Analysis and Trading Plans for FOREX pairs, S&P, DJIA, etc.

400 Pips Double Bottom in GBP\JPY

A Double Bottom is now present at the volatile pair of GBP\JPY, at 4-hours chart. The pattern is not a standard double bottom but a asymmetric one, whose 2nd bottom is higher than the 1st. This is a sign of a POWERFUL pattern - as it indicates that the buyers are even stronger at the second bottom and therefore gaining strength quickly.

AUD\JPY Trading Range

Trading Range

The AUD\JPY 'exotic' pair is in a trading range- two horizontal support and resistance levels that bound price and serve as lower and upper boundaries. Support level is at 76.50 and Resistance is at the round level of 80.0. The trading range is 350 pips in size and offers good trading opportunities:

Long trades will be issued on touch of Support
Short trades will be issued on breakout of Support or Touch at Resistance.

EUR\USD Wedge + Head & Shoulders

The EUR\USD has recently broken a Ascending Wedge pattern in the hourly chart. The Wedge is a reversal pattern that usually leads to a bearish movement. After breakout, price has stopped (for the fourth time) on a Support level of 1.4620. This level is a strong and reliable level that was tested for several times. However, it is expected to break down as well.

EUR\USD Double Top

EUR\USD has formed a very precise double top chart pattern at hourly chart. This pattern occurs when price touches the same Resistance level twice, creating two round tops at the Resistance. Pattern's size is 110 pips - considerable profit which allows entries with relatively low risk and high reward.

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