About meI'm Nick. I trade the Forex markets via price action and harmonic pattern study.I hope to share with you an in depth look into my personal market analysis. Always follow your trading plan and risk management rules.
Price has been consolidating for a long time in this up-channel / bearish flag.
I have some open shorts and will be watching for the breakout and continuation move to the downside.
I got involved after the rejection candle and inside-day candle that followed it yesterday.
It looks like we will close below the November lows today.
I am long off the bat pattern completion and oversold RSI.
I will take profits around the neckline of the triple top, at which point I will be looking to short on the neckline re-test of the triple top.
I am neutral on this pair because of dollar momentum at major highs.
The EURUSD Gartley is completed and selling at discount right now.
The red line represents the year-low as well as low of the 21st century, and is a MAJOR level.
This level is in line with the 1618 extension of the AB move which is usually a good indicator on where price is going to go.
This week's quick bullish Gartley on the Kiwi was overrun by a strong dollar and encouraging words from Yellen.
On the daily we can see that we just put in a very strong bearish week. The long term bull-trend channel was broken to the downside. A Libra Pattern has formed. My open short position from my previous Kiwi post is doing very well. Next week I will be...
Running into some fib confluence at an important structure zone on the daily. Fib inversion and fib extension.
Will see how this develops. Possible double top.
Will see if price action on lower time frames shows that bears can take control of this market.
If we break and close above the 82.25 level we could breakout to the upside, with a lot of room for bullish action.
My Gartley Pattern rules are illustrated on the chart above.
I only trade the Gartley and the Bat patterns because those are the ones that have given me the best results in back testing and live testing and I am confident in my execution.
Always back test and verify your execution. Stick to your risk management rules. Be patient. I highlighted a double bottom...
We have a channel structure based short position with some MACD divergence.
I actually took the trade on the 1 hour chart on the break an retest of the symmetrical triangle. Target is the yellow rectangle zone.
Will add to position at the previous channel line IF we retest around a 618 fib retracement.
After taking in over 200 pips on our last USDJPY trade lets hope for some similar outcomes this week.
I am looking to short in this resistance zone where price looks like it could be forming a double top with some MACD divergence.
We are approaching my long entry point from my post last week for this pair.
I will enter at 100.35 with ABCD (adjusted) completion and a 1.27 fib extension of previous swing move, which also marks a Gartley pattern completion.
Have been waiting patiently for this one, lets see what happens.
Cheers and happy trading.