Autochartist Forex trading For Beginners 15 Oct 12

The Quality of this chart pattern is equal to 8 bars which reflects the strong Initial trend (10 bars), above-average Uniformity (6 bars) and significant Clarity (8 bars). High Initial Trend of this chart pattern indicates the strength of the previous upward price thrust from the strong support level 119.00 (it had reversed the pair up a few times form the beginning of 2009). Point D was formed when the pair turned up from 38,2% Fibonacci Correction of the preceding upward price thrust from 119.00. This chart pattern encloses the well-formed ABC correction to the previous upward price impulse.

Online PR News – 16-October-2012 – Poughkeepsie – GBP/JPY to rise inside daily FlagAutochartist Forex trading For Beginners recently identified the daily Flag chart pattern on the GBP/JPY charts.The Quality of this chart pattern is equal to 8 bars which reflects the strong Initial trend (10 bars), above-average Uniformity (6 bars) and significant Clarity (8 bars). High Initial Trend of this chart pattern indicates the strength of the previous upward price thrust from the strong support level 119.00 (it had reversed the pair up a few times form the beginning of 2009). Point D was formed when the pair turned up from 38,2% Fibonacci Correction of the preceding upward price thrust from 119.00. This chart pattern encloses the well-formed ABC correction to the previous upward price impulse.GBP/JPY is expected to continue upward movement toward the upper resistance trendline of this Flag.Autochartist Forex trading For Beginners also recently identified the following:The FTSE 100 has formed a triangle chart pattern on the 240-minute chart indicating impending volatility. The bias is to the downside so traders should brace for a possible break through an uptrending support line and a swing bottom at 5766.70. Another sign of weakness is the series of lower-tops since forming the main top at 5885.60. These tops are at 5856.82 and 5846.30.Another sign of weakness is the confirmation of an ABCD Fibonacci pattern on the 1440-minute chart. This pattern has identified major tops at 5932.60 and 5885.60. The highlight of this pattern, however, is its forecast of a move into a price target at 5673.81. Since the first break in the pattern from 5932.60 to 5738.60 took 13 days to complete, based on the top at 5885.60 on October 5, the FTSE could reach the target on October 24.A short-term chart is indicating a potential breakdown through 5766.70. The daily chart is indicating that 5738.60 is the breakdown point. If short-sellers gain control of the index and sentiment shifts to the downside, look for both of these prices to fail, triggering the start of a potential break into the Fibonacci target at 5673.81 or the September 5 bottom at 5634.90.

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Leslie Buhlig
Autochartist
3302 Scott Street
Poughkeepsie NY, 12601

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