the butterfly pattern for this pair. I'm anticipating a further drop from this pair before rallying to complete its D.

GBPJPY : Bearish Gartley [emerging]

2010-05-12T14:18:00.003+08:00

Not much differ from GBPUSD. I'm also planning to trade from C to D for this pair.

GBPUSD : Bearish Gartley [emerging]

2010-05-12T14:14:00.001+08:00

B sharply reached 0.618 XA at 1.505. This pair is emerging an ideal gartley. I choose to stay away for awhile to seek better entry. I'm planning to trade from C to D.

EURUSD : Bearish Gartley [emerging]

2010-05-12T14:03:00.002+08:00

B is at 1.309, about 55 pips overshoot from 0.618 XA. My strategy is placing a buy limit at 1.257 with 50 pips SL. Target projection of D is at 1.317 at 0.786 XA.

AUDUSD : Bearish Gartley [emerging]

2010-05-12T13:54:00.003+08:00

It's been a month since my last update on this blog. I'm thinking of shifting from blogger to hosted website in future. Just for quick and short update, this gartley is found on 1-hour timeframe. B is 0.618 XA at 0.908 and from B, this pair will continue its downtrend. I'm anticipating a drop to 0.886 AB for point C at 0.875.

GBPUSD : Bearish Butterfly

2010-04-15T19:42:00.002+08:00

This pair offers many trade opportunities for harmonic traders in this week. I'm anticipating a powerful reversal from these consecutive butterflies. The late butterfly completed its D at 1.551 at 1.618 BC or 1.552 at 1.27 XA projection.

EURUSD : Bearish Gartley

2010-04-15T19:28:00.000+08:00

This completed gartley is spotted on the 4-hour timeframe. I didn't realize it earlier. The big weekend gap really helps this pair in completing point D at 0.786 XA at 1.368.

EURJPY : Bullish Gartley

2010-04-15T19:14:00.002+08:00

As mentioned earlier, this pair is forming an ideal gartley. I'm anticipating point D will be completed at 122.52 which is the 0.786 XA projection. I believe that most harmonic traders have been making profits on this pair this week. :)

CHFJPY : Bearish Bat

2010-04-15T19:02:00.000+08:00

As spotted early this week, this is the completed harmonic pattern combination, a bat and a butterfly. The point D completed at 0.886 XA at 88.90 or few pips tolerance at 89.00 which is the 2.618 BC projection. I'm anticipating a powerful reversal from this pair.

CADJPY : Bearish Butterfly

2010-04-15T18:53:00.000+08:00

Another butterfly formed yesterday and I missed this trade. In bigger picture, this butterfly overlaps with bearish gartley.

AUDUSD : Bearish Butterfly

2010-04-15T18:48:00.002+08:00

Seems like this pair failed to reach 0.94 and made a HI at 0.9385. However, I assumed that D is completed there because it has already exceeded 2.618 BC projection at 0.935. I've been busy lately, didn't have much time to analyze all charts.

GBPUSD : Bearish Butterfly

2010-04-14T13:27:00.001+08:00

This is the overview of the completed extended butterfly. The D has completed its projection at 2.618 BC, around 50pips above the 1.618 XA projection. Actually, I'm expecting a powerful reversal but it looks like this pair is emerging another bearish butterfly pattern. Beware of the yellowed fibonacci retracements. If it breaks the 0.786 XA, the butterfly will be valid. I would consider to buy after confirmation and the projection of D is at 1.618 BC at 1.551 or 1.27 XA at 1.552.

CADJPY : Bearish Butterfly [emerging]

2010-04-12T04:34:00.001+08:00

This is another emerging butterfly pattern. I prefer to wait for my trading system to signal bullish market before buying this pair. Personally, I'm anticipating further downside move to 0.886 AB at 92.2.

CHFJPY : Bearish Butterfly [emerging]

2010-04-12T04:20:00.001+08:00

This is a quite promising pattern combination that can prove my early prediction as it might overlap between bearish butterfly (blacked) and possible bearish bat. However we must first wait for the confirmation of point C. It might leave the point C at 0.500 AB or forming double bottom while maintaining in the bullish trend.

EURJPY : Bullish Gartley [emerging]

2010-04-12T04:07:00.000+08:00

I love to watch this pair because of its "harmonicity". This pair is in the bullish trend since it bounced from 0.618 retracement at 123.5 from the recent HI at 127.9. It might be an ideal gartley that this pair is making.

USDJPY : Flag

2010-04-12T03:55:00.000+08:00

This is a daily chart of USDJPY. In longer term, this pair still looks bullish even though it has dropped for about 180pips from the recent HI at 94.70. It might form a flag continuation pattern as long as the support 92.9 holds. I'm anticipating a consolidation in the flag price range and waiting for breakout at the resistance.

USDCAD : Bearish Bat [emerging]

2010-04-12T03:40:00.003+08:00

This pair looks bullish for the moment. I'm anticipating a bounce off at 0.618 retracement at 1.0020 and then continues its previous trend. This pair is forming triangle and waiting for breakout towards the resistance trendline. Mind that this pair has made a recent HI at 1.01 which is 0.382 retracement from the significant LO at 0.9975 meanwhile 0.886 AB retracement at 0.999 where I dare to say that it is a quite accurate pattern for bearish bat.

USDCHF : Breakout

2010-04-12T03:26:00.000+08:00

This pair reached my 0.500 fan and 0.618 retracement if I consider my X at 1.0583. However, I'm anticipating a break at both lines and straight heading to 0.786 retracement at 1.0625 where it might touch my 0.618 fan there. It's too early to predict the harmonic pattern for this one.

AUDUSD : Bearish Butterfly

2010-04-12T03:17:00.000+08:00

This pair is also the same with GBPUSD where it completed its butterfly pattern. However, I prefer not to sell this pair early because the probability of forming extended butterfly at 1.618 XA for this pair is relatively high. Mind that this pair is approaching the HI for last year at 0.9400. I might sell this pair if it reach the zone - double top.

GBPUSD : Bearish Butterfly

2010-04-12T03:04:00.003+08:00

As spotted early last week, this is the completed butterfly where it has reached the 1.27 XA and 1.618 BC projection . However, this pair can still move further up to 1.5430 which is the 1.618 XA projection. In lower timeframe, there is sign of topping (double top) at 1.539. If we look at longer timeframe such as 4-hour, this pair looks like forming a flag continuation pattern.

GBPJPY : Bullish Gartley

2010-04-09T15:28:00.000+08:00

I was wandering why did this pair stop at 141 while it can drop further to 140.50. Then I adjusted my lines and found that this pair has just completed its bullish gartley. After a decent breakout from the descending channel or flag, I buy this pair at 143.30 with stop at 142.50 and target at 144.80.