Massive liquidation occurs in gold last week (19-23 Sep). Within a week, it covered $198 per ounce (1826-1628) and closed at 1640. It broke double top neckline at 1702 (3rd week of Aug low), covered the gap occurred on Aug 8th and finally found support at July
Read more →Overview Price is currently resisted at the monthly pivot with its closing value modelling the opening one @1.4400. Although price closed lower, Euro dollar actually formed a new top virtually matching that of July’s high. Expectation for Week 31 It’s the first time in three months since
Read more →Overview for week 30: Price continued to respect the upwards equidistant channel with price falling about 160 pips after a double top formation before ending the week with a climb of 100 pips seemingly to be resisted by the monthly resistance and the top of the channel.
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Read more →Overview of AUDUSD Week 29: We saw a double bottom in H4 that yielded the bulls of about 250 pips. Anticipation for Week 30: D1 still shows a bullish trend. Price has cleared last week high of 1.0797 and has also made a higher low. Price has
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Read more →AUDJPY finally had a correction, a big one indeed. Price fell more than 450 pips from the top before rebounding a little to close the week. Are we still on an uptrend or has the trend reversed? Lets first inspect the daily chart. AUDJPY Daily We have
Read more →I was introduced to Forex Trading when I was in the Singapore Army and serving National Service. I’m sure most people know how much our allowance was during NS. The friend who introduced me wanted to attend Tflow® to help in our Trading because we were busy
Read more →NZDUSD began last week on a bullish note but stopped short in breaching Dec’s high during mid-week. The pair then swiftly descended to form a new low for Jan at 0.7523. On the day chart, we see 2 converging trendlines similar to a triangle. Given that the
Read more →This follows my post 03 January titled $EURUSD rally likely for near; channel may be consolidation for downtrend. Indeed EURUSD has turned out to be a consolidation pattern and in the continuation of its last movement, a bearish flag pattern has emerged. The last confirmation required for further
Read more →$USDJPY Wk48-Recap After a rise of ~150pips in Wk47, $USDJPY traded between 83.46 and 84.39 throughout most of Wk48, and on friday (Wk47), it made a sharp drop of ~120pips ; closing around the S1 support level at 82.84. In mid-Wk48, $USDJPY formed a Double-Top formation. Upon it’s neckline
Read more →In my post last week on Dollar Index revealed Weakness, I was anticipating a possible downturn of the Dollar Index. Yet last week’s Price Action has invalidated the Head and Shoulder chart Pattern on the 4 Hourly chart . In fact, the chart pattern has now evolved to
Read more →First published on SharesInvestment website on Monday 10 May 2010. Articles contributed to ‘Trend Spotting’ will be published here 1-2 days later. Ezra exhibits a bearish reversal pattern called a Double Top. For such a pattern to be valid, chartists look out for 2 conditions. A double
Read more →Week 14 (5 – 10 April)’s Review GBPJPY started the week on the 5 April higher but could not break above the crucial 145.00 level. The bears saw an opportunity to buy on a high and pushed prices down all the way it met with the horizontal
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