TC, trend lines and Oil: By Mary McNamara

The combination of TC and trend lines has been a winning formula again during the last session and rewards are high for those who patiently wait for trend lines to break with accompanying TC signals. Patience and discipline proved to be key attributes for those who were successful using my TC system throughout both Trials this year and these have now completed.

Trend line breakout trades and TC signal:

Oil: this gave a great trend line breakout since yesterday’s update and this trend line break evolved with a new TC signal off the 15 min chart for a trade worth 3 R and 130 pips! Catching just one trade like this per week is really all you need.

Oil 4hr: this was the chart from yesterday’s update prior to the breakout:

Oil 4hr: this is the chart as of this morning; showing a breakout for 130 pips:

Oil 15 min: note the great TC signal that triggered here with the trend line breakout that gave a 3 R trade result:

EUR/JPY: another great trend line breakout that triggered with a TC signal:

EUR/JPY 4hr: now up 90 pips:

EUR/JPY 15 min: this TC signal has given a 4 R trade result:

USD/JPY: no trend line breakout here but an intra-pattern TC signal gave 1.5 R and stalled at the 112 S/R level; a level I had warned about!

USD/JPY 4hr: watch for any trend line breakout:

USD/JPY 15 min: a 1.5 R TC trade here:

Gold 4hr: still at 80 pips and watch the $1,265 level:

EUR/USD 4hr: has crept on to 50 pips. Watch later today with an ECB Draghi speech and all of the second tier EUR data:

EUR/NZD 4hr: 150 pips on this breakout:

Other Forex: watch these charts for any new momentum-based trend line breakouts:

AUD/USD 4hr: Watch today with AUD Trade Balance data:

AUD/JPY 4hr:

NZD/USD 4hr:

GBP/USD 4hr: this has a Bull Flag look to it:

GBP/JPY: another Flag pattern as price consolidates near the major 150 level. Check the monthly chart to see how critical this 150 level is for price action:

GBP/JPY: