Here we see a butterfly pattern completed on the Eur Aud 30 min chart. We know that butterfly patterns often rally to the 1.618 extension of the BC leg, so that is where our limit is at. Our entry is at point B and our stop is at point D, giving us a 1.39 risk to reward. I believe the rally will take place over the next few hours. Thanks for checking us out,...
Here we see a Cypher pattern on the AUD?JPY charts, supported by a bearish trend suggesting that the market will continue down. I believe that the marker will reverse at the standard deviation and rally to the 1.618 extension of the BC leg. My entry, as always, at point B , my limit is at the 1.618 extension and my stop is at the highest high or point X of the...
New Supply formed at USDCAD Monthly, there is big imbalance from there. So keep watching if USDCAD come back to that area and Plan to Short (Sell)
Here we see a completed Cypher pattern on the Canada japan charts. The pattern suggest a continuation in downtrend and appears to be respecting the linear regression. I believe that the market will rally down into the 1.618 extension of the BC leg before consolidating again, or reversing. I have placed my entry at current market price, my stop is at the...
We are currently watching price forming and indecision candle on top of a major support area, so I'm looking to buy above the indecision candle with target at next resistance level around 0.7835 and possible a Bat pattern completing ahead, so a great opportunity with low risk and a good +4R. Good trading everyone!
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Gold has been in a descending channel for a really long time and currently it has bounced back down from the resistance of the channel. As the price action has strongly stayed inside the channel without any signs of strength to push for a breakout on the higher or lower end, a short is a viable idea on gold with targets at half way point from the resistance while...
My previous post related to Silver is linked here. At first we saw the decline below major multi year support. We then saw establishment of support at 17.326 where for a few days we experienced consolidation with a declining series of high's before last night, where we experienced another drop into the early hours of the asian session. My positions that were...
Waiting for this old support level to be retested as a resistance level. Waiting for a bearish price action signal before considering a short position.
Looking for potential long setup in GBPAUD. 1) Structure play: IF price came down to support zone (red zone), look for price action signal to go long. 2) Pattern play: IF price continue upward and reverse, potential bat pattern forming. To long at 88.6% retracement of XA leg.
I like these kind of setups very much: clear downtrend, confluence of support, key moving average level, at a Fibonacci retracement level, with confirming candlesticks. I'm not in this trade because I'm at max risk capacity already, but I'd be short at 8840, stop at 8872, target profit at 8697. This would setup a reward/risk ratio of over 4:1. www.informedtrades.com