On hindsight, the low of 2011 set in January last year turned out to be an important technical level. Weekly chart reveals a neat morning star reversal candlestick pattern. This is likely due to short covering and bottom fishing by speculators. The result is a bear trap
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Read more →Week 20 Rewind: “Will this border be a support turn resistance? Or will it prove to be a bear trap?” This question was duly answered by the market on Monday Week 20 Hence, there were two Tflow® entries in the lower time-frame (M15) to join the bulls!
Read more →The Dow Jones Industrial Average shows a head and shoulder pattern that is very obviously and exciting. It is exciting because traders look at it as a cue for a break down in the market. In any reversal pattern, the neckline is very important because the break
Read more →The EURUSD now has a support zone that had 2 precedents: late March and early April. While the daily setup continues to be downtrend, bullish players may be hunting for reversal play on the lower timeframes.
Read more →The potential morning star on the AUDUSD daily chart points to a bear trap. Although the picture is only complete when the candle closes, a strong bullish momentum is already visible on the 4-hour chart. Before big bears look for a short once more, we need to
Read more →Today, we are analyzing chart patterns in the Dollar Index (USDX) together with the COT Report in order to finds that may tell us where the dollar is going. Breakout in weekly chart In my post Reflection on FX Majors with COT Report, we already know that
Read more →The Euro has reached a key retracement level of its 2009 rally. At the moment, this 38.2% level is a support to watch. 2 conditions give us a clue to whether the the Euro will rally from here or continue on its downtrend in the daily chart.
Read more →Big moves in the major pairs and crosses were made between Thursday and Friday (26 – 27 Nov 2009). This is a worthy incident to look at and learn from. Lets recall the incident: The pairs involved made moves that exceeded their usual daily range They show
Read more →This level is the high of the October rally. For now, the hour candles show tentativeness although conclusions can only be drawn when the daily chart give us a significant candle signal. October high: .9326 Level reached today: .9343 Exceeded by: 0.16% Traders might be on the
Read more →The Aussie has retraced less than on the Euro based withdrawal from the October rally. This is the 50% fibonacci retracement level. It appears to be in a channel this week. Similar to the bear trap that we saw in the Euro two days ago, Aussie subsequently
Read more →Euro appears to display a failed break on the daily chart. Despite intraday action breaking down the 61.8% retracement of the October rally, the daily candles print a long tail with a close above this support level. This appears to indicate that the support is solid. There
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