Get started

60min

AUDUSD 60min Balance AreaAUDUSD is at a Major inflection point in the Market. We are currently at a Daily Trendline and at Major Resistance. Right now the market is coiling up at Resistance. Now, it could be coiling up for an upside move through Resistance or may be coiling for a downside move to stay in it's current trading range on the Daily. We don't know. However, with all that said, I would give edge the Seller's just because of all the resistance we are sitting at currently. Also, the RSI is worth noting here. It went overbought and is now showing major divergence. I will wait for a break and close out of the balance area to give me direction. Target #1's are shown on the chart. Target #2 will be your discretion (Trail stops, structure, fib levels, etc) Stops will go 1 ATR behind the Breakout Bar. Best of Luck
by PateSkpate
1
EURAUD @ Daily SupportEURAUD is in a Descending Triangle on the Daily Time Frame. We are currently back at the bottom of the Triangle and at a Major Support level. This is a good spot to look for some sort of bottoming pattern on the Lower Time Frames such as a Double Bottom or some other simple pattern in this support level. The RSI is setting up to give us some really good Divergence if the DB occurs. I will be looking for a descent size bounce since this Support level is on the Daily and has acted as very strong support all year.
Long
by PateSkpate
GBPAUD 60min Wedge BreakoutGBPAUD is putting in a Wedge Pattern on the 60min time frame. These Wedges typcially end in good breakouts. I will be looking to trade this breakout in either direction. This pair has been very bearish as of lately, so I would like to see it break to the downside. Entry - I will be waiting for a Break & Close out of the wedge and will be looking to buy/sell on a quick retest of the Wedge Pattern. Targets - Target #1 will be equal to the height of the wedge (Orange lines on the chart). Stops - These can be placed many different ways.. I put my stops 1 ATR above/below the Breakout Bar. Good Luck!
by PateSkpate
GBPJPY 1H, two potential Gartley formations setting up.There's two potential Gartley formations setting up on the GBPJPY 1H chart. The bearish one completes up at 129.17, while the bullish one completes down at 127.19. However, with the bullish Gartley you might want to wait for a lower entry as is may not have a 1:1 Risk:Reward depending on your stop loss rules (I use a 1.13 Fibonacci extension from A-X for my stops). Also, although this is 1 hour chart the GBPJPY has a large ATR, so be sure to check it's within your maximum risk limit. Good luck, happy trading Remi.
by rem97
AUDUSD 60min BreakoutAUDUSD has pushed back down into a High Time Frame Support. Since then it has a created a Balance Area inside the support zone. I got long this evening on the pair around the .7500 handle. Its not often I will shoot for really extended targets but I think I have a good shot here being at a HTF Support Zone. The key is not getting stopped out before or IF the move happens. Once Target #1 is/if hit, I will manage the trade by trailing the stop on the remainder of my position. Best of Luck
Long
by PateSkpate
3
USDJPY 60min Preparing for a BreakoutUSDJPY on the 60min in consolidating in the shape of a Descending Triangle. These patterns tend to cause large breakout moves in the markets. I'll be watching this pattern and will be waiting for a Break & Close out of the pattern to give me direction. As of right now I have no idea which direction it will break, so I will not involve myself until I get my signal. Also we are at a Major Support Level in the market. I love finding these patterns at higher time frame structure levels.
by PateSkpate
7
GBPAUD 60min Ascending TriangleI just exited my GBPAUD Bear TCT. The reason I exited is because my Trading Plan says all Breakout Patterns take priority over all other types of trades. GBPAUD is forming an Ascending Triangle. Typically these patterns occur after a long heavy downtrend and mark the temporary bottom. There is so much room to the upside for a market correction. Also it's important to note that after 8 days of selling the Daily candle printed a Doji. So we will see what happens. In my opinion the upside Breakout makes the most sense and is more likely. However, I have no idea which way it will breakout. I will be waiting for a Break & Close out of the Pattern and will initiate my position at that time. I will be trading this pattern in either direction.
by PateSkpate