For the past week or so, the US dollar has rallied strongly against its major peers thanks to the drama in Ireland and the Korean peninsula. Ireland needed about €85 billion ($114 billion) to help service its ballooning deficit and to provide some liquidity in its commercial banks. With the Irish [...]

The Australian and US dollar were at par last month when an all-time high of 1.0183 was reached on November 5. However, the Aussie started declining by a thousand pips to an 8-week low of 0.9584 because of the Ireland banking crisis, which was followed up by the potential North-South Korea war last week.
Fortunately for the Aussie [...]

Click here for the original trade idea.
Our first attempt to short USDCHF was canceled because instead of this pair breaking down from the support line, it went back up to break above 1.08. USDCHF tried to hold above 1.08 but failed so it went back down to retest the support line and then pierced through [...]

This currency pair has gone up high enough and according to the AB=CD reversal pattern in the daily chart, it’s time sell short. Our sell short entry can be based on two time frames. You can either short it based on the 4-hour chart or on the hourly chart.

AB=CD Pattern
In the 4-hour chart, if the [...]

I think AUDUSD has gone down enough so I guess it’s time to go long. I’ll make this quick.
AB=CD on the 15 minute chart, extended up to 224% fib extension. Entry will be on the 5-minute chart. If the price closes above that blue line, that is a buy. Place your stop just below 0.8786, [...]

As of this writing GBPUSD is strong on the long on side but instead of going long I would counter trade this trend by shorting it. There are two reversal harmonic patterns I see, a Bearish Gartley on the 4-hour chart and a Bearish Butterfly on the hourly chart. Both reversal patterns points to a [...]

Bullish Gartley harmonic pattern on the 4-hour chart. Entry on the hourly chart.

Buy price is at 1.0310 (127% fib extension) and If the price closes above that blue line, that’s a buy for me.

B: 1.0310 / Trendline break
S: 1.0280
T: 1.0530 / 1.074
Move your stop to break even when 1.046 is hit.
Disclaimer:
Foreign exchange trading and investment [...]

This is my first trade idea for 2010 and I hope it would be a profitable one.
My bias for this pair is on the long side but I wouldn’t mind taking advantage of retracements.  I already  shorted USDJPY at 92.17 and 92.5 which is within 61.8% and 78.6% range. Take a look at the chart [...]

AB=CD pattern on the 4-hour chart. Buy at 0.8965 which is 127% fib extension of BC and exactly at the support line (blue line).

Buy: 0.8965
Stop: 0.8910
Target: 0.9170 / 0.9315
Move your stop to breakeven on 60pips profit or when it hits 0.9050.
Disclaimer:
Foreign exchange trading and investment in derivatives can be very speculative and may result in losses [...]

My low stress trade was a fail but that doesn’t change my bias on USDJPY. I’m still long!
AB=CD on the monthly chart.

Entry on the 15-minute chart. Buy if the price closes above that blue line. It is important that you wait for the candle close. Target is at 90.75 and stop will be placed 5 pips below [...]