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Some of the good trades I entered this week

March 5, 2010 By Raj Leave a Comment

The following is the hourly chart of EURNZD. If you check the graph you can see a head and shoulders format and the neck line was broken with a strong candlestick at around 3AM EST yesterday. Once the neck line was broken I entered the trade immediately. The difference between the top of the head the neck line is around 150 pips. The candlestick that broke the neck line already penetrated around 60 pips downwards. So I used a take profit around 70 pips. I used a stop loss of the same around 70 pips and moreover this stop loss was above the candlestick that broke the neck line. In around 6 hours it hit the take profit. This is a 1:1 trade which worked very well.

EURNZD hourly chart:

EURNZD hourly chart

EURNZD hourly chart

The following is the hourly chart of GBPUSD. If you observe the chart you can see a trend line joining the lows of the price chart. I am also observing the 15 min. chart at the same time. In the hourly chart the bollinger bands were squeezed at some point when the price chart is at the trend line. So it should break the bollinger bands either by breaking the trend line or by bouncing from the trend line. In the 15 min. chart the bollinger bands were broken in the upward direction and I immediately entered a long trade and used a take profit of 50 pips and in 30 mins. it hit the take profit. I used the stop loss just below the candlestick. Check the following pictures of GBPUSD 15 min. chart and hourly chart.

GBPUSD Hourly Chart:

GBPUSD hourly chart

GBPUSD hourly chart

GBPUSD 15 min. Chart:

GBPUSD 15 min. chart

GBPUSD 15 min. chart

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Forex Falling or Descending Wedge Pattern

February 28, 2010 By Raj Leave a Comment

Forex Falling Wedge Chart Pattern:

Forex falling wedge chart pattern is a bullish pattern. This is similar to the rising wedge but it occurs in a down trend. Like the rising wedge falling wedge pattern also consists of two trend lines joining the low and high points which converge.

Check the following picture. In the following picture a falling wedge is shown. Two trend lines are drawn joining the low points and high points and they are converging and meeting at some point.

Forex falling wedge pattern

Forex falling wedge pattern

Trading falling wedge:

Enter trading when the break out occurs. Like in rising wedge patterns, whenever a breakout occurs most of the times the price retraces back to the upper trend line. So use a stop loss of 5 to 10 pips below the lower trend line or below the last low point. If you use stop loss just below the upper trend line, the trade may reverse back and hit the stop loss.

Check the following real time examples so you can understand clearly how to trade the ascending wedges.

AUDNZD falling wedge:

The following is the four hour chart of AUDNZD and you can see a falling wedge for this. Once the break out occured you can enter trading. Or you can wait for the retracement and enter in the retracement.

AUDNZD four hour chart falling wedge

AUDNZD four hour chart falling wedge

Take profit limit:

You can use the same methods I mentioned in the rising wedge chart pattern article. You can check it at the followoing location.

http://www.forexbees.com/forex-rising-or-ascending-wedge-pattern/

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Forex rising or ascending wedge pattern

February 28, 2010 By Raj Leave a Comment

Forex Rising or Ascending Wedge Chart Pattern:

Forex rising wedge chart pattern is generally a bearish pattern. This pattern consists of two trend lines joining the low and high points but they converge. They are not parallel to each other or away from each other but converge together so that if you extend them they meet each other at some point.

Check the following picture. In the following picture a rising wedge is shown. Two trend lines are drawn joining the low points and high points and they are converging and meeting at some point.

Forex rising wedge pattern

Forex rising wedge pattern

Trading rising or ascending wedge:

Enter trading when the break out occurs. The following is one thing I observed when breakout occurs in rising or ascending wedges. Whenever a breakout occurs most of the times the price retraces back to the lower trend line. So use a stop loss of 5 to 10 pips above the upper trend line or above the last peak. If you use stop loss just above the lower trend line, the price may retrace back and hit the stop loss.

Check the following real time examples so you can understand clearly how to trade the ascending wedges.

GBPSUD rising wedge:

The following is the four hour chart of GBPUSD and you can see a rising wedge for this. Once the break out occurred you can enter trading. But if you observe the chart the price retraced back to the lower trend line again. So you have to use the stop loss correctly. In this case you can use stop loss of 5 to 10 pips above the last peak or above the upper trend line. Check the following picture.

GBPUSD ascending or rising wedge

GBPUSD ascending or rising wedge

Take profit limit:

You can use different indicators to set the take profit limits. If you check the following picture, this is same picture of the above GBPUSD four hour chart but I used bollinger bands and stochastics indicator. If you observe the chart the break out occured at the top of the bollinger bands. So you can close the trade whenever the price chart touches the lower bollinger bands.

You can also use the stochastics indicator to exit the trade. If you observe the chart the break out occured when the stochastics crossed the overbought region which is the 80 line. So you can exit the trade when the stochastics reached the oversold region which is 20 line.

GBPUSD ascending or rising wedge take profit

GBPUSD ascending or rising wedge take profit

You can do the following kind of trading also when the break out occurs. Enter two trades. One trade you can close it when the price hits the lower bollinger bands or when the stochastics reaches the oversold region. For the other trade move the stop loss to the break even point and leave it. You can close it at a later point when you get more profit or if the price retraces it will be closed by hitting the stop loss with out any loss to you.

AUDNZD rising wedge:

This is one of the trade I did recently. I have been observing the rising wedge for this currency pair for a long time in both four hour and hourly charts. They are perfect rising wedges. Check the following four hour and hourly charts for this currency pair.

AUDNZD four hour chart ascending or rising wedge

AUDNZD four hour chart ascending or rising wedge

AUDNZD hourly chart ascending or rising wedge

AUDNZD hourly chart ascending or rising wedge

When the break out occurred in hourly chart the price is already in a downtrend. So I waited until it retraced back. It retraced back to the trend line and I immediately entered a short trade. Since I entered a short trade in the retracement, I used a stop loss 5 to 10 pips just above the lower trend line. But how to determine the take profit. The price in the hourly chart is already in downtrend and I don’t know what take profit limit I have to use. So I observed the four hour chart. In the four hour chart I used the bollinger bands to determine the take profit limit. In the four hour chart the break out occurred in the middle of the bollinger bands. So I exited the trade when the price in the four hour chart hit the lower bollinger bands with around 50 pips profit. Check the following pictures.

AUDNZD rising wedge hourly chart take profit

AUDNZD rising wedge hourly chart take profit

AUDNZD rising wedge four hour chart take profit

AUDNZD rising wedge four hour chart take profit

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Forex Reverse Head and Shoulders Pattern

February 27, 2010 By Raj 1 Comment

Forex Reverse Head and Shoulders Pattern:

Forex reverse head and shoulders pattern is similar to the normal head and shoulders pattern but it forms in a down trend and in the format. This is a bullish pattern. This indicates a reversal after an down trend.

In the following picture a head and shoulders pattern is shown. The line drawn connecting the high points of the pattern is called neck line.

Forex reverse head and shoulders format

Forex reverse head and shoulders format

Trade entry:

when you see a reverse head and shoulders format, wait until the neck line is broken with a strong candlestick. A strong candlestick means a candlestick which has a large body compared to the tails. In the following picture the neck line is broken with a strong candlestick body and moreover the candlestick does not have long tails so it is a very good opportunity to enter a long trade.

Forex reverse head and shoulders pattern broken by strong candlestick body

Forex reverse head and shoulders pattern broken by strong candlestick body

If the neck line is broken by the tail of a candlestick and not by the body of the candlestick then do not enter the trade. Check the following picture. In the following picture the neck line is broken by the tail of the candlestick and not by the body of the candlestick and moreover the candlestick has long tail. So do no enter the trade.

Forex reverse head and shoulders pattern broken by candlestick tail

Forex reverse head and shoulders pattern broken by candlestick tail

Stop loss and take profit:

Once the break out occurs enter a long trade. Measure the difference between top of head and neck line. Breakout should be same as the difference. Set stop loss below neckline. Set target(limit) for less than the difference between head and neckline.

Check the following picture. In the following picture the difference between the neck line and the bottom of the reverse head is 70 pips. So the break out is 70 pips. But once the break out occurs the candlestick penetrated upwards for around 15 pips. So the remaining profit potential is 55 pips. Since we have to use the profit target a little less than the actual, use it around 5 pips below the actual target. So the remaining profit target is 50 pips.

Take profit and stop loss

Take profit and stop loss

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Forex head and shoulders pattern

February 27, 2010 By Raj Leave a Comment

Forex Head and Shoulders Pattern:

Forex head and shoulders is a technical pattern that resembles the two shoulders and the head of a humanbeing. This is a bearish pattern. This indicates a reversal after an upward trend. This is a more common pattern in long term trends. The head and shoulder pattern consists of three peaks of price movement. The middle peak is higher than the left and right peaks.

In the following picture a head and shoulders pattern is shown. The line drawn connecting the low points of the pattern is called neck line.

Forex head and shoulders

Forex head and shoulders

Trade entry:

when you see a head and shoulders format, wait until the neck line is broken with a strong candlestick. A strong candlestick means a candlestick which has a large body compared to the tails. In the following picture the neck line is broken by a strong candlestick body and moreover the candlestick does not have long tails so it is a very good opportunity to enter a short trade.

Forex head and shoulders pattern broken by strong candlestick body

Forex head and shoulders pattern broken by strong candlestick body

If the neck line is broken by the tail of a canldestick and not by the body of the candlesick then do not enter the trade. Check the following picture. In the following picture the neck line is broken by the tail of the candlestick and not by the body of the candlestick and moreover the candlestick has long tail. So do no enter the trade.

Forex head and shoulders pattern broken by candlestick tail

Forex head and shoulders pattern broken by candlestick tail

Stop loss and take profit:

Once the break out occurs enter a short trade. Measure the difference between top of head and neck line. Breakout should be same as the difference. Set stop above neckline. Set target(limit) for less than the difference between head and neckline.

Check the following picture. In the following picture the difference between the neck line and the top of the head is 70 pips. So the break out is 70 pips. But once the break out occurs the candlestick penetrated downwards for around 15 pips. So the remaining profit potential is 55 pips. Since we have to use the profit target a little less than the actual, use it around 5 pips above the actual target. So the remaining profit target is 50 pips.

Take profit and stop loss

Take profit and stop loss

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Forex Double Bottoms

February 27, 2010 By Raj Leave a Comment

Forex Double Bottom:

Forex double bottom is a bullish pattern. It indicates a reversal after a downward trend. It is very easy to identify.

1) First there will be sharp downtrend.
2) Now the price rises agin creating the first low point
3) Now the price falls again to the first low point creating a first high point.
4) Now the price rises again creating the second low point and once the price crosses the first high point it is expected to be a long rise.
5) Double bottoms should look like a “W” when complete.

Double bottoms occur after a strong downward trend. To say a forex pattern as a double bottom pattern it must have two flat bottoms and one common high price. Double bottoms are similar to rectangles except double bottoms occur at a relatively new lows.

Check the following picture. In the following picture you can see two flat lows and a common high point and it formed a double bottoms.

Forex double bottoms

Forex double bottoms

Trade Entry:

Once you feel that a double bottoms pattern is forming on any forex price chart, draw a line connecting the the two flat lows. Draw a parallel line to this at the top point. This line we can say it as resistance line. Now once the price crosses the resistance line with a strong candlestick body enter a long trade. A strong candlestick body means a candlestick which has a large body compared to the tail of the candlestick. Check the following picture. In the following picture the resistance line was broken by a strong candlestick body so it is a good opportunity to enter a long trade.

Fforex double bottoms pattern broken by a strong candlestick body

Fforex double bottoms pattern broken by a strong candlestick body

If the resistance line is broken by the tail of the candlestick and not by the body of the cnadlestick do not enter the trade. Check the following picture. In the following picture the resistance line is broken by the tail of the candlestick and not by the body of the candlestick. So do not enter long trade here.

Forex double bottoms pattern broken by candlestick tail

Forex double bottoms pattern broken by candlestick tail

Take profit and stop loss:

Measure the difference between the top and bottom of the double bottom. Break out should be same as the difference. Enter when the break out occurs. That means when the resistance line is broken by a strong candlestick, wait until the candlestick is complete and then enter trading. Set stop loss below the high price of the double bottom. Set profit target (limit) for less than the difference between top and botom.

For example check the folloowing picture. In the following picture the differene between the top and bottom of the double bottom is 100 pips. Once the break out occurs the bullish candlestik went up around 10 pips. So the remaining profit target is 90 pips. But since we are using profit target for less than the difference between the top and bottom set the target for around 85 pips which is 5 pips below the actual target. Check the following picture.

Take profit and stop loss

Take profit and stop loss

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Forex Double Tops

February 27, 2010 By Raj Leave a Comment

Forex Double Tops:

Forex double tops is a bearish pattern. It indicates a reversal after a strong upward trend. It is very easy to identify.

1) First there will be sharp uptrend.
2) Now the price falls creating the a first high point
3) Now the price raises again to the first high point creating a first low point.
4) Now the price falls again creating the second high point and once the price crosses the first low point it is expected to be a long fall.
5) Double tops should look like a “M” when complete.

Double tops occur after a strong upward trend. To say a forex pattern as a double top pattern it must have two flat highs and one common low price. Double tops are similar to rectangles except double tops occur at a relatively new highs.

Check the following picture. In the following picture you can see two flat highs and a common low point and it formed a double top pattern.

Forex double tops

Forex double tops

Trade Entry:

Once you see that double tops pattern is forming on any forex price chart, draw a line connecting the the two flat highs. Draw a parallel line to this at the low point. This line we can say it as support line. Now once the price crosses the support line with a strong candlestick body enter a short trade. A strong candlestick body means a candlestick which has a large body compared to the tail of the candlestick. Check the following picture. In the following picture the support line was broken by a strong candlestick body so it is a good opportunity to enter a short trade.

forex double tops pattern broken by the strong candlestick body

forex double tops pattern broken by the strong candlestick body

If the support line is broken by the tail of the candlestick and not by the body of the cnadlestick do not enter the trade. Check the following picture. In the following picture the support line is broken by the tail of the candlestick and not by the body of the candlestick. So do not enter long trade here.

Forex double tops pattern broken by candlestick tail

Forex double tops pattern broken by candlestick tail

Take profit and stop loss:

Measure the difference between the top and bottom of the double top. Break out should be same as the difference.
Enter when the break out occurs. That means when the support line is broken by a strong candlestick, wait until the candlestick is complete and then enter trading. Set stop loss above the low price of the double top. Set profit target (limit) for less than the difference between top and botom.

For example check the folloowing picture. In the following picture the differene between the top and bottom of the double tops is 100 pips. Once the break out occurs the bearish candlestik went down around 10 pips. So the remaining profit target is 90 pips. But since we are using profit target for less than the difference between the top and bottom set the target for around 85 pips which is 5 pips above the actual target. Check the following picture.

Take profit and stop loss

Take profit and stop loss

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Forex Descending Triangles

February 24, 2010 By Raj Leave a Comment

Forex Descending Triangles:

A descending triangle is a bearish pattern used in technical analysis and can be easily recognized. To say a pattern as a descending triangle it should have flat lows and lower highs. That means it should have a horizontal support line at the bottom and a descending trend line at the top. Descending triangles are bearish because the sellers are able to maintain a low price, but the buyers can’t maintain a high price. Descending triangles work best when the previous trend in the market is to the downside.

Check the following picture which shows a descending triangle. A horizontal line is drawn at the bottom connecting the lows and descending trend line is drawn at the top connecting the peaks. This formed a descending triangle.

Forex Descending Triangle

Forex Descending Triangle

Trading Entry:

Since descending triangles are bearish patterns wait until the bottom horizontal support line is broken with a strong candlestick. A strong candlestick means a candlestick which has a large body and small tails or no tails at all. Once the candlestick is completed enter the trade. Check the following picture. In the following picture the support line is broken with strong candlestick. Moreover the candlestick does not have long tails. So it is a good opportunity to enter a short trade.

Forex descending triangle broken by the strong candlestick body

Forex descending triangle broken by the strong candlestick body

If the resistance line is broken by the tail of a candlestick and not by the body of the candlestick and moreover if the candlestick has a long tail then do not enter the trade. Check the following picture. In the following picture the bottom support line is broken by the tail of the candlestick and not by the body of the candlestick. Moreover the candlestick has a long tail. So do not enter the trade.

Forex descending triangle broken by the candlestick tail

Forex descending triangle broken by the candlestick tail

Take profit and stop loss:

Once the bottom support line is broken with a strong candlestick, wait for the candlestick to be completed and enter the trade. Measure the base of the triangle. The difference between the bottom support line and the highest high is the base of the triangle. The price difference should be the same as the breakout. Once breakout occurs enter trading. Set stop around 5 to 10 pips inside triangle. Set the profit target (Limit) around 5 pips less than amount of the triangle base.

For example the base of the triangle is 50 pips. So the expected break out is 50 pips. Once the break out occurs the candlestick penetrated around 10 pips downward. So the remaining breakout is 40 pips. Since we have to use the profit target around 5 pips below the expected break out the target will be 35 pips. Check the following picture.

Take profit and stop loss

Take profit and stop loss

The following are some of the real time examples.

GBPUSD hourly chart descending triangle:

GBPUSD hourly chart descending triangle

GBPUSD hourly chart descending triangle

AUDCAD hourly chart descending triangle:

AUDCAD hourly chart descending triangle

AUDCAD hourly chart descending triangle

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Forex Ascending Triangles

February 21, 2010 By Raj Leave a Comment

Forex Ascending Triangles:

An ascending triangle is a bullish pattern used in technical analysis and can be easily recognized. This is usually a pause during a longer trend. To say pattern as an ascending triangle it must have flat highs & higher lows. That means it should have a horizontal resistance line at the top and an ascending trend line at the bottom. Ascending triangles are bullish because the buyers are able to maintain a high price, but sellers can’t maintain a low price. Ascending triangles work best when the previous trend in the market is to the upside.

Check the following picture which shows an ascending triangle. A horizontal line is drawn at the top connecting the peaks and an ascending support trend line is drawn connecting the bottom troughs. This formed an ascending triangle.

Forex Ascending Triangle

Forex Ascending Triangle

Trading Entry: Since ascending triangles are bullish patterns wait until the top horizontal resistance line is broken with a strong candlestick. A strong candlestick means a candlestick which has a large body and small tails or no tails at all. Once the candlestick is completed enter the trade. Check the following picture. In the following picture the resistance line is broken with a strong candlestick. Moreover the candlestick does not have long tails. So it is a good opportunity to enter a long trade.

Forex ascending triangle broken with a strong candlestick body

Forex ascending triangle broken with a strong candlestick body

If the resistance line is broken by the tail of a candlestick and not by the body of the candlestick and moreover if the candlestick has a long tail then do not enter the trade. Check the following picture. In the following picture the top resistance line is broken by the tail of the candlestick and not by the body of the candlestick. Moreover the candlestick has a long tail. So do not enter the trade.

Forex ascending triangle broken by the candlestick tail

Forex ascending triangle broken by the candlestick tail

Take profit and stop loss:

Once the top resistance line is broken with a strong candlestick, wait for the candlestick to be completed and enter the trade. Measure the base of the triangle. The difference between the top resistance line and the lowest low is the base of the triangle. The price difference should be the same amount as the breakout. Once breakout occurs enter trade. Set stop around 5 to 10 pips inside triangle. Set take profit target (limit) around 5 pips less than amount of the triangle base.

For example the base of the triangle is 50 pips. So the expected break out is 50 pips. Once the break out occurs the candlestick penetrated around 10 pips upward. So the remaining break out is 40 pips. Since we have to use the profit target around 5 pips below the expected break out the target will be 35 pips. Check the following picture.

Take profit and stop loss

Take profit and stop loss

The following are some of the real time examples.

AUDJPY Four Hour Chart Ascending Triangle:

The following is the four hour chart of AUDJPY. As of writing this article it formed an ascending triangle and the top resistance line was broken around 12 hours back. The base of the triangle is around 100 pips and the candlestick that broke the top resistance line has penetrated around 10 pips upward. So there is a potential profit target of 85 pips (5 pips taken out).

AUDJPY four hour chart ascending triangle

AUDJPY four hour chart ascending triangle

NZDUSD Four Hour Chart Ascending Triangle:

The following is the four hour chart of NZDUSD. The base of the triangle is around 110 pips and once the break out occurred it went up almost the same number of pips as the base of the ascending triangle.

NZDUSD four hour chart ascending triangle

NZDUSD four hour chart ascending triangle

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Forex Symmetrial Triangles

February 21, 2010 By Raj Leave a Comment

Symmetrical Triangles:

Symmetrical triangles are very common forex chart patterns. These represent a period of indecision. Symmetrical triangles are usually considered as a continuation of overall trend. A symmetrical triangle should contain at least two lower highs and two higher lows. When you see these higher lows and lower highs and join them a symmetrical triangle takes shape. Triangles represent a battle between buyers & sellers. This means that either buyers or sellers are not pushing the price far enough to make a clear trend.

Symmetrical triangles tend to breakout in the direction of the previous trend.

Check the following picture. It is showing higher lows and lower highs. When joined those lower highs and higher lows it formed a symmetrical triangle.

Forex Symmetrical Triangle

Forex Symmetrical Triangle

Trading Entry: Enter the trade when the top trend line or the bottom trend line is broken with a strong candlestick. A strong candlestick means a candlestick which has a large body with relatively small tails or no tails at all. Check the following picture. In the following picture the top trend line is broken with a strong candlestick. It does not have long tails compared to the body of the candlestick. So its a good opportunity to enter a long trade.

symmetrical triangle broken with a strong candlestick

symmetrical triangle broken with a strong candlestick

If the candlestick has a long tail compared to the body of the candlestick and if the tail and not the body of the candlestick that break the top trend line or the bottom trend line then do not enter the trade. For example check the following picture. In the following picture a symmetrical triangle is shown and the symmetrical triangle top trend line is broken by the tail of the candlestick and not the body of the candlestick. Moreover the candlestick has a long tail compared to the body of the candlestick. So its not a good opportunity to enter the trade.

symmetrical triangle broken with a tail and not with the candlestick body

symmetrical triangle broken with a tail and not with the candlestick body

Take profit and stop loss:

Measure the base of the triangle. The price difference should be the same amount as the breakout.

We measure the base of the triangle by taking the price difference between the highest high and the lowest low once the triangle has started to form. Once breakout occurs enter trade. Set stop inside triangle. Set target (limit) for less than amount of the triangle base. Monitor trade until exit price is achieved. Breakouts from triangles tend to occur very quickly.

Check the following picture. In the following picture the difference between the highest high and the lowest low is 60 pips. So the potential break out will be 60 pips. Once the top trend line is broken by the candlestick, it penetrated 10 pips upwards. So the profit should be 50 more pips. But always use some less number of pips than the actual target. Since in the above example there are 50 pips more for profit put the take profit level 5 pips less than the original that means 45 pips. Set stop loss around 5 to 10 pips below the top trend line with in the triangle.

Take profit and stop loss

Take profit and stop loss

The following are some of the real time examples of the symmetrical triangles formed on different currency pairs price charts.

EURUSD Hourly Chart Symmetrical Triangle:

EURUSD hourly chart symmetrical triangle

EURUSD hourly chart symmetrical triangle

NZDUSD four hour chart symmetrical triangle:

NZDUSD four hour chart symmetrical triangle

NZDUSD four hour chart symmetrical triangle

USDCAD hourly chart symmetrical triangle:

USDCAD hourly chart symmetrical triangle

USDCAD hourly chart symmetrical triangle

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