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The two recent EUR/USD H4 descending channel patterns were rather successful for me. The USD/JPY D1 horizontal channel pattern is still in an active trade phase. Today, it’s time to look at the new channel pattern — the descending one on the USD/CAD H4 chart. It has enough lower …

A channel pattern has formed on the daily chart of the USD/JPY currency pair. While it’s not exactly horizontal, it can be traded as such without a problem because the slope is almost unnoticeable. The price has touched both top and bottom borders of the channel 3 times.

I set my entry stop orders …

Price action Forex trading, which doesn’t involve any technical indicators other than the price chart itself, is rather popular nowadays. Even indicator traders sometimes refer to the chart formations in their analysis. Personally I trade mainly the chart patterns (in my manual trading account). So I would like …

Symmetrical triangles is often a reliable continuation pattern, but this time it continues a rather short-term trend, which can result in a tricky trade outcome. Anyway, it’s useful to monitor the USD/CAD D1 chart for both bullish and bearish breakouts, as both borders of the triangles are clearly defined and the pattern is …

Another ascending triangle pattern can be easily seen on the EUR/CHF daily chart, unlike the one of the EUR/CAD chart, this one is actually continuing the previous bullish trend. The problem with this pattern is the fact that the latest lower border point is formed by the low of the latest …

Ascending triangle is one of the best trend continuation patterns. The one has recently formed on the EUR/CAD weekly chart. It’s lasting from February 2010 and can boast 7 touching points of price with the pattern’s borders. There’s one significant problem with this pattern though — it’s formed at the end …

Another channel pattern for today was formed by the EUR/AUD currency pair on the weekly chart. It dates back to late August 2010 and is a really good example of a long-term channel pattern, despite the fact that the upper border is sloping down slightly.

It’s a really high channel — 1,406 pips — a desirable …

CAD/CHF is a pretty exotic currency pair and I personally haven’t ever opened a single position on it. But currently I see a good opportunity to start trading this pair — a double top formation on H4 chart. The figure is reliable on long-term charts, but even H4 can be reliable if …

Following the success of the channel pattern formed on EUR/USD H4 chart last week, the price has created another channel opportunity for Forex traders. The new descending channel is quite long — it begins on November 1st, and the borders of the pattern have been confirmed 9 times already.

It’s a slightly widening …

Introduction to Hikkake

I am currently reading the Diary of a Professional Commodity Trader by Peter Brandt and among other good things found a mention of a hikkake pattern there. Hikkake is often called a Japanese candlestick pattern, but in reality it can be used with the common bar chart too …