ShaneHuynh

ShaneHuynh

EUR/USD just broke a two-month ascending triangle to the upside. The pair is retesting the resistance level @ 1.14500. My expectation is that the pair would retest and move upward. The next resistance levels locate at 1.1550 and 1.1600, respectively. This trade is a swing trade that could last a week or more. Stop-loss at the low of the triangle (@1.12210)

ShaneHuynh

EURGBP ended last week with a penetrating candle through the bullish channel that has been holding for more than 2 month. This could mark a change in trend, but I don't want to jump the gun here. Im in observatory mode to see if the pair retests the lower channel trendline and see if it holds and retreats from it. Stay tuned for more updated. The probable trade...

ShaneHuynh Updated 

EURUSD is looking to form a head-shoulder formation on the 4 hour chart. Looking at the Fibonacci retracement, price is hovering around the 50% level after rejecting the 61.8% level during NY session. I anticipate an follow-up downward movement. I'd short 1/3 of my position right now, 1/3 after the breakout below the neckline (resistance level at 1.15300) and 1/3...

ShaneHuynh Updated 

AUSUSD after touched the new low during Asian session yesterday has since reversed its direction. Its BDW formation shows sign of partial decline and signifies the imminent upward breakout. Theoretically, price would climb back to the high of the formation at 0.73100. I would wait for the break out above 0.72000 figure to confirm the bullish rally. Also, beware of...

ShaneHuynh

On the GBPNZD daily chart, I've detected an almost-perfect bearish butterfly harmonic pattern. With the current momentum, price could move up to the sell limit before turning around. The impulsive move last 2 days has been enormous (~400 pips) and is due for a correction. Price could simply return to its median around 1.93000 level and TP 1 and 2 are plausible....

ShaneHuynh

After a impulsive swing up, GBPUSD went into a consolidating period and formed a broadening descending wedge. Price seems to have a partial decline, which signals a upward breakout. Wait for price rises and closes above the breakout point to confirm an upward breakout. With recent development in Brexit case, there should be enough momentum for price to continue...

ShaneHuynh

USDJPY failed to break through the 200-MA level on the 4-hr chart and headed downward. The bearish crab harmonic pattern seems to take place. Place SL above the 111.50 level. Wait for pull back before entering.

ShaneHuynh Updated 

This formation further confirms my previous shorting strategy of this pair. If you missed the first entry, this could be a good opportunity to jump in at the pull back to retest. USD demand are still going haywire, at least throughout the rest of the trading week. Trump's comment has little effect on investors' expectation on the future rate hikes, which dues next month.

ShaneHuynh Updated 

EU bulls are out of breath and failed to break through the critical level of 1.16. Price is most likely to retrace back to the downward trendline to retest it. After the FOMC minutes, demand for USD might increase during Asian session. Trade set up on chart.

ShaneHuynh Updated 

Bulls have been trying to break through 110.90s levels during Asian session but failed to. Harmonic pattern tells the bearish move is due. Trade setup as in chart.

ShaneHuynh Updated 

USDJPY is forming a bearish butterfly harmonic pattern. My intention is to trade the last trendline from C to D. To support the pattern, point C also confluence with the lower trendline of the broadening bottom formation. Consider enter your trade once price bounces off the trendline and starts to move upward. Trade setup is on the chart

ShaneHuynh Updated 

On the chart

ShaneHuynh Updated 

I am waiting for UJ to kick back down to the lower trendline before reversing its course toward the upper trendline. Waiting for touch and bounce back before longing the pair. (look at the red arrows for trade set up) Another possibility is that price might do a partial decline and bounce off the supporting line and just shoots up. (the blue dotted arrows)

ShaneHuynh Updated 

EURUSD has finished its inverted head and shoulder formation just right before the end of last week. It has also broken through the confirmation neck line. To ensure a profitable trade, I'd like to see price pulls back to the confirmation line before moving north. The profit target is @ 1.15000, a psychological level which could be a excellent resistance line....

ShaneHuynh Updated 

Please check out my other post before looking at this: In contrast with how the harmonic pattern, the pair exhibits a bullish flag. The formation has yet completed and we are in the crossover point. If the price moves up and cross above the upper trendline, the harmonic pattern is broken, close out your short position to secure profit. A bullish flag tend to...

ShaneHuynh Updated 

USDCAD is forming the final thread of the bullish butterfly harmonic pattern. Sell short with the stop loss above point A. This is a long term trade, beware of swap and size your position appropriately. Short position setup

ShaneHuynh Updated 

USDJPY is at the final step of three valley rising formation. Read notes to see potential trade setup. WARNING: If it doesn't get to the first set up, be aware and focus on the second buy. A partial decline is likely to confirm a strong upward impulse move. This is also aligned with the harmonic pattern on the daily chart.

ShaneHuynh Updated 

GBPUSD finished its diamond bottom formation. The pair is likely to rise to the downtrend line to finish the BARR bottoms formation as well. It's a potential long trade.