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  • #3,721
  • Jun 15, 2009 10:33am Jun 15, 2009 10:33am
Remember the ABCD pattern I posted many moons ago? Well it was in operation on USDJPY.

On my data, the move from A - B was 582 pips and from there you could have set a target for C - D for 582 pips which actually ran for 593 pips.

This is a more common occurrence than you might think.

Also, note how all the JPY pairs are trading within channels
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy abcd pattern.gif Size: 21 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,722
  • Jun 15, 2009 11:28am Jun 15, 2009 11:28am
Can we extend the pattern to E to F or is that pushing it
  • #3,723
  • Jun 15, 2009 11:35am Jun 15, 2009 11:35am
Quoting Naws
Can we extend the pattern to E to F or is that pushing it
No, it is just the ABCD patterns - there are other more complex patterns like Gartley and Butterfly but not for this thread.

With today's strength in USD, you should be looking for a break out of the top channel line.
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,724
  • Jun 15, 2009 1:17pm Jun 15, 2009 1:17pm
If the break of the Shampoo (Head & Shoulders) holds, and if the Shampoo target theory holds, then the target will be the distance of the Shampoo pattern projected from the low of the pattern downwards, i.e. 1.3248.

If you are not in this trade already, watch H4 for a suitable entry from a retrace.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd h&s.gif Size: 22 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,725
  • Jun 15, 2009 1:21pm Jun 15, 2009 1:21pm
Quoting strat
If the break of the Shampoo (Head & Shoulders) holds, and if the Shampoo target theory holds, then the target will be the distance of the Shampoo pattern projected from the low of the pattern downwards, i.e. 1.3248.

If you are not in this trade already, watch H4 for a suitable entry from a retrace.
Ooh that looks nice. I'm already in and happy, but after reading that, i just got a whole lot happier
  • #3,726
  • Jun 15, 2009 1:46pm Jun 15, 2009 1:46pm
Price bounced from the 1.3740 SR level, perhaps it is best to wait for it to break if one isnt in yet?
  • #3,727
  • Jun 15, 2009 2:33pm Jun 15, 2009 2:33pm
Hello Strat,

Thank you for your work. I found this thread about a year ago and was morning reading through the whole thread. I eventually lost the link and could not find it untill a month ago. I still dread reading through the whole thread but becuase this is the way I love to trade - i am not yet a pro at it - i felt i would benefit immensely from reading through the whole thread.

There is nothing i could do but to plung into this ocean of knowledge and come out a clean and knowlegible fx pipster.

Keep going while I follow.

I also want to greet everyone following this thread and i do hope you are making money as you had envisaged.

Thanks

Femi
  • #3,728
  • Jun 15, 2009 3:21pm Jun 15, 2009 3:21pm
Quoting Naws
Price bounced from the 1.3740 SR level, perhaps it is best to wait for it to break if one isnt in yet?
The break line of the shampoo pattern is exactly on July 2007 support so expect a wobble/retrace back up to test the break line as resistance
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,729
  • Jun 15, 2009 3:24pm Jun 15, 2009 3:24pm
Quoting femfam
Hello Strat,

Thank you for your work. I found this thread about a year ago and was morning reading through the whole thread. I eventually lost the link and could not find it untill a month ago. I still dread reading through the whole thread but becuase this is the way I love to trade - i am not yet a pro at it - i felt i would benefit immensely from reading through the whole thread.

There is nothing i could do but to plung into this ocean of knowledge and come out a clean and knowlegible fx pipster.

Keep going while I follow.

I also want to...
Take your time reading and make sure you understand each post - if not post your questions.

As long as the market is here, we will be making money, that is guaranteed!
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,730
  • Jun 15, 2009 4:32pm Jun 15, 2009 4:32pm
Hi Strat,

Great thread! I've learned a lot and I'm demoing what you teached us.
Actually, I'm doing this on the 4H timeframe. I would prefer to do that on the daily, because I think the quality of PA is better.
But I live in Europe, the Daily Bars close at midnight. I cannot study my charts at this time so I cannot trade the dailies :-(
I can only play with the 4H during the day.

Anyway, thank you so much for your time.
eleman
  • #3,731
  • Jun 15, 2009 4:46pm Jun 15, 2009 4:46pm
Quoting eleman
Hi Strat,

Great thread! I've learned a lot and I'm demoing what you teached us.
Actually, I'm doing this on the 4H timeframe. I would prefer to do that on the daily, because I think the quality of PA is better.
But I live in Europe, the Daily Bars close at midnight. I cannot study my charts at this time so I cannot trade the dailies :-(
I can only play with the 4H during the day.

Anyway, thank you so much for your time.
eleman
You CAN do it on the daily in Europe just as AstonDan, Baba G and Grimweasel and others who live in the UK are doing.
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,732
  • Jun 15, 2009 4:56pm Jun 15, 2009 4:56pm
Quoting eleman
Hi Strat,

Great thread! I've learned a lot and I'm demoing what you teached us.
Actually, I'm doing this on the 4H timeframe. I would prefer to do that on the daily, because I think the quality of PA is better.
But I live in Europe, the Daily Bars close at midnight. I cannot study my charts at this time so I cannot trade the dailies :-(
I can only play with the 4H during the day.

Anyway, thank you so much for your time.
eleman
You could use NorthFinance Demo account as their feed (daily) closes at 2200gmt which coincides with the NY close. I use them for Forex as Strat said. There may be others; just do some searching on google!
Trade less and become more profitable!
  • #3,733
  • Jun 15, 2009 6:11pm Jun 15, 2009 6:11pm
Interesting that USDJPY did not follow USD strength today and instead sold off to 97.60 support again. This level has been support and consolidation a good many times.
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,734
  • Edited 7:19pm Jun 15, 2009 7:04pm | Edited 7:19pm
Quoting strat
Interesting that USDJPY did not follow USD strength today and instead sold off to 97.60 support again. This level has been support and consolidation a good many times.
Indeed, this one is a test of wills, waiting sice February for a major move. It may be worth an academic debate of fundamentals, but to pay the rent I remain short term bullish above 97 and longer term above 94, buying supportive PA in spite of the minor trendline break. I doubt that I will have to change my brand of shampoo.

Overall, it does make a case for finding the best trending market to hop on board or, at least holding a long term position with an eye toward patience.
  • #3,735
  • Jun 15, 2009 7:24pm Jun 15, 2009 7:24pm
Speaking of shampoo, I am not convinced to rinse out my longs above E/D 1.37, but rather, would use supportive PA to repeat.
  • #3,736
  • Jun 15, 2009 8:38pm Jun 15, 2009 8:38pm
Quoting Alexandra
Indeed, this one is a test of wills, waiting sice February for a major move. It may be worth an academic debate of fundamentals, but to pay the rent I remain short term bullish above 97 and longer term above 94, buying supportive PA in spite of the minor trendline break. I doubt that I will have to change my brand of shampoo.

Overall, it does make a case for finding the best trending market to hop on board or, at least holding a long term position with an eye toward patience.
Well as I write, Tokyo just broke the 97.60 support and it looks like the next stop is 96.25 on it's way to 95.50 so back to bearish USD for this pair.
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,737
  • Jun 16, 2009 2:51am Jun 16, 2009 2:51am
LOL - Hold on there...someone seems to be in buying - this may be the PA I've been waiting for...ugly, but perhaps worth the R/R as there is a line in the sand now.
  • #3,738
  • Jun 16, 2009 5:41am Jun 16, 2009 5:41am
Hi Strat and all

Fairly new at FF but like many others have tried to play with the monster on shorter time frames for many years off and on. Have read most of J16 and all of Silent Service (which is a fantastic thread BTW). Up to page 130 or so here and this thread is pretty much all I am reading lately - much more enlightening than reading the paper! Wanted to get to the end before posting but couldn't wait....sorry.

Congratulations on what you have created here Strat. On almost every page I feel like you are adding
Another Brick in the Wall (Floyd).

Still a little Dazed and Confused (Led Zep) as there is so much to take in but love the way you are laying this out slowly.

You are providing an Emotional Rescue (Stones) for so many people. Your manner, wit, humility and integrity are going to save many of us from Manic Depression (Jimi H).

I would like to thank you for all that I have already learnt as I begin what I see as the first steps away from the Dead End Street (Kinks) and am really determined to Break on Through to the Other Side (Doors).

This will be a Long and Winding Road (Beatles) but I have to say that You Really Got Me (Kinks) hooked with your sensible, stress-free and profitable approach along with your sense of humour and brilliant writing ability. Loved reading some of your stories.

Strat I have a Sunburst Deluxe American DH1 Strat which I love but only have grey picks. Would you please allow me to join the others on the 'Path of Learning' as I would really like to earn some other coloured picks?

Thanks again

Surfer
  • #3,739
  • Jun 16, 2009 1:17pm Jun 16, 2009 1:17pm
Quoting Surfer
Hi Strat and all

Fairly new at FF but like many others have tried to play with the monster on shorter time frames for many years off and on. Have read most of J16 and all of Silent Service (which is a fantastic thread BTW). Up to page 130 or so here and this thread is pretty much all I am reading lately - much more enlightening than reading the paper! Wanted to get to the end before posting but couldn't wait....sorry.

Congratulations on what you have created here Strat. On almost every page I feel like you are adding
[b]Another Brick in the...
Very clever, Surfer Joe (Surfaris), let's see if we can get you some brighter coloured picks!
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,740
  • Jun 16, 2009 8:04pm Jun 16, 2009 8:04pm
Anyone going to act on today's PA to get in USD short? There is a BUOB on GBPUSD on the 20 and fib 50 support
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