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As always, patience pays the bills. I personally don't like taking trades for the sake of it. I wait until I have a very high probability of being right and I make sure I win more when I'm right than I lose when I'm wrong.
Here is a lovely little set up on the EURNZD.
Daily timeframe showing massively oversold at a Major structure level being tested. Loss of ...
As traders, we understand that we can only ever play the probabilities.
For that reason, we want to be able to identify where the high probability trades are presented.
If we can identify an area of the market that is likely to be respected, we can build entry and exit rules around that move and capitalise.
Lots and lots of confluence here and I will be keeping ...
Following the Head and shoulders pattern break down, and perfectly respecting the slanted neckline, we have since seen further continuation to the downside.
Right now, we are seeing what I call a complex pullback which can be used to build a high probability entry zone.
First we have the Level of historic structure that has been respected more often than its ...
Text book Breakout pattern on this pair. The more conservative traders would be looking for targets at a retest of the highs whilst the more longer term traders will be looking for the extension.
Not a pair I trade but will be monitoring this today for my personal portfolio development.
After watching the market push up during yesterdays AUD news, RSI went extremely over bought up at 97
The market then put in a nice Double Top right at that major 9700 even handle.
On the retest we saw some nice bearish divergence on the RSI so I got involved as soon as we had the valid retest signal.
Stops and targets as per the short position indicator.
As you may or may not know, I have been tracking this since December as the market started to respect the same psychological patterns that have stood the test of time in other markets.
We now have a bat completion at market so there could be a push down to the neck line of the inverted head and shoulders pattern where there will be another opportunity to ...
Waiting patiently to see if we get the opportunity to enter short for my first chance entry on this H&S pattern on the EURUSD.
Some nice structure trades playing out over this last week particularly on the GBPJPY (see last post). Let it continue.
Good luck in the markets this week guys.
Following the breakout of this ascending triangle, we have seen a re-test and protection.
Watch out for NFP today though!
Equal measured move set up at previous resistance on the higher time frame. RSI is over bought. Could be a nice opportunity if market gives us a valid Double top.
After looking bearish for a while on this pair, we have seen a higher low and a break of previous resistance on the higher time frames.
dropping down to the 60 min, we can see this recent bull flag pattern with a false break to the downside followed by a 3 bar reversal candlestick pattern.
Although we have to break above the 7 flat number, this is still a good ...
Lots of bears out to play this morning. This is one of 4 I'm looking at for a bearish continuation taking off some profits at a retest of the low then trailing to secondary targets.
I did a run down of every trade in detail in this mornings live room session.
Good luck in the markets guys.
Not much on the radar for today and i don't typically trade on Fridays however, I have my eye on this nice flag breakout. I can only trade the pull back and retest on this particular pair so patience.....
Following the rally today after the news, we have pushed up into the confluence zone we were looking at in last nights Trading Edge Video.
Looking for an entry technique on the 60 to get short.
Good luck Guys.
Baring in mind NFP is today, we do have this absolutely text book Gartley Pattern Completion on this pair.
NFP in about an hour.
Looking at the EURUSD following yesterdays bullish break above 2350, the market is putting in this ascending channel with RSI divergence.
There are a couple of conventional ways to enter this set up. I'm looking at three ways to get involved. a test of the channel resistance, a break and close below support OR an FTB signal. See you in the live room!
Following an overall bearish week (netting 330 pips with 6 for 6 trades), one of the pairs I'm looking at reloading on next week is the GBPUSD if we can get a retest of that 3850 level. I'll be looking on the lower time frames for an entry but looking to ride this down by trailing stops.
Have a great weekend guys.
Shorted this pair following the valid set up of the Double top I was waiting for.
Great risk:reward profile on this set up.
Initial test = RSI over bought
Retest = Bearish divergence on RSI
We have also just had a lower low, lower close candle too so hopefully we can see some more bear pressure.
I'll be taking profits off at the level shown on the chart.
Seeing the fear driven sellers some into this market has created what is known as a "head and shoulders" pattern.
This is a very successful reversal pattern in many other markets and although we haven't had the sample size of data due to the nature of this young market, it will be very interesting to see if we hold the test of the neck line once broken.
We know ...