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29th April 2013: 3 Chart Patterns

Few interesting patterns today:
First of all, we can see a horizontal channel at the EUR/SEK. I will trade only downwards: so if price breaks the support level and pulls back we will enter a short trade. Target is about 240 pips.

Ascending Channel Pattern in GOLD Chart

Ascending Channel

Spotted an Ascending Channel pattern in the XAU\USD, a classical bullish pattern that gives us several interesting profiting opportunities.

We will take trades in the following way:
* ONLY LONG Trades when price hits the lower trend line (we will not take short trades while price is in this channel - always important to trade in the general direction). Stop loss will be right below the trend line and profit target will be at the opposite line.

August 7th 2011: Megaphone Chart Pattern at USDCAD

An interesting Megaphone (or Broadening Triangle) chart pattern appeared at the USD\CAD 30-min chart. This is generally a reversal pattern which suggests that a bearish trend is about to begin. It may also turn out to be a Diamond chart pattern which is one of the strongest reversal chart patterns ever. If this is the case we will enter a short trade on the upper trend line of the diamond, and will enter a short trade in a breakout of the pattern.

August 5th: Long Signal at GBP\JPY

After a strange-looking Double Bottom, price has broken the trend line and created a very accurate pullback combined with a morning star candlestick pattern that is a very strong long signal. You can enter right now with stop loss below 127.306. Price has already reached the projected target, but it may do that again so a long signal may be a good trade.

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