On the larger 4hr timeframe chart, I see two things happening. First, there is a potential head & shoulders pattern forming. Second, the neckline of the H&S pattern is exactly at a major pivotal support/resistance zone of 1.5000. Based on this ...

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On the bigger timeframe, a potential head and shoulders bearish pattern is forming. In the present moment, GBPUSD is forming the right shoulder. The price action in week 07 and week 08 should determine the validity of the right shoulder. image If ...

Forex Positive: increasing your trading success

Trading RBNZ rate statement 140129 WED 2000GMT 1 hour after the FOMC statement, RBNZ is announcing their official cash rate and rate statement. RBNZ is widely expected to raise interest rates sometime in March/April. However, there is a small 20-30% ...

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Trading FOMC statement 140129 WED 1900GMT The FED should be announcing another round of $10B taper of QE. This is a bullish USD move. Large volatility is expected. Remember to manage your position size accordingly. 2 ways to play this move. A) Short ...

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For the time being, USDJPY is temporary stalling at the 61.8% FIB retracement. image Strategy is to buy on breakout above 105.50. image

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This is a promising trade. Multiple technical indicators are lining up nicely. Although there are no 100% certainties in trading, it is good to see all the ducks in the same row. On the harmonic front, there is a bullish cypher pattern developing. ...

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On the other hand, if you remain bullish on USDJPY. Look to enter long positions at completion of bullish bat harmonic pattern. LONG USDJPY 102.0 SL 40-50pips TP 104.00 image

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If you are bearish USDJPY, then this is a good location to go short Short USDJPY 103.80-104.00 SL 40-50pips TP 102.00 image

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2013 is a good year for GBPUSD. A new BOE governor, Mark Carney, help to steer the ship in the right direction. The economy turn from doldrums to recovery mode. Most major UK economic indicators, including the PMIs, are on the way up. The growing UK ...

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From the first post, i spoke about the length of time taken by each wave. The table is re-shown here. image We notice something familiar going on. Both the corrective waves 2 and 4, they have taken about the same number of weeks to form. Wave 2 ...

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Elliott Wave analysis works in all timeframes. From my personal experience, it becomes easier to spot the waves when using larger time frames. For today's school of trading, my focus shall be on the weekly chart. In the USDJPY weekly chart here, we ...

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Bullish cypher harmonic pattern detected. Do be aware of the big spreads for this pair, especially during illiquid hours. Enter long at 78.6% retracement. LONG GBPNZD 1.9400-10 SL 50pips TP 1.9600 image

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The highest price established for NZDJPY in 2013 is set at 86.40-50. There would be in high likelihood another re-test of this significant price resistance. The first attempt to challenge this high should hold. SHORT NZDJPY 86.40-50 SL 40-50pips TP ...

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AUDNZD Planning to long at psychological round number support of 1.1000 SL 1.0950

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If you prefer to ride the bull train, it is not wise to chase the train after it leaves the station. Waiting for pullbacks are a much safer way to board the train. There have been 5 multiple attempts in the past to breach 1.6260-1.6300. The ...

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From this weekly chart, one shall witness the ardent power of support and resistance levels. The fundamental basic structure of support and resistance is memory levels. It is the ability of humans to remember events from many years ago. Let me ...

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For this AUDUSD, it could be potentially forming a bearish bat pattern. The price action right now is inconclusive as to whether the bearish bat pattern may form or not. Therefore, I am taking of the opinion that it could form. The key here is to ...

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Bat harmonic patterns are generally reliable, with a success rate of about 60-70%. With one forming on the EURUSD on the 4hr chart, look to short at the 88.6% FIB retracement. SHORT EURUSD 1.3760-70 SL above 1.3800 TP 100pips

Forex Positive: increasing your trading success