It is not wise to short against USD crosses as USD is currently very strong. However there is currently a macd divergence on h1 and I am keen to document the reliability of h1 setup as a standalone trading oppoturnity. A prudent entry will be to wait for test at 21.408. Really there is no hurry to get in here as it is countertrend. Staying patient is the way to go.
Market seems to have stalled around 2000-2010 level. Bearish pin bar formed at this key level. This may be due to profit taking on Friday before the weekend. Or this may be the beginning of a reversal/correction. RSI is showing bearish divergence. Word of caution: This is counter-trend, and it is counter to a super uptrend. The potential risk-reward ratio may...
Reasons for entry : - Harmonic move - AB FE 161.8 - ABCD : FR AB 38.2 -> FI CB 224 = perfect abcd ratio - Daily structure SL: - Below structure, if price makes new structure low the setup will be invaild so it is very good risk reward TP: - On previous structure which is FR 38.2 of impulse leg
GBPCAD had a very bearish downmove after Carney's speech on Wed. Price plunged first part of Thursday and is now recovering in NY session. it is likely a price is still some way away from the mean , so this may help propel prices up. for about 60-80 pips
I've never traded a shark pattern before, so i also don't know where to place stops with this one. (I would say a 1ATR stoploss). But I did spotted a bearish shark pattern once on the 4H chart of AUDJPY. What I found interesting was that after the completion of the shark pattern, a bullish bat pattern was forming. Anyway, would you dare to countertrend trade this...
We have been in a strong uptrend for a while now however I believe we have entered a zone of weakness to momentum. We had an old supply zone at 1.53432 which we capitalised on and the next one is at 1.5545 area which has halted our strong upward movement. We are currently slowing at a double top and so I believe we should see a retracement. I've set TP just above...
I've been a bull on this pair over the last month or so but now I've got a short opportunity on my radar looking at a retest of previous structure highs on the daily. As a counter trend trader it's important to realize that I'm not looking for the big long-term move, simply a brief correction. If this correction rolls over more than expected there's a 2nd...
* I tried to post another chart with this showing the advanced pattern, but think I messed up doing so. I'll keep trying but here's the daily view that was suppose to compliment my other chart** SORRY GUYS I've been a bull on this pair over the last month or so but now I've got a short opportunity on my radar looking at a retest of previous structure highs on the...
This cypher pattern, is a pattern that I woudln't recommend taking. but my Rules of engagement say that I GOTTA TAKE IT no matter how I feel about the market. anyways, it has a lil bit of structure and RSI Over Bought. ( its a counter trend muve the end of the pattern has broken a trendline, so it could easily go against it. well I realize of this pattern when it...
Powershares is showing signs of potential bearish crab pattern. The PRZ is measured from A to X leg at the 1.618 extension level at price $96.23. Even though there is naked structure around $96.28 kill zone, There is confluence at $96.28 at the 3.618 & 1.618 extension level. This should act as resistance. If this plays out, we should see a good rejection which...
There are 2 really good trades that can play out here. A bearish Cypher (Blue) and a bullish crab (yellow). Currently, price action is in close range of the cypher. If price action can make it's way between $352. 40 at 1.27 extension and $362.18 at .786 retracement kill zone, there is a high probability chance for a reversal. If the cypher plays out and price...
There's a potential gartley showing up. If C leg can make it up to $92.68-$92.74 we may see reversal in price upon the completion for an intra-day trade. For longer term, price action may trade down to 91.08 to complete a Bat pattern. There's strong structure around $91.42-$91.13. The Bat pattern would make for a perfect retracement back to the trend line, if you...
A bit late, but wanted to share a small trade I am in. Using the D-trendline as resistance, price recently broke the steep upward trendline AND some daily S&R. I got in without confirm, and took a small retrace but with a big S/L. The next days candle was bad news, but not bad enough to get out of the trade, day after that we get a really nice confirmation...