GBP/USD short trade based on the 4 hour closing candle:
- 4H close below previous support at the 1.6290 zone.
- 4H shooting star formation (almost a mini evening star) showing lack of momentum.
- 1D has placed a lower high and double top, together with the 8EMA flatting off.
- 1H showing a lower high and lower low, which indicates lack of buying momentum & rhythm.
Monday, 22 June 2009
FOREX Trading Review Video 10 JUN 09 EUR/USD Bearish Engulfing Shooting Star
EUR/USD I see the short term trend as down, therefore class this as a Trend Continuation trade based on:
- Bearish englufing shotting star formation close on the 4H, failing to close above the 50% retracement line (from daily timeframe - shown in yellow on chart image).
- Price action failed to close above the 1.4117 level together with candles showing a lack of upward momentum.
- Price has now placed in a lower high on the 4H something which it has not done in some time.
- 8EMA failed to take control on the 1D, therefore shows that the strong bearish candle on (05/06/09) is still in control and therefore we can expect a bigger retrace than 23.6 from the larger upmove. (will explain this on the video)
- Bearish englufing shotting star formation close on the 4H, failing to close above the 50% retracement line (from daily timeframe - shown in yellow on chart image).
- Price action failed to close above the 1.4117 level together with candles showing a lack of upward momentum.
- Price has now placed in a lower high on the 4H something which it has not done in some time.
- 8EMA failed to take control on the 1D, therefore shows that the strong bearish candle on (05/06/09) is still in control and therefore we can expect a bigger retrace than 23.6 from the larger upmove. (will explain this on the video)
FOREX Trading Review Video 05 JUN 09 EUR/USD (NON FARM PAYROLLS)
Non farm payrolls trade explained (05/06/2009)
FOREX Trading Review Video 01 JUN 09 EUR/USD (Trend Continuation)
EUR/USD trend continuation (Long) trade based on the strong upward momentum:
- Extremely aggressive close of a bullish belt holding candle on the 4H above a lot of previous resistance.
- Price action has found support off 8EMA.
- Price closed above 121.3 extension fib
- 4H candle closed above Box range / consolidation period.
- Momentum and rhythm is extremely strong on the 1D / weekly / 4H close about the 76.4 retracement on 1D and therefore would expect test of the December highs at 1.4700)
- Extremely aggressive close of a bullish belt holding candle on the 4H above a lot of previous resistance.
- Price action has found support off 8EMA.
- Price closed above 121.3 extension fib
- 4H candle closed above Box range / consolidation period.
- Momentum and rhythm is extremely strong on the 1D / weekly / 4H close about the 76.4 retracement on 1D and therefore would expect test of the December highs at 1.4700)
FOREX Trading Review Video 28 MAY 09 GBP/USD (Trend Continuation)
GBP/USD trend continuation (Long) trade based on the price action showing continued upward momentum:
- Dragonfly doji followed by hammer candle formation close on the 4H which indicate strong buying power from below.
- Price action has found support off 21EMA and failed to close below it.
- Price found support off 100 fib retracement point (1.5875)
- Price has placed a higher low in both 4H & 1H.
- Momentum and rhythm is extremely strong on the 1D / weekly and therefore would expect a retest of the recent highs & majoe 38.2 monthly retracement line)
- Dragonfly doji followed by hammer candle formation close on the 4H which indicate strong buying power from below.
- Price action has found support off 21EMA and failed to close below it.
- Price found support off 100 fib retracement point (1.5875)
- Price has placed a higher low in both 4H & 1H.
- Momentum and rhythm is extremely strong on the 1D / weekly and therefore would expect a retest of the recent highs & majoe 38.2 monthly retracement line)
FOREX Trading Review Video 22 MAY 09 EUR/USD : Counter Trend (Channel resistance)
EUR/USD short trade based on the price action reaching top of channel. Risky trade, where I show you what to look for:
- Series of 4H spinner closes showing trendline resistance, and lack of momentum to break price channel.
- After the belt holding candle close at 16:00 (21/05/09) the small candles show a lack of momentum & emotion to the upside which you would expect with such a positive close.
- Large MACD divergence on the 1D chart.
- Price action is a large distance away from the 8EMA on the daily chart, so per palmer i'm expecting it to fill the gap.
- Price found resistance on the 161.8 fib extension.
- Series of 4H spinner closes showing trendline resistance, and lack of momentum to break price channel.
- After the belt holding candle close at 16:00 (21/05/09) the small candles show a lack of momentum & emotion to the upside which you would expect with such a positive close.
- Large MACD divergence on the 1D chart.
- Price action is a large distance away from the 8EMA on the daily chart, so per palmer i'm expecting it to fill the gap.
- Price found resistance on the 161.8 fib extension.
FOREX Trading Review Video 20 MAY 09 EUR/USD : Trend Continuation (Bullish Engulfing)
EUR/USD long trade based on the close of the 19:00 (BST) candle. I entered on a pull back to the 8EMA on the 1H:
- 4H closed above the bearish engulfing candle on the 15-05-2009 (16:00).
- Belt holding signal candle close on the 4H chart which has found support off the 8EMA.
- Price action placed a higher high on the 1H (by 2 pips) .
- Hammer formation on the 1D which has found support on the 21EMA showing momentum to the upside.
- 4H closed above the bearish engulfing candle on the 15-05-2009 (16:00).
- Belt holding signal candle close on the 4H chart which has found support off the 8EMA.
- Price action placed a higher high on the 1H (by 2 pips) .
- Hammer formation on the 1D which has found support on the 21EMA showing momentum to the upside.
FOREX Trading Review Video 12 MAY 09 EUR/USD : Trend Continuation (Morning Doji Star)
EUR/USD long trade based on a morning doji start candle formation. Entry made on a MACD confirmation:
- Morning doji star formation on the 4H, which is a strong bullish signal.
- Price found support off the 8 EMA.
- A higher low has formed on the 1H.
- Old resistance on the daily has now become support around 1.3550 / 1.3600
- Morning doji star formation on the 4H, which is a strong bullish signal.
- Price found support off the 8 EMA.
- A higher low has formed on the 1H.
- Old resistance on the daily has now become support around 1.3550 / 1.3600
FOREX Trading Review Video 08 MAY 09 EUR/USD : Non Farm payrolls (NFP)
EUR/USD long trade based on a close above previous resistance. Entry made on pull back before NFP. Reasons for trade:
- Strong Bullish engulfing candle close on the 4H, yesterday after ECB rate decision. This candle closed aggressively above some serious resistance.
- Price pulled back and found support off the 8 EMA.
- Daily chart shows price action bottomed out at 1.3243 (previous resistance which has now turned to support)
- Price has a high probability of breaking out of the daily resistance like show on the attached image.
- Strong Bullish engulfing candle close on the 4H, yesterday after ECB rate decision. This candle closed aggressively above some serious resistance.
- Price pulled back and found support off the 8 EMA.
- Daily chart shows price action bottomed out at 1.3243 (previous resistance which has now turned to support)
- Price has a high probability of breaking out of the daily resistance like show on the attached image.
GBP/USD long trade based on a close above previous resistance. Entry made by candle pattern. Reasons for trade:
- Strong Bullish engulfing candle close on the 4H, which closed aggressively above previous resistance.
- Price found support off the 8 & 21EMA's.
- Strong momentum shown on the 1H charts which should carry a high probability trade.
- Price action found support off the 50% fib level & old resistance level from daily chart.
- Good angle and separation of the EMA's confirming upward move.
- Strong Bullish engulfing candle close on the 4H, which closed aggressively above previous resistance.
- Price found support off the 8 & 21EMA's.
- Strong momentum shown on the 1H charts which should carry a high probability trade.
- Price action found support off the 50% fib level & old resistance level from daily chart.
- Good angle and separation of the EMA's confirming upward move.
FOREX Trading Review Video 28 APR 09 GBP/USD : Bullish Engulfing Pattern
GBP/USD long trade based on momentum from EMA / FIB lines / candle pattern explained. Reasons for trade:
- Strong Bullish engulfing candle close on the 4H, which closed below previous resistance.
- Price failed to push lower on the 4H time frame, and close below 1.4560.
- Price action found support off the 23.6 & 200 moving average on the 4H.
- Large belt holding candle on the 1H which confirms momentum.
- The daily chart found support off the 89, together with price action placing a higher low - clearly indicating an upward movement.
Any questions please ask.
- Strong Bullish engulfing candle close on the 4H, which closed below previous resistance.
- Price failed to push lower on the 4H time frame, and close below 1.4560.
- Price action found support off the 23.6 & 200 moving average on the 4H.
- Large belt holding candle on the 1H which confirms momentum.
- The daily chart found support off the 89, together with price action placing a higher low - clearly indicating an upward movement.
Any questions please ask.
FOREX Trading Review Video 16 APR 09 EUR/USD
EUR/USD trend trade explained. Reasons for trade:
- Strong Bearish engulfing candle close on the 4H, which engulfed previous 3 candles.
- Price action found resistance off the 21EMA on the 4H.
- Failed to close about the 38.2% fib @ 1.3256
- 1H closed under previous support @ 1.3188
Any questions please ask.
- Strong Bearish engulfing candle close on the 4H, which engulfed previous 3 candles.
- Price action found resistance off the 21EMA on the 4H.
- Failed to close about the 38.2% fib @ 1.3256
- 1H closed under previous support @ 1.3188
Any questions please ask.
FOREX Trading Review Video 15 APR 09 GBP/USD
GBP/USD trend trade explained. Reasons for trade:
- 1H candle formed a hammer finding support off the 4H 21EMA
- Next 1H candle formed a large bullish engulfing candle which has engulfed the last 16 candles.
- 4H 8EMA has taken control with good angle & separation between itseld & 21EMA therefore should push prices quite abit higher.
- 1H candle formed a hammer finding support off the 4H 21EMA
- Next 1H candle formed a large bullish engulfing candle which has engulfed the last 16 candles.
- 4H 8EMA has taken control with good angle & separation between itseld & 21EMA therefore should push prices quite abit higher.
FOREX Trading Review Video 07 APR 09 GBP/USD
GBP/USD counter trend trade explained. Trade not taken due to Risk / Reward - Candle formation - Fibonacci 23.6 level
FOREX Trading Review Video 6 APR 09 EUR/USD Doji Star
EUR/USD counter trend trade explained.
- Evening doji star formation on 4H
- Resistance 50% retracement
- Price action hit a daily trendline 1.3577
- Evening doji star formation on 4H
- Resistance 50% retracement
- Price action hit a daily trendline 1.3577
FOREX Trading Review Video 03 APR 09 GBP/USD
Two GBP/USD trades explained. Includes EMA's / trendlines / MACD / pivot points! Any questions please ask.
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