A nice symmetrical triangle is being formed by the EURGBP in its 3-hour chart. Although I’ve entered this currency pair already, this looks riper upon the break from the resistance line (upper yellow line).
USD/CAD – March 9, 2010
A potential descending triangle (indicated by the yellow lines) is being formed by USDCAD as it consolidates sideways. The current price is at the support line right now. Is the value of this currency pair going to breakdown soon and confirm the descending triangle formation or will it bounce back up as the stochastic is at the oversold level?!?! Any predictions?
EUR/JPY – March 3, 2010
The EURJPY in the 1-hour chart is currently consolidating to what could look like a descending triangle but this will only be confirmed by a breakdown. However, the price seems to be staying near the resistance and this can be an indicator of a breakout. Personally, I’ll trade this upon a breakout from the resistance and a breakdown from the support.
NZD/USD – March 1, 2010
The image on the left is the daily chart of NZDUSD and we can see an uptrend from March-October of 2009. From November 2009 to present, we see a slightly declining trading channel as indicated by the blue lines but overall I see an uptrend. As we zoom in the 3-hour chart, it becomes a different story. What we see is the price trying to break out from the resistance line. Although, traders have different personalities, some would buy this now and anticipate the breakout from the resistance line (I sometimes do that), some would probably buy upon breakout, some would either go short or long depending on what their technical indicators show and the list goes on. Personally, I wouldn’t mind shorting this at its current price and placing a stop loss right above the yellow resistance line or when it breaks out. In case shorting would fail and my stops hit, I can still opt to buy long since it just had broken out from the resistance line. It really depends on which trading style you apply. At the end of the day, regardless of going long or short, do what works best for you.
EUR/JPY – February 26, 2010
The EURJPY broke down from its upward trading range in the 3-hour chart last February 24 (click here to see). And usually upon breakdowns, the price has higher chances to continue going down and vice versa for breakouts. As a result, EURJPY’s value was dropping for 2 days and 150 pips was easily achieved for those who shorted.
CAD/JPY – February 25, 2010
The CADJPY broke down from its uptrend in the 1-hour chart last February 23 (click here to see) and we can now see how much it has gone down since then.
AUD/USD 2-19-2010
AUD/USD may have broken out from a cup and handle last Feb 16 but it didn’t reach my minimum target price of 0.91 (click here to see). Upon entering the breakout though, 100 pips would easily be bagged.
EUR/JPY 2-18-2010
We have here charts of EUR/JPY in two different time frames. On the left is the 3-hour chart with a 1-month time frame of the currency pair and had broken out of the downtrend’s resistance last Feb16. It’s currently moving on an upward trading range and may seem bullish. The image on the right however is the daily chart with a 1-year time frame and what looks to be an upward trading range in the 3-hour time frame seem to look like a rising wedge for the dailies of EUR/JPY. Still, it can be either one of those and can only be confirmed by a breakout or breakdown.
USD/JPY 2-15-2010
The USD/JPY currency pair in the 1-hour time frame (left image) shows an uptrend. Looking at the 3-hour time frame (right image) however changes the whole picture, instead of an upward trading range, we might be seeing a rising wedge. Despite USD/JPY’s unpredictable direction, it’s still a good currency pair to look at since a break out from the downtrend in the 3-hour chart is a good buy and a breakdown from the possible rising wedge on the other hand would be a great time to short sell.
