Price & Candlestick Patterns with S&R's - Trade Ideas | Forex Factory

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Price & Candlestick Patterns with S&R's - Trade Ideas

  • #1
  • First Post: Edited 2:42pm Jul 18, 2010 7:47am | Edited 2:42pm
Hi There:

I've started this thread for my own benefit and perhaps for the benefit of others. I will journal my trade ideas here so that I can keep track of them.

I trade mostly 4hr charts and up. Many of my trades last days if not weeks to complete. Although, in the future when I feel comfortable, I will post scalp trades based on lower time frame charts.

My trade strategies are no secret. I use a combo of price patterns (PP) and candlestick patterns. Support and resistance levels (horizontal and channel) determine my entry levels.

At the moment, I trade the breakout of trend lines (TL) and PP.

Please feel free to contribute with your own trade ideas. But please restrict your trades to price and candlestick pattern trades. There are 100's if not 1000's of trading strategies out there (and I've tried most of them...lol), but I would like to focus this thread on the basics...ie...Price/Candlestick patterns with S&R's and TL trades.

Greg Bates
  • #2
  • Edited 2:04pm Jul 18, 2010 7:58am | Edited 2:04pm
Analysis:

1. TL break of lower highs.
2. Inverted H&S PP
3. Heavy Resistance (now support) at 1.3380 has been broken.

Entry:

1. I entered on break of right shoulder at 1.3433...
2. Wait for a pullback to the 1.3400 area - Limit buy 1.3400

Risk:

SL below 1.2900

Target: TP1 1.4000 TP1 1.4900 or trail your SL.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EUR_CAD Daily Spot.png Size: 24 KB
Click to Enlarge Name: eurcad daily chart.gif Size: 18 KB
  • #3
  • Jul 18, 2010 8:07am Jul 18, 2010 8:07am
hi batesmotel,

Based to your view and experience,refer to the attach EUR/GBP H1 chart below,will it be long or short and what is the support and resistant?thanks
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp h1.gif Size: 21 KB
  • #4
  • Edited 8:56am Jul 18, 2010 8:16am | Edited 8:56am
Quoting mikok730
hi batesmotel,

Based to your view and experience,refer to the attach EUR/GBP H1 chart below,will it be long or short and what is the support and resistant?thanks

Hi Mike:

I haven't analysed the EurGbp in detail....but she looks good for a long IF she can break both the down TL of lower highs and also the heavy resistance at .8467.....the next few days should give us an answer....looks good though if she breaks the TL and right shoulder...

Greg

PS I think you have a shot at a bounce on your sell....the EurGbp is testing a heavy resistance level....just watch it closely...it could go either way. IMHO
Attached Image (click to enlarge)
Click to Enlarge Name: EUR_GBP daily Spot.png Size: 23 KB
  • #5
  • Edited 9:00am Jul 18, 2010 8:39am | Edited 9:00am
Analysis:

1. Double Top
2. Break of TL of higher lows
3. Break of heavy support at .8258
4. 61.8% retrace of down trend (90.00 - 76.37)

Risk: SL Aggressive: above .8350 SL Conservative: above top at .8460 or even above Resistance at 85.18

Target: TP1 81.27 TP2 79.10 or trail SL

Entry: I've entered a small position at 82.41. If she retraces I will add more onto my sell position at a better price....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: CHF_JPY 4hr Spot.png Size: 25 KB
Click to Enlarge Name: chfjpy_4hr.gif Size: 25 KB
Click to Enlarge Name: CHF_JPY Daily Spot.png Size: 27 KB
  • #6
  • Jul 18, 2010 8:52am Jul 18, 2010 8:52am
thank batesmotel for your explaination and effort
  • #7
  • Jul 18, 2010 9:04am Jul 18, 2010 9:04am
any comment for eur/usd?
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd h1.gif Size: 17 KB
  • #8
  • Jul 18, 2010 9:16am Jul 18, 2010 9:16am
Quoting mikok730
any comment for eur/usd?
Hi Mike:

I would stay with your short. I missed the boat on a wonderful inverted H&S opportunity....EU certainly looks bullish to me....but perhaps the resistance at 1.2930 and the Doji indicates a pullback...good luck on your trade!
Attached Image (click to enlarge)
Click to Enlarge Name: EUR_USD Daily Spot.png Size: 20 KB
  • #9
  • Jul 18, 2010 9:19am Jul 18, 2010 9:19am
If you want to focus on PA and Candle patterns, why do you still use indicators? (MACD, MA's)..Do you still look at them during your decision process?
  • #10
  • Jul 18, 2010 9:21am Jul 18, 2010 9:21am
Nothing but blue skies from now on.....

I'm keeping an eye on the open this evening....looks like a nice long term long opportunity...I will analyse this trade tonight perhaps....

I might describe this trade as "flying into the sunrise" towards the morningstar

Greg
Attached Image (click to enlarge)
Click to Enlarge Name: EUR_CHF Weekly Spot.png Size: 32 KB
  • #11
  • Jul 18, 2010 2:03pm Jul 18, 2010 2:03pm
Analysis:

1. Break of 4 touch TL of lower highs
2. Falling Wedge PP
3. Higher low at point "3"
4. MACD Divergence
5. Break of resistance at 1.8050

Risk: SL below point "3" at around 1.7480

Targets: TP1 1.9100 TP2 2.0170 or Trail SL

Enter on break of 1.8303
Attached Image (click to enlarge)
Click to Enlarge Name: EUR_NZD Daily Spot.png Size: 21 KB
  • #12
  • Jul 19, 2010 3:57pm Jul 19, 2010 3:57pm
Quoting batesmotel
Analysis:

1. Double Top
2. Break of TL of higher lows
3. Break of heavy support at .8258
4. 61.8% retrace of down trend (90.00 - 76.37)

Risk: SL Aggressive: above .8350 SL Conservative: above top at .8460 or even above Resistance at 85.18

Target: TP1 81.27 TP2 79.10 or trail SL

Entry: I've entered a small position at 82.41. If she retraces I will add more onto my sell position at a better price....
Short is co-operating nicely....I got picked up on full position at a nice price....
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy_4hr.gif Size: 22 KB
  • #13
  • Jul 19, 2010 4:33pm Jul 19, 2010 4:33pm
Quoting batesmotel
Nothing but blue skies from now on.....

I'm keeping an eye on the open this evening....looks like a nice long term long opportunity...I will analyse this trade tonight perhaps....

I might describe this trade as "flying into the sunrise" towards the morningstar

Greg
This truly is a "set and forget" trade...I'll decide on a SL and TP in a few days...I may add more lots with a retrace...
Attached Image (click to enlarge)
Click to Enlarge Name: eurchf_weekly.gif Size: 18 KB
  • #14
  • Edited 6:19pm Jul 19, 2010 5:11pm | Edited 6:19pm
Quoting batesmotel
Hi Mike:

I haven't analysed the EurGbp in detail....but she looks good for a long IF she can break both the down TL of lower highs and also the heavy resistance at .8467.....the next few days should give us an answer....looks good though if she breaks the TL and right shoulder...

Greg

PS I think you have a shot at a bounce on your sell....the EurGbp is testing a heavy resistance level....just watch it closely...it could go either way. IMHO
Analysis:

1. Inverted H&S - break of neckline
2. Break of TL of Lower Highs
3. Heavy resistance broken at .8467

Risk: Aggressive: SL below right shoulder at .8295
Conservative: SL below left shoulder at .8195

Target: TP1 .8645 TP2 .8850 or Trail SL

Entry: I entered a small position at .8500....I would like to get picked up on full position at .8425
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp_daily.gif Size: 20 KB
  • #15
  • Jul 19, 2010 6:44pm Jul 19, 2010 6:44pm
We got LOTS of time on this long opportunity....but if she can break 13.14, I'm open to long this exotic...
Attached Image (click to enlarge)
Click to Enlarge Name: USD_MXN Weekly Spot.png Size: 19 KB
  • #16
  • Jul 27, 2010 6:40am Jul 27, 2010 6:40am
Quoting batesmotel
This truly is a "set and forget" trade...I'll decide on a SL and TP in a few days...I may add more lots with a retrace...
EurChf Starting to bear fruit now...I bought another lot on retrace. I'm just going to relax and let this one do it's thing....
Attached Image (click to enlarge)
Click to Enlarge Name: eurchf_weekly.gif Size: 17 KB
  • #17
  • Edited 8:09am Jul 27, 2010 6:57am | Edited 8:09am
Quoting batesmotel
Analysis:

1. Inverted H&S - break of neckline
2. Break of TL of Lower Highs
3. Heavy resistance broken at .8467

Risk: Aggressive: SL below right shoulder at .8295
Conservative: SL below left shoulder at .8195

Target: TP1 .8645 TP2 .8850 or Trail SL

Entry: I entered a small position at .8500....I would like to get picked up on full position at .8425
My .8425 lot got picked up and I doubled up at .8335... I was able to BE on Lot 2 by closing it with 1/2 of lot 3. So I ended up with a better price for scale in and I lessened my risk somewhat. Anyways, This pair is looking a little precarious, but I will stick with this trade. There may be a 4hr bull flag forming here...if so, we should do just fine on this trade.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurgbp_daily.gif Size: 19 KB
Click to Enlarge Name: EUR_GBP 4hr Spot.png Size: 28 KB
  • #18
  • Jul 27, 2010 7:02am Jul 27, 2010 7:02am
Quoting batesmotel
Analysis:

1. TL break of lower highs.
2. Inverted H&S PP
3. Heavy Resistance (now support) at 1.3380 has been broken.

Entry:

1. I entered on break of right shoulder at 1.3433...
2. Wait for a pullback to the 1.3400 area - Limit buy 1.3400

Risk:

SL below 1.2900

Target: TP1 1.4000 TP1 1.4900 or trail your SL.
I bought another lot at 1.3436
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad daily chart.gif Size: 19 KB
  • #19
  • Jul 27, 2010 7:12am Jul 27, 2010 7:12am
Quoting batesmotel
Analysis:

1. Break of 4 touch TL of lower highs
2. Falling Wedge PP
3. Higher low at point "3"
4. MACD Divergence
5. Break of resistance at 1.8050

Risk: SL below point "3" at around 1.7480

Targets: TP1 1.9100 TP2 2.0170 or Trail SL

Enter on break of 1.8303
This trade never was able to break point 2....so we must wait for the next set-up....but I'm still bullish on this pair.
Attached Image (click to enlarge)
Click to Enlarge Name: EUR_NZD Daily Spot.png Size: 24 KB
  • #20
  • Jul 27, 2010 7:19am Jul 27, 2010 7:19am
Quoting batesmotel
Analysis:

1. Double Top
2. Break of TL of higher lows
3. Break of heavy support at .8258
4. 61.8% retrace of down trend (90.00 - 76.37)

Risk: SL Aggressive: above .8350 SL Conservative: above top at .8460 or even above Resistance at 85.18

Target: TP1 81.27 TP2 79.10 or trail SL

Entry: I've entered a small position at 82.41. If she retraces I will add more onto my sell position at a better price....
ChfJpy is certainly takin it's bloody time...but this short still has potential. Possible 4hr H&S shaping up...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: chfjpy_4hr.gif Size: 22 KB
Click to Enlarge Name: CHF_JPY 4hr Spot.png Size: 28 KB
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