On Monday we took a short on the GBP/USD from 1.5932 after seeing a nice descending triangle chart pattern formation with a bearish shooting star reversal candle formation. We closed half for +20 pips during the NY session and let the last half run. Today I updated the trade by setting the stop loss [...]
Descending Triangle with Reversal Candle Cluster on the GBP/USD 11/10/2010
October 12, 2010 by · 2 Comments
Here we have a nice short trade that setup during the NY session Monday. Because of Monday being a US banking holiday you can see the price movement was rather choppy as well as the price being caught in an extremely tight range. Normally I would not place a trade when seeing such a stagnant [...]
Non-Farm Payroll on the EUR/JPY 08/10/2010
October 8, 2010 by · 1 Comment
Here was a nice trade we took today following the release of Non-Farm Payroll. This news release was expected at -5K but came in at -95K. The initial reaction to the news was not the normal price movement the usually follows Non-Farm Payroll, especially with such a huge deviation from the expected number. As we [...]
Reversal Candle Cluster at Major Intra-day Resistance 07/10/2010
October 7, 2010 by · Leave a Comment
Here we have a great example of being able to read and understand raw price charts. Usually the market tells you direction before it makes its move, and today was no exception. This is a 15M chart of the GBP/JPY. As you can see the price had moved up into an area of previous resistance, [...]
Stop Run Reversal Followed by Reversal Candle Formation 06/10/2010
October 7, 2010 by · Leave a Comment
In this chart we have a example of a stop run reversal day trade during news. Because of this setup occurring right after news we did not take it, however if you had it wold have at least given 15-20 pips initially. However the market worked its way back down to this support level again. As [...]
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