1) Price has reached the bottom of this downward trendline and i am looking to see some kind of comfirmation to the upside
2) Price looks like it is has broken the smaller support at the 0.6474 and came back for a restest
3) After the restest Price had a small impulse to the upside. This candle looks like bearish engulfing
Risk to reward is roughly 4
For my free...
USDCAD is stretching up to a horizontal resistance zone. This zone has been retested multiple times and all time has reversed to lower lows, so there is a large profit potential in this trade.
Stop Loss placed slightly above highest level previously broken through, meanwhile Take Profit is placed near the horizontal support zone, although this could drop even further.
Another solid Risk to Reward setup here. I cannot stress how important it is to have a good Risk to Reward ratio under pinning all of your trading decisions. I always look for 5:1, 4:1 or at least 3:1 reward for any capital I put at risk. This means that even if im performing badly and placing more losers than winners, I'm likely to at least break even or even...
So you have the "perfect" setup; all the stars align and you feel utterly confident in taking the trade, but should you? I have a process that must be completed before I even think about pressing the trigger.
Fundamental analysis points me in one of two directions, then from there I'm either short or long. I then look if there is a technical entry point that...
Recently took a short off the 114.50 handle on this pair and covered in to the 112.00 handle.
114.50 is a huge resistance area and has capped price since 2017. I do believe that if the US equity market stabilizes around its 200DMA and makes a new ATH, USDJPY will break the 114.00 area.
With US10Y yields rising, US rate differential with JPY at 2.35% and on track...
Markets have closed after setting up a double top at previous structure resistance.
This has set up a good risk to reward ratio should price produce a move down to the support level.
Market is at resistance; market has put in a double top; RSI is showing bearish divergence; a few signs pointing down.
I will be shorting when market opens.
Here is an at market Cypher pattern that has just completed. It's quite a large one so if you're trading this make sure you can handle that much risk!
The Risk Reward is pretty average on this trade, but with such a high win ratio it's a trade worth taking to me.
Will be looking for 2 targets to press lower into next week.
Potential Bat pattern here with the underlying trend. Gives us a good Risk Reward based on a 113% X-A stop loss. Targets are a 38.2 and a 61.8 retracement of A-D - Cannot complain with 1:2.5 to target 2.
Pattern still needs to push a little lower until it can be considered valid though so will be paying attention to it later today and if not the start...
Here is a bullish Bat pattern at market. I have labelled the legs that stand out to me and also drawn in the C-D Fibonacci retracement to show where targets are taken. Trading 2 positions and aiming for 2 different target levels.
Stop loss above X at a 113% Fibonacci retracement of X-A. With underlying trend so could aim for a third target at a retest...
Here we have a 4H Bat pattern in yellow which I've been watching for a few weeks. However, when we go down to the 1H chart there is an at market Bullish Bat which would bring us up to the 4H completion zone. Gives us an opportunity to run for a third target with a great Risk Reward (4.7!)
Potential Cypher pattern EURCHF 4H close to completion. Pay attention for .786 retracement being hit to make it a completed pattern. Looking for 2 targets both with underlying 4H market direction (bullish)
Just been entered into an NZDUSD Bullish Bat! A little late with the publishing of this but only recently had time to check my charts.
Entry according to my rules is at the 88.6% retracement, however of course follow your specific and tested rules. Aiming for both T1 and T2 with this, and a relatively small pattern for this timeframe so shouldn't pose...
USDJPY 4H has just put in a nice Cypher pattern. I was actually involved in this last night when the 0.786 retracement of X-C was hit, however this morning it has pushed slightly lower and is still valid. As a result, you're getting a better Risk Reward on this pattern.
Will be looking for the usual double target positions and rolling the stops from...
Here we have another potential Bullish Bat pattern forming on EURUSD 4H. Above a 1:1 Risk Reward on this pattern. We haven't quite broken below the B leg which would suggest a press lower to out D completion, however the overall bearish momentum in this pair would suggest a press down into out D point.
Will be keeping an eye on this pattern and...
Been a while waiting for our next trading opportunity but the important thing here is we don't try and force a trade. We currently have an at market Bat formation on EURJPY 4H, providing us with a 1.5 R:R to target 1. Will be looking for a press to the downside and the nice indecision candles around this area suggest selling pressure.
As always, trade...
Just found an at market Cypher pattern on AUDUSD 4H following our loss on this pair last week. I actually missed the conventional .786 entry however the pattern is still valid as X @ 0.7680's hasn't been broke. This is actually giving us a much better Risk Reward, especially for a Cypher pattern. Note - if X had been broken this would be an invalid...