Hi guys, I’m starting this thread about Candlestick Patterns only. I’ll be updating charts accordingly. Maybe I’ll be giving some suggestions. Have fun and stay tuned!
USD/CAD
NZD/USD
AUD/USD
AUD/JPY
EUR/AUD
This is my trade recommendation so far. I suggest you don’t risk more than 2.5 % on a this trade.
This pending is valid only if the entry target is not reached before RBA rate cuts are announced. RBA is expected to cut the interest rates from 4.50% to 4.25 which will definitively give a boost in the suggested direction. However, if we see a surprise, meaning RBA decides to hold rates unchanged, I strongly recommend you don’t take this deal.
I would strongly suggest, had you decided to take the deal, trade it with two lots. If TP1 is reached, move S/L to breakeven (78.90).
Entry: 78.90
S/L: 80.80
TP1: 77.10 (Correction)
TP2: 75.05
Have fun happy trading.
Disclaimer: TRADE ON YOUR OWN RISK. THESE ARE ONLY RECOMMENDATIONS FOR LEARNING PURPOSES ONLY!
EUR/NZD is an interesting pair for the moment. It’s trending nicely along its trendline.
Bullish Scenario:
If 1.7150 holds, we expect a nice bullish engulfing pattern to be formed. Also wait for stochastic to crossover to confirm. Had this criteria has been met, I suggest the following:
Enter Long: After Bullish Engulfing pattern formed. Approx. price: 1.7305
S/L: 1.7125
TP1: 1.7475
TP2: 1.7865 (Closing the Gap :D)
Bearish Scenario:
If 1.7150 doesn’t hold, we expect a close below 1.7100 signal a short trade possibility.
If this holds true, I suggest the following setup:
Enter Short: Break and close below 1.7100
S/L: 1.7250
TP1: 1.6820
TP2: 1.6620
Of course, if first target is hit, move SL to break-even. And don’t risk more than 2-3% on this single trade.
Disclaimer: TRADE ON YOUR OWN RISK. THE SUGGESTION IS FOR LEARNING PURPOSES ONLY.
Similar to EUR/NZD, a strong bearish bias is expected to hold.
We expect a Bearish Engulfing pattern to be formed. If we see a nice bearish engulfing around: 60.00 we suggest a daily close below 60.00 trigger a short signal with the following setup:
Entry (Short): Daily Close below 60.00
S/L: 61.60 (*However, you may put a tighter one if we see a major dip below 60.00)
TP1: 58.70
TP2: 57.45 (Nicely closing the gap)
I wouldn’t suggest a risk more than 2 % on this trade.
If we fail to see this scenario, I suggest you don’t trade until a confirmation of a Double Bottom pattern has been formed. In that case, we may try to find a nice bullish setup.
Have fun and happy trading.
Disclaimer: TRADE ON YOUR OWN RISK. THIS RECOMMENDATION IS FOR LEARNING PURPOSES ONLY.
Hello there. My sell order for this pair didn’t trigger for 5 pips. In a way I’m glad it didn’t. For those who traded this suggestion, a triggered, I suggest them to hold their position. Tomorrow the Aussie GDP (00:30 GMT) data is expected to rise 2.3%. I think the possibility of this figure to be met is slim. However, a rise of about 2.0% could still mean good news for Aussie. The reason I suggested the trade was because I expected a higher volatility due to RBA 0.25% rate cut decision.
For those that traded and the pending didn’t trigger, I suggest you void your pending orders and only resume them if the pending price target (78.90) is not reached before the news release. It is a possibility that the GDP figures could come much worse than expected (under 1.5% means a serious slowdown on Australian economy). In this case, our recommendation could work very well.
Here is my chart updated:
Have fun. Good luck. 
Disclaimer: TRADE ON YOUR OWN RISK. THIS RECOMMENDATION IS FOR LEARNING PURPOSES ONLY.
We’re only trading this setup if we don’t get surprised by BOC. If the rates hold and we see that Gold doesn’t rally, in which case favors a Dollar Rally.
Entry: Daily Close above 1.0223
S/L: 1.0125
T/P_1: 1.0343
T/P_2: 1.0466
Have fun.
Disclaimer: TRADE ON YOUR OWN RISK. THIS RECOMMENDATION IS FOR LEARNING PURPOSE ONLY.
Australia surprised us. A better than expected GDP figure is more than you can get for a positive fundamental news (2.5% vs. 1.9% expected). What could this mean. Well if we take a look at see the Aussie pairs you’d definitely wonder why weren’t there any volatility after the news? - For this reason maybe there are two facts.
- Just a day before, RBA cut the interest rates for 0.25%, and hinted that a month later, there will be another 0.25% cut. This could definitely show us some form of fogyish future of Aussie. Plainly the traders don’t know what to do with the information (YET).
- Tomorrow (correction) we have the ECB rate decision which is expected to cut it’s lending rates to 1.00% (pvs. 1.25). What this means is that, traders are a bit insecure about the situation. We’re waiting for the ECB announcement, and I personally think that, a Bearish reaction to the Euro would mean a bearish follow-up on the Aussie based pairs. Especially the AUD/JPY which is considered as a pair which measures the Risk Appetite.
So stay tuned, the bearish setup still holds. However, if we see a bullish reaction, 82.50 is the key resistance area, which also coincides with a major Double Bottom formation and 200 SMA.
Watch out this pair. It’s interesting to see how EUR’s going to react to the interest rate cuts. There are hints that EUR will react bearishly, and the most important thing you’ve got to take in mind is volatility! - Will it have the strength to move strongly just before the EU summit? - I doubt it. So I’m personally looking to this particular pair.
Take a look at my setup:
Buy at: 1.3440
SL: 1.3360 (80 pips)
TP: 1.3522 (82 pips)
Roughly 1:1
Risk percentage: 1%
Have fun.
Disclaimer: TRADE ON YOUR OWN RISK. THIS RECOMMENDATION IS FOR LEARNING PURPOSE OLY.
It seems like the support trendline couldn’t hold for now. The USD is facing some depreciation as some analysts suggested that a rate cut from the ECB could in fact make the EURO react Bullishly, therefore a USD depreciation. However, I don’t expect much volatility in the following days due to EU summit, therefore this particular setup is void from now on. We’re gonna take a look at how the market will react after summit and see where to go from there.
So, USD/CAD buy setup is void.
Though, you might wanna check the Major Resistance/Support line at: 0.9910. This area will also confirm a large Double Top formation.
Good luck.
NZD/JPY and AUD/JPY triggered on Friday 9th December, 2011 00:10 GMT.
[B]NZD/JP[/B]Y short.
[B]AUD/JPY[/B] short.
[B]EUR/NZD[/B] setup still holds.
[B]EUR/CAD[/B] setup is canceled. (It was nice to see the bounce even though the bounce didn’t occur at the position we wanted. Anyway it was a nice idea.)
Have fun.
I was hoping to see EUR/NZD close above 1.7305 to establish a long position. Stay tuned, this setup still counts valid. A nice Bullish Engulfing pattern will confirm a continuation of a Bullish Trend.
Both Bullish and Bearish setups remain valid. However I favor the Bullish setup. Let’s just see what will happen.
Here is the chart:
FOMC’s tone was less dovish last night. There were no hints of QE3, so the mid-term bias for USD is bullish. However, in this case (GBP/USD) we could see some bouncing up and down. Key support/resistance zone to watch is: 1.5427 - 1.5332. If we see a break below this level, 1.4950 is the next major resistance.
The reason why I’m posting this particular pair is that, if the price Pierces through 1.5427 and remains inside the zone, there were be plenty of opportunities for SCALPING.
Daily Chart:
If the price remains in the zone, we could scale down to H1 or M30 and scalp with some low risk measures.
Have fun.
Disclaimer: TRADE ON YOUR OWN RISK. THESE ANALYSIS ARE PRESENTED FOR LEARNING PURPOSES ONLY.
NZD/JPY trade update:
Closed the first lot manually at: 58.999 (+95.6 pips)
S/L: Moved to break even at: 59.955
T/P: We’ll see if the steam runs up, I’ll probably close somewhere between the TP_1 & TP_2. However, it is very possible to move down and close the gap.
Chart:
Have fun.
Price: Closed manually @ 78.139 (+80.8 pips)
S/L: Moved to break even @ 78.948
T/P: Open objective for now, since there are no risks involved anymore.
Chart:
Have fun.
Now guys, back a week a go (Thursday Correction), I advised you to cancel the USD/CAD bullish setup, for I was concerned that rising prices of Crude Oil could dampen the rally of this pair. By 11:30 PM GMT (8th December) I saw USD/CAD rallying up very nicely, so I decided to trade the initial bullish setup with very low risk of 1.00% only. It turned out to be the best deal I took this month :D. Anyway here is the update:
Price: 1st Target hit @ 1.0343 (+105.9 pips)
SL:: Moved to break even @ 1.02371
TP:: 2nd Target untouched @ 1.0466
Chart:
Have fun. (Congratulations if you didn’t listen to me after the first time - LOL).
According to ‘What is Your Level of Trading Experience?’ quiz here at BabyPips I am a: “Middle of the Road Trader!” - LOL, I think I agree, there is a lot learn out there. The road to mastery ain’t easy!
Have fun.
Hi guys. How you been? - Take a look at this interesting chart of EURJPY. It seems that 101.00 held on the previous week. Will it break? - That’s a good question. Think there are two scenarios here. Due to holiday marathon intensifying as we get closer to the end of the year, I suspect there will be any real volatility.
Euro-Zone debt crises still remain unsolved therefore the bias still remains pretty much bearish on the Euro. So for this particular pair (EUR/JPY) I would really be surprised if we see a long movement this week assuming the EZ leaders don’t come up with a solution. So I’m looking for a short setup on the following week.
Chart:
Case #1: We wait for a pullback around 103.40 - 103.00 and we’re gonna wait and see if we could spot some reversal candlstick pattern for confirmation and establish a short position. (SL & TP targets later)
Case #2: If however we see a break below 100.90 price immediately, we’re not going to wait for any pullback. (SL & TP targets later).
One more thing. I read a couple of articles lately hinting that BOJ is concerned about YEN’s appreciation, therefore hinting that we could witness another intervention. *This of course is just a speculation so we’re not gonna have to worry about it for now.
Have fun. Have a nice trading week.
Disclaimer: TRADE ON YOUR OWN RISK. THIS ANALYSIS IS MEANT FOR LEARNING PURPOSES ONLY.
