Last month, the bulls have made 2 attempts to break out of the long term down trend (trendline AA).
And this month, it made another successful breakout (trendline BB) and currently resting on this trendline.
The 3 attempts has made a likely triple bottom formation, which is a bullish reversal chart pattern.
Read more →Bank of Canada has kept its interest rate at a low of 0.5% since Apr 2009. Considering Canada as one of the top 10 crude oil producers in the world, it is one of the currencies that is highly correlated to crude oil. Thus, the Canadian dollar
Read more →Based on a Weekly Chart, USDJPY is intact on a downward Channel as shown on the chart below. Even in the last year, the USDJPY has a smaller channel and is still on the downward trend. So, it is safer to trend following USDJPY by shorting it
Read more →An institutional trader told us once about his obsession – trendlines. He even boasted about how wonderful his software was because it had a magnet function, the kind where you could pin your trendline precisely to the tail or close of a candlestick. Why this obsession? Because
Read more →A trader asked me about the implications of a trendline break in a currency pair. I want to use this opportunity to recall some TA concepts. Break of trendline is difficult to play – there can be false breaks too. See my posting on Sterling after the
Read more →Forex trading is a frustrating activity to most beginners. It is highly fluid and the non-stop flow of news and announcements can affect the technical landscape with bouts of volatility. Complex strategies may work well but they don’t work all the time and the user may also
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