The EURUSD changed from a bearish head and shoulders setup into a flag-like bullish one. Earlier this week, we saw a head and shoulders setup and looks good for a continuation short in the 4-hour chart. It broke the neckline but was faded quickly. Since then, price
Read more →$USDJPY remains at the resistance of a symmetrical triangle visible on the daily chart (see Sela’s posting on 14 February 2011). This level is also near to an 8-week high. If price stays above 83, there is a possibility for a flag-like continuation pattern.
Read more →USDJPY has rallied strongly in the past two days. Technically the formation has created a potential flag formation. With such a momentum, it is inevitable for price to make another try for new high. But since departing the last resistance, we did not see price building a
Read more →Dear reader, If there is something in trading which you SHOULD NOT MISS, this is it. Professional traders are using it. Fund managers and large institutional traders are religiously practicing it. It’s so powerful that large funds and institutions spent much money to program it into their
Read more →Week 18 Review (3rd – 7th May) As discussed in my last post, GBPJPY met with multiple resistance levels and was due for a downward correction. GBPJPY formed a double top in the first half of the week and headed south for its downward correction as expected.
Read more →In my previous post on week 17 review, I brought up 3 possible scenarios based on the daily chart. They are: Possible scenarios Light blue – Bullish flag pattern. Hinting a strong trend continuation. Orange – Triple top. Hinting a reversal pattern. Price continue to trade within
Read more →Today, we have a quarterly review of Dollar Index(USDX) and anticipate the possible movement of USDX for this coming week. Let’s begin by doing trendline analysis. USDX has been on a up trend move since Dec 2009 and there is a shift of trendline from Point A
Read more →The Aussie has been on a bull rally since late December 2009 till now and coming nearer to 2009 year resistance level at 0. 9404. Recent resistance may be largely due to a reaction at 0.9323 which occurred also in end November and early December. The current
Read more →It is difficult to figure where the Euro is going. An inspection of the daily and 4-hour charts reveal 2 possible scenarios. Bearish flag The daily charts suggest that the Euro may continue its downward move because of this continuation pattern. The flag is characterized by the
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