GBP/USD Weekly Trade (21 - 25)

GBP/USD Hourly

Buy at 1.5538, I was expecting an abc reversal type pattern but failed, got stopped out at 1.5515, -23 pips loss.. Well it's a part of the game, sometimes you win, sometimes you lose, it's all about probability. The important thing is your risk has to be greater than your reward..

2nd trade, following the trend, typical false break...

GBP/USD Hourly

Zoom out to 15 min chart, we'll get an earlier entry and with a tight stop..

GBP/USD 15 min

Watch closely how the price break its support then retrace back to it's support become resistance with a bearish candle. Sell at 1.5480, Stop Loss will be just above the resistance at 1.5495, a 15 pips risk level..
Closed half at 1.5450, a 30 pips profit and closed the remaining at 1.5430, 50 pips profit. Noticed the divergence, I always play it safe whenever there's a divergence, when I feel in doubt I just get out...

Look at the hourly chart, we got an early reversal signal, bdb with triple divergence, wait for a false break, a bullish candle or a tight pattern...

EUR/USD Weekly Trade (Week 21 - 25)

Lets start with EUR/USD.. If we read the news, we all know that the situation in euro zone is bad right now,. I don't think they'll come up with any solution to get out from the debt problem anytime soon. That's why i will always look for short opportunity in eur/usd, not going to buy unless i see a really really clear reversal sign..

I've been learning about price action these days, using support and resistance, candlestick pattern combine with chaos method and it really amazed me... I rarely use the alligator now, but I still use it sometimes to trail my stop..

Now let's look at the chart

EUR/USD Hourly

Price break strong support after consolidate for a while, then there's BDB 1 near resistance, our first signal, a false break, if we zoom out to 15 min chart, we can see a clearer picture..

EUR/USD 15 min

Sell at 1.3402, Stop loss would be one tick above the bdb high at 1.3416 (-14 pips risk level)
Closed half of my position at 1.3375 for 27 pips profit and closed the rest at 1.3342, 60 pips profit..

Then there's BDB 2 (hourly chart), I was hoping it to come more close to the resistance, so I missed it then there's the breakout - continuation type of pattern. Let's zoom out to 15 min chart...

15 min chart

Enter sell at 1.3313 (breakout fractal), Stop loss at 1.3336
No more support, no sell signal so I just let it run for this one, Closed 2/3 of my position at 1.3213 for 100 pips profit and let the remaining, just in case it goes down near to its daily low at 1.3144.
But the price rebound and hit my trailing stop at 1.3260 for 47 pips profit..

Then there was BDB 3, I was expecting this, every time I see this candlestick patttern, I will always look if there's a key level (support/resistance) near it. I can't see it in the hourly chart, but if you zoom out to 15 min chart, we can get a clearer view..

15 min chart

Enter sell at 1.3276, since it's friday and near the close of the day, I closed all my position near 61.8 fibo retracement at 1.3246 for 30 pips profit...

GBP/USD Candlestick Pattern trade

GBP/USD Hourly

Price rebound then stall at resistance with bearish reversal candlestick type, I think it's called morning star or i don't know, cant remember haha... Well the name is not important, if you look closely and understand how the candle stick is formed..

Sell at 1.5670, Stop loss at 1.5695 (25 pips risk)
planned to close half of my position near support, but it was just a couple pips away, before price rebound again, then I just closed half at 1.5560 for a 10 pips profit and let the remaining just in case, i was ready with my 25 pips risk..

Then there's a bearish divergent bar candle, confirming the selling pressure, Sold again at 1.5655. Moved my stop to 1.5683 (one tick above the bdb high).. So I had 1 and a half position..

Closed 2/3 of my position at 1.5615 (resistance), 40 pips profit and let the remaining profit to run..

But there's a reversal sign, false break with a railway tracks candlestick formation and a AO divergence, so I just closed it for 20 pips profit...

Wanted to trade the reversal, but the stop loss is too far for me...

Oh well until next opportunity....

GBP/USD False Break Trade

GBP/USD Hourly

At Asia session, price was consolidating, a tight pattern then near europe open, price made an attempt to break to the upside, but failed.. I've seen this false break many times with bearish candle formation (hammer/bearish divergent bar). I consider this as a high probability setup and one of my favourite..

Enter sell at 1.5737, Stop loss at 1.5780 (just one tick above the bdb high)

Closed half of my position near support at 1.5697, 40 pips profit. After that I moved my stop loss at break-even for my remaining position..

The plan is to let it run and trail my stop since it breaks strong support, but got little bit scared so I just aimed for 1:2 risk reward, put a target profit at 1.5650, which was hit, 87 pips profit..

Now i'm waiting for price to retrace to resistanc..

One of my favourite, Tight Pattern on EUR/USD

EUR/USD Hourly

This is one of my favorite pattern, a simple one yet so powerful..

Missed the first one, it happen too early, i wasn't expecting it, happen in tokyo session..

I kept watching this pair, since there still doubt about how euro will handle their debt issue,

Price started to consolidate, a descending triangle (lower high) right at strong support,
enter break fractal, sell at 1.3965...

Then price consolidate again, another tight pattern, sell again  at 1.3809 (break down fractal at support)

Closed all position at 1.3700, total profit 265 + 109 = +374 pips, my biggest profit so far in a single trade..

At the moment price stall at 4 hour support area around 1.3650, a BDB, price rejection around support, but looks like it's gonna break for further down move

EUR/USD 4 Hour