The expected upside breakout did not happen (it could happen later, though). Now here is an extremely important thing to remember about breakouts, ANY breakout : WAIT FOR THE EXPECTED BREAKOUT TO ACTUALLY HAPPEN IN FRONT OF YOUR EYES, WAIT FOR THE ...

Profiting from simple classical chart patterns

Well it's very simple. On the 1h time frame (since you are using that time frame as a reference), the Euro is clearly in a very bearish mood. Traders have been dumping truckloads of Euros and buying US dollars for quite some time now. So unless the ...

Gordon Gekko's real-time Forex trading calls

By the way, did you guys notice the nice channel (and the typical breakout after that) on that same NZD/CAD (5min) chart? Unfortunately, it's impossible to watch 28 currency pairs on 3 time frames (5, 10 and 15 min) at the same time just to see if ...

Profiting from simple classical chart patterns

Absolutely. The odds are even better if the chart pattern the trader is looking at is ALSO confirmed by other indicators or even other chart patterns, like a MACD or a breakout of a major trendline, for example.

Profiting from simple classical chart patterns

Potential flag formation on the NZD/CAD (5min). The breakout is usually to the upside.

Profiting from simple classical chart patterns

I'll try, Aazishhunain. You are quite welcome.

Profiting from simple classical chart patterns

Hi ProfitSeeker, Yep, good call, although that triangle was not very convincing (the breakout occurred near the apex of the triangle). Notice the huge pullback to the upper down-trendline (red oval). In any case, that trade was good for at least 50 ...

Profiting from simple classical chart patterns

Hi Isingh. You want an honest answer? Here it is : I don't have a single clue. For the simple reason that I never trade with fundamentals and concepts like risk on/off. I am not saying they are unimportant or meaningless but it's just not the way I ...

Gordon Gekko's real-time Forex trading calls

A few more comments about head and shoulders formations. Used properly, they are very reliable. They offer an excellent risk/reward ratio. You could be wrong 50% of the time or more and still make good money in the long run. They are easy to spot ...

Profiting from simple classical chart patterns

Look at this phony head and shoulders formation in progress on the AUD/CAD (30 minutes) it's probably going to fail. Why? For 2 reasons: 1: There is no real follow-through after what appears to be a breakout (black oval). The price is just hugging ...

Profiting from simple classical chart patterns

Speaking of week, here is something interesting to note: more than 50% of the time, the high or the low of the week is somewhere between the Sunday open and Tuesday night (up to 11:59 PM, NY time). If not, Wednesday will usually quickly reverse ...

Profiting from simple classical chart patterns

Thanks for stopping by MellyFx. Ok, sure, I will try to post a few classical chart pattern formations in real time, as soon as I spot them, even though I am already busy posting live calls in another thread.

Profiting from simple classical chart patterns

Another superb head and shoulders pattern on the EUR/NZD, complete with its pullback to the neckline. Price then moved more than 400 pips the right way.

Profiting from simple classical chart patterns

Another breakout from a channel on the NZD/JPY. This one is powerful. I call it the "get-out-of-my-way-now" breakout

Profiting from simple classical chart patterns

Here we have a nice breakout from a channel on the CAD/JPY.

Profiting from simple classical chart patterns

Here is another head and shoulders, this time it appeared on the EUR/CAD. It's a very small formation but head and shoulders of this type are usually powerful. Notice the pullback to the neckline.

Profiting from simple classical chart patterns

Really? Here is how the finance industry defines the word leverage exactly, whether you like it or not: url (From the article : " Leverage is an investment strategy of using borrowed money to generate outsized investment returns") Here the money ...

I've figured out why so many people lose money in Forex

No wonder why so many traders traders still believe that leverage has anything to do with capital. Next time you lose your wallet with $1,000 in it Shellsnail, don't consider it as a total $1,000 loss but just a mere 1% loss, because you are making ...

I've figured out why so many people lose money in Forex

Ok, I see that we are getting nowhere fast. So if I enter a casino with $1,000 and I lose it all you will tell me that I lost 100% of my gambling capital. But if I tell you that I have 1 million dollars upstairs (in my suite) in my briefcase in that ...

I've figured out why so many people lose money in Forex