High velocity trading

Let's go euro and AUD god damn! This price action is so slow, I think my grand pa is a strong marothon runner, compraed to this PA creeping 2 ticks per hour. Well, patience is a virtue, reminds me once again.

game is ON now! finally.

ok so now next up on AUD USD is 0490, so this should be a good run really.

GBP CAD SL hit for -46 pips.

Elsewhere no trades got triggered, however overall Friday I lost 137 pips on EJ, GCAD and UCHF. Not the best performance ever for that day overall.

http://img202.imageshack.us/img202/8...ad17092011.png

Here's the first setup I'm considering for the next week. The chart is H4 USD CAD. I'm looking for PA to reverse @ MP in the 9740-9760 area. SL will be 20 pips. TP will be 1.0000 (+240 pips).

However, need to look for a reversal candle in the highlighted zone, best timeframe to scan for reversal candles is H1 and H4.

Ideally one of the kind right here:

http://1.bp.blogspot.com/_2Y4OW9xj0e...k+Patterns.jpg

Deciphering price action on EU seems tougher, though let's have a go.

Here's the D1 EU chart with the reversal level highlighted.

http://img825.imageshack.us/img825/1...4117092011.png

http://img5.imageshack.us/img5/2590/euh4217092011.png

Zoom in to H4. The red reversal stick is right below the line.

http://img849.imageshack.us/img849/1...onthchanne.png

Now lets add monthly pivot and the channel to H4. Comments on the chart. median line rejected. MS2 rejected with red long-wicked candle.

I'd say it's fair to say we are going lower. Looking to short sell below white area. TP initially @ 3600 and finally @ 3500.

now consider USDX holding above support line & 50 fibo & mid pivot. I'd say though Daily does look like it's below important resistance level, H4 shows that USDX is well supported @ current levels now and can go higher now.

Just refreshing the charts and refreshing my perspective. It did look bullish to me before. Right now I'm not very confident. Next up I want to review BRENT charts.

http://img717.imageshack.us/img717/6...h417092011.png

http://img821.imageshack.us/img821/4...d117092011.png

Check out the strong Daily rejection red candle right as the important area of technical confluence. I'd say this is a strongly bearish close on D1 for BRENT.

Complication is the fact that we are right @ monthly pivot. However, it does look like BRENT will retest 100 dollar level once again next week. Suggested price action is on the chart, once white area is cleared, I'd say I'm fairly confident price action will arrive to 100 soon afterwards.

This does support stronger dollar and weaker EU and GU next week BTW.

http://img853.imageshack.us/img853/7...h417092011.png

Quick look at AUD USD H4

I think this one time I made a mistake of going LONG right at the top. The idea for the trade is now to actually short sell the market and target is highlighted by white rectangle now.

I will post why this level (396) is important in a second.

http://img710.imageshack.us/img710/8...ls17092011.gif

Here's why the 396 level is important on AUD USD, and I just failed to recognize it this Friday. So the idea for now is to short sell.

http://img195.imageshack.us/img195/8...h417092011.png

Also interesting to consider AUD CAD H4 chart. I'd be looking to short sell below the trigger line, target TP area highlighted in white on the chart.

Base of the trade is a retest and H4 rejection on the important level @ 0200.

http://img269.imageshack.us/img269/3...sd17092011.png

Finally, lets consider XAU USD H4 chart. H4 reversal @ sup level and rejection and sup turn res of the channel line. Weekly candle is bearish.

Overall I think we are on the way to 1700 now.

Here's another look @ XAUUSD H3 chart this one time. The TL was broken and now retested, rejected upon retest. I'd say this warrants a very strong short sell with a more than decent risk to reward. I will take this trade @ asian open sunday, although spread on Sundays sucks!

http://img4.imageshack.us/img4/5605/...h317092011.png

http://img11.imageshack.us/img11/530...7092011m30.png

Zooming in on gold to M30 PA established within downwards sloping channel and again sup turn res is visible here.

Setups for new trading week

 

2. AUD USD SHORT SELL @ 0347 SL 0387 TP 0237
3. XAU USD SHORT SELL @ 1797 SL 1824 TP1 1737 TP2 1703
4. USD CAD LONG @ 9740-9760 SL 25 PIPS TP 1.000 (need H1,H4 reversal candle in the 40-60 zone)
5. AUD CAD SHORT SELL @ 0106 SL 25 PIPS TP 9917
6. EUR USD SHORT SELL @ 3727 SL 30 PIPS TP 3533
7. EUR JPY SHORT SELL @ 105.37 SL 35 PIPS TP 104.19
8. EUR GBP SHORT SELL @ 8687 SL 35 TP 8568
9. GBP USD SHORT SELL @ 5747 SL 35 TP 5533
   
   

Also I got a question via PM, as to the reasons why Im looking to short sell AUDUSD. Aside from the analysis above, the reason is also M30 flag pattern in a downtrend.
Here's the chart then.

http://img40.imageshack.us/img40/221/audm30flag.png

And the reason to short sell the EUR JPY. I'd like the channel to break downwards and then the 50 level cleared, before going short.

http://img694.imageshack.us/img694/7...8092011m30.png

http://img30.imageshack.us/img30/295...w118092011.png

GBP CAD WEEKLY CHART. Worthwhile waiting for 5080-5120 area to be reached now, since PA is below MP and broke MS1. Will look for possible reversal signals in the highlighted area now.

Finally, EUR GBP H4. I would consider this harmonic pattern tradeable, once we confirm short sell order below trigger line. I will put a pending short sell order @ 8687 SL 35 TP 8568. I will also look PA to reverse @ 8560-80 area and look to reverse long.

Also important part is that we can use EURGBP to time the short order on EURUSD.

http://img200.imageshack.us/img200/4...h418092011.png

now everyone is waiting for the market open.

http://muslib.ru/pb/79/791360/street-fighter_557071.jpg