Many traders clutter up their charts with many different technical indicators such as macd, moving averages, bollinger bands, RSI, etc. Some people believe that the more they put on their charts the better. Some traders charts look like this: But seldom do they realize that typically the more indicators they put the harder it is to make money from the markets. The more indicators you put, the more layers you are putting between yourself and the pips that you want in the end. Therefore in this thread I will be posting some charts that have a minimal use of technical indicators. They will use just simple techniques and patterns for finding great trades. I hope you enjoy it and can find success.
This is a daily chart of AUD/USD. The market has formed a triangle pattern and is about to breakout to the upside.
AUD/USD is retesting key support level in the form of a retest of the trendline and pivot area at 1.0156
Update on the usd/chf situation. The triangle made a false breakout to the upside and ran into the 0.9317 resistance level. Since the market made a false breakout to the upside, I would expect the real breakout to be the downside.
EUR/AUD has broken above a key trend line resistance point. The market may decide to push higher over the coming days.
EUR/JPY is forming a bullish head and shoulders pattern. If resistance at 115.60 can get broken then the upside target would be 120.00. There is support at 114.00 that the market may want to pullback to first.
USD/CHF is forming a bearish pattern. The market has formed resistance at a key level with the 0.9250 pivot area and the 38 fib resistance. I would expect a drop to the 0.9100 level as the first target.
USD/CHF decided to bounce off the 0.9125 level instead of reaching 0.9100. Since the market is forming a bottoming tail now, it is best to get out at breakeven before the market moves higher towards 0.9250 or the 0.9300 area.