stephenleachman

stephenleachman

Triple tops and bottoms are trend reversal patterns. They start with a trend that pushes into resistance or support and pulls back then make another attempt at the high or low but fails to break it (At this point forming a double top or bottom) Price again, for the third time pushed to the high or low and was resisted or supported forming the triple top or...

stephenleachman

Wedges are both trend reversal and continuation patterns. One can define the different by knowing that a rising wedge in a up trend is a sign of a reversal whereas a rising wedge in a downtrend is considered as a type of retracementand you want to be looking to trade back into the direction of the trend (see attachment) This is also the same for descending...

stephenleachman

Double tops and bottoms are trend reversal patterns they start with a trend that pushes into resistance or support then retraces After price retraces then the opposite party comes in and attempts to push price back into the direction of the overall trend but with no success in breaking the previous high or low. The double top is a bearish reversal pattern and...

stephenleachman

The symmetrical triangle as in all triangle patterns can be used as trend reversals. It must be noted that the symmetrical triangle must form at a key level of support or resistance.This pattern forms as price pushes into support or resistance and then consolidates making lower highs and higner lows forming the symmetrical triangle, Once price breaks the...

stephenleachman

The descending triangle as in all triangle patterns can be used as trend reversals. It must be noted that the descending triangle must form at a key level of support or resistance.This pattern forms as price pushes into support or resistance and then consolidates making lower highs and equal lows forming the descending triangle, Once price breaks the pattern...

stephenleachman

The ascending triangle as in all triangle patterns can be used as trend reversals. It must be noted that the ascending triangle must form at a key level of support or resistance, I like to use double tops or bottoms. This pattern forms as price pushes into support or resistance and then consolidates making equal highs and higher lows forming the ascending...

stephenleachman

The wedge pattern is both a trend continuation and a reversal pattern, here I will only talk about trend continuation. The wedge start with an impulse move followed by consolidation and a retracement. the consolidation and retracement squeezes price together forming a wedge. In a up trend the wedge will fall calling it a falling wedge and in a down trend the...

stephenleachman

Descending triangles are mainly considered continuation patterns but they also can be used as reversals. This pattern starts with an initial impulse move followed by a point of consolidation. As price consolidates it makes lower highs and equal lows forming the descending triangle. the momentum builds up and usually breaks out back into the direction of the...

stephenleachman

Ascending triangles are mainly considered continuation patterns but they also can be used as reversals. This pattern starts with initial impulse move followed by a point of consolidation. As priceconsolidates it makes higher lows and the same highs until the momentum builds and breaks out back into the direction of the trend. If price does break back into the...

stephenleachman

The rectangle pattern is a trend continuation pattern. It is formed in trending markets where there is an impulse move followed by a range of price consolidation which makes the rectangle. Once the range breaks back into the direction of the trend you would look for a 100% extention of the first inpulse move. Conventional way to trade a bullish Rectangle...

stephenleachman

The flag is a trend continuation pattern. It starts with an impulse 1 move which represents the poll followed by a consolidation which retraces the initial move this forms the flag. after the flag has been broken in the direction of the first impulse move you would look for a second impulse move stretching the length of the first. Conventional way to trade a...

stephenleachman

USD/JPY Risk off trade. The Yen opened stronger against the dollar as we see a risk off move in the market. This move fueled by the OPEC meeting ending in a no decision to freeze production has the market seeking safe haven assets. Gold, silver and the Yen are up while the global indexes are in negative territory. I will be waiting for price to fill the Gap and...

stephenleachman Updated 

Although we failed to close above march highs but now price is testing the 200 day MA as support. I have a bullish bias above 35.40 on WTI Its overall a bullish technical setup. We broke out of a descending triangle, price is above the 2016 open high (Positive for the year) and above the 8 EMA and the 200 SMA. RSI is struggling for bullish momentum signaling a...

stephenleachman Updated 

The dollar index bounced off resistance after making a new 5 day high following key US data. We are currently negative for the day. Daily close Support comes in at 11828 and resistance at 11913. The dollar is clearly in a down trend and you can see that in most currencies being positive against the US Dollar so far this year. Consumer prices rise 0.1 percent...

stephenleachman Updated 

I'm going to to be watching to see how tokyo opens, I want to see how price acts around that 76.4 which is also New york's high. If I could get a hold of 60 on RSI or divergence into the highs followed by some bearish price action then and only then will I take this trade

stephenleachman

Looking On the EUR/USD weekly chart 2 weeks ago we had a nice impulse move to the up side Mainly from Yellen's comments at the Economic Club. Last week we put in a Doji at resistance and this week so far we made a run for the 78.6 Fib retracement but failed to close above it. Im personally not going to get to aggressive on the longs from this level. we have a 78.6...

stephenleachman Updated 

Last week we broke out of consolidation which yielded in a strong move to the downside and a weekly close below 110 This week we should see a continuation of that downwards momentum. Watch for a daily break and close of last week's Thursdays low for conformation if so that puts the 1105.44 level in focus. From the Head and Shoulder a measured move will take us...

stephenleachman

As we can see on this USD/JPY-0.35% weekly chart, Last week we broke out of consolidation which yielded in a strong move to the downside. This week we should see a continuation of the downwards momentum, We are setting up for that right now. Watch for a break of last week's Thursdays low for conformation if so this pain will probably see 1105.44 From the Head...