The condition for a contracting triangle to be considered a reversal pattern is that price should exit in the opposite direction than the one it entered. Whenever such thing is happening, that contracting triangle is supposedly being part of a complex form of correction and such a correction might be a double or a triple combination, double three running, etc. Sometimes, under the Elliott waves theory, contracting triangles are forming the end of an x wave and absolutely one hundred percent…Continue
I recently came across the idea of algorithmic trading.
To put it in Wikipedia's terms:
"Algorithmic trading, also called automated trading, black-box trading, or algo trading, is the use of…Continue
Added by Alan Sach on August 15, 2013 at 6:44pm — No Comments
I wanted to post a few trades I took recently on AUDUSD and Silver. You can see the entry and exit points for each trade which I did just using price action strategies.
Here they are below;
Attempting to bottom and make some headway to the upside, the EURUSD failed to clear the 1.2800 role reversal level which was the Oct. swing lows. For now, the pair is stuck between 1.2800 weekly highs and 1.2659 lows which was the pin bar rejection on Tuesday. So bears can look to sell any weak rallies up to 1.2800 while bulls can…
Added by 2ndSkiesForex on November 18, 2012 at 10:01pm — No Comments
Similar to how the Euro I discussed on Tuesday reversed with an engulfing bar + pin bar combo, the Cable is possibly attempting to bottom after losing ground for six days in a row. After forming a final flag pattern to end yesterday and start today, the pair rallied off of 1.5825 with a strong bullish piercing bar,…
Added by 2ndSkiesForex on November 16, 2012 at 1:18am — No Comments
Added by ForexCharts on November 15, 2012 at 7:00pm — No Comments
As I had discussed in yesterday's market commentary, the pin bar and engulfing bar combo highlighted did produce higher prices for the Euro, and went to the first resistance level I mentioned yesterday (around the 1.2763 area). Some of the course members got in on this trade and profited nicely from it…
Added by 2ndSkiesForex on November 15, 2012 at 1:57am — No Comments
Added by ForexCharts on November 13, 2012 at 6:38pm — No Comments
The EUR/USD had a quite session today and so far the Euro traded in the hourly consolidation range around the low of November 8th.
The European session started with a shakeout/ stop fishing at 6 a.m. GMT. This false breakout led to a reversal of the EUR/USD. Market moved down to the 1.27 level and in the following market price action was capped in the…
Added by ForexCharts on November 12, 2012 at 5:30pm — No Comments
Added by ForexCharts on November 8, 2012 at 6:30pm — No Comments
The Euro found support at the 100 % Fibonacci Extension Cluster yesterday and moved up to the daily 10 SMA. From there, market moved lower with strong bearish momentum and created a new daily low.
On the 4 hour chart the EUR/USD…
Added by ForexCharts on November 7, 2012 at 6:12pm — No Comments
played out well. The EUR/USD found support at the Fibonacci Support zone, which consists of the two 100 % Fibonacci Extension levels. Furthermore, this support zone coincided with Yesterdays Daily S1 and the consolidation price zone of the prior consolidation pattern on the left side of the Euro US Dollar Chart.…Continue
Added by ForexCharts on November 7, 2012 at 9:56am — No Comments
Liquidity and volumes were definitely lower today with most pairs and instruments playing in a tight range today. In the process, Silver has formed back to back inside bars, or an ii pattern, and this will not go on for much longer.
Although the precious metal is trying to form a base, it has yet to show any bullish legs,…Continue
Added by 2ndSkiesForex on October 30, 2012 at 9:50pm — No Comments
As I had noted two days ago, Silver was showing reducing price action spreads which communicated it was likely bottoming out around $31.50. That is exactly how it played out, and has now broken above the dynamic resistance for the last 12hrs. If the $32 figure and dynamic support can hold, an attack…
Added by 2ndSkiesForex on October 25, 2012 at 11:30pm — No Comments
Failing at the critical $35 figure, Silver has been getting pummeled, dropping $3.50 in the last 2.5 weeks. What I am noticing is how the price spreads have been getting smaller on each leg down (especially the last one), suggesting we could be seeing a bottom soon.
If price can get above $32.00 and break above the dynamic resistance and 20ema, then I suspect perhaps the precious metal will put in a HL…Continue
Added by 2ndSkiesForex on October 23, 2012 at 10:22pm — No Comments
The Kumo Break discussed last week has found its way lower as expected, even coming back towards the flat bottom and rejecting off of it twice. The pair also formed a tenkan-sen kijun-sen cross downward (medium), so the downside move could start to gain traction if it can clear the main lows at 1.0151. Being that the pair is likely in a …Continue
Added by 2ndSkiesForex on October 7, 2012 at 10:30pm — No Comments
The Euro shed about 300pips last week ending by forming a bullish engulfing bar off the 1.2300 figure. Although it has done this earlier during this one month sell-off and downtrend, we feel its possible this one has a little more chap in it being the record IMM shorts we have been talking about on this blog.…
Spain, Greece and the Horror with No End...For Now
Although markets were calm today from the US Memorial Holiday, Spain today asked the EU to act in providing support for fiscally frail gov'ts (read 'Spain is begging for help') as its fiscal gaps and banking system (but, but...Bankia is fully solvent you said) are getting pummeled with soaring yields which are punishing the rates on bonds. Again, Spain is 4x larger than Greece so if Spain…
I am going to start this article talking about one of the most important things developing traders will need to know - that is to 'Know Thyself'. This recently came up for me as a newer student sent me a few emails which made me realize how important this is for anyone starting on the learning process, but hasn't found the right trading system to trade from every day.