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60min

USD/JPY 60min Double Top, Daily RSI Bullish DivergenceThere is potential double top on the 60min at 108.59. Price ran right into some structure. The overall trend is bearish and this looks like a relief really. I would have my stop just above structure at around 108.79 and look to take profits at 107.40. Now on the Daily there is some bullish divergence on the RSI. I think price will pull back to the 107.30's level before making a stronger push up. Good luck trading out there.
Short
by ChrisThein
3
GBPUSD Cypher + Counter Trend OpportunityGBPUSD ran into some Hefty Resistance on May 3. It appeared it was going to Break it and keep running. Instead it ended up being a failed breakout and is failing at the Yearly highs. On the 60min chart we have broken support which signifies the short term trend is now bearish. As a Trend Trader I will be looking to sell rallies back into Resistance. When I was doing my Technical Analysis on this pair I ran across this great looking Counter Trend Setup. I'm not a Counter Trend Trader so I will not be taking this setup but just decided to share it anyway. There is a Cypher lining up in the "buy zone" and 61.8% Fib. I'm sure as price works its way down there we will be able to find an ABCD Pattern maybe on the lower time frames to help us eye up exactly where to place the buy limit. Recommended Entry Techniques: Aggressive - Just place a Buy Limit exactly where you want to enter Conservative - Wait for a double bottom, 3 bar reversal, or a pin bar before entering. Once you get your entry technique you can check the RSI for Bullish Divergence. Stops - I would recommend doing whatever your trading plan says to do for Counter Trend Trades. I just put a 1 ATR stop on the chart because that seems to be the most Stop placement. Targets - Again do what your trading plan says. I placed Target #1 at the First Resistance Level (b leg of the Cypher). You could trade it as a conventional Cypher Pattern and have Targets at the 38.2% & 61.8% Fib Retracements. They way I have the trade setup with entries, stops, and targets it comes out to be a 2.50 to 1.00 Risk to Reward.
Long
by PateSkpate
1
EURUSD Long on a Cypher pattern possible completionThis is an very early pattern idea on the EURUSD but i am out for a while today so i wont be monitoring this, but our PRZ area is at 1,12574 stops and targets are as on the chart. Lets hope for an oversold RSI. I got my order in place and remember if you do that and are not there to monitoring the price action, set an alarm at your broker for If / When - the pattern comes invalid before entry. Kind Regards Thomas Jeff
Long
by UnknownUnicorn101425
2
GBPUSD Potential Cypher pattern completionAlright im back and i will try and post most of the trades as they come if i got time. Tonight before the market opens we got a Cypher Pattern completion here on the Cable, the market is a bit choppy but i think we got a minor bullish trend going for us. The setup is right at former structure resistance, we got stops under the psychological even handle number 1,40900 so let´s see if that will give us any protection. Remember if price moves beyond the 1.414 before we hit our X completion the setup is invalid. Check out our Bat setup on the NZDUSD Kind Regards Thomas Jeff
Long
by UnknownUnicorn101425
2
NZD/USD 240/60 min Bearish Bat and Long opportunityThere is nice bearish bat pattern setting up on the 240min chart. I would look to get short around .6942, stop above the swing high around .6973, target one .6830 and target two at .6775. If you are looking for shorter term long opportunity, I would look at the .6830-.6820 zone highlighted in blue. There is a .382 fib right into some structure. The 60min chart made new high look for a pullback to get long. Good luck trading out there.
Short
by ChrisThein
USD/JPY I'm Going BAT to BATThere is a .50 fib Bearish Bat Pattern on the 60min time frame. It completes at 108.93, I'm putting my stop just above the swing high around 109.20. My target is going to be 108.13, it's the .618 retrace of the entry. There is also a .382 AB leg on the 120min. Now depending if you trade only .50 fib bats, this may not fit in your plan. Even if it doesn't this is still a strong bearish area, it's the start of that massive bearish move at 110.30. Good luck trading out there.
Short
by ChrisThein
Why its SO important to stay DISCIPLINED!!!Here is a great example on why it's so important to stick to your plan and follow your rules 100%! GBPAUD 60min Bear TCT: Notes are on the chart Would you have been disciplined enough to watch the market get 99.9% to Target #1 and sit through a 150 Pip Reversal and losing half of your profits? Then watch the market come down and Double Bottom just ahead of Target #1. Seeing a Bullish Hammer at the Double Bottom? If you did have enough Discipline/Focus then you would have been rewarded with a lot of Pips! In these situations I always remember what my Mentor preaches... "It's all about Process over Outcome". What this means is that it's not about the money or pips you make but its about your process of trading. Will you follow your Trading Plan that you have backtested? Will you stay Disciplined? Will you stay Focused? Will you forget about the money and just focus on the Process!!!??? If you can then you will be that much closer to succeeding in this business!! Happy Trading :)
Education
by PateSkpate
28
EUR/USD Bullish Continuation Zone 60minThis pair has been bullish in the wake of the ECB's rate cut and the increase in QE. We have nice zone (1.1215-1.1225) where we have a one-to-one confluence, a 1.618 inversion, and a .886 Fib retracement. This could be a potential zone to get long in the underlying trend. Look for price to reject this zone first before getting long. I would have my stops just below the swing low, but be aware of the 1.1200 even handle. It has acted as resistance before and could act as support if price blows through this level. I would look to take profits at the swing high's around 1.1325. Good luck trading out there.
Long
by ChrisThein
GBP-AUD Strong counter trend Cypher pattern setupThis is not really a trade setup, it´s more of a little thought sharing on emotions, the biggest enemy for us traders. As you people that follow me knows i trade harmonics an insanely simple and very profitable way of trading, removes all subjectivity from trading with some testable, verifiable, and repeatable rules. I could not trade in January because i was away from home traveling and too busy to take trades, so when we reached february i was itching to trade, had taken November and December off as always every year from trading and i had a newly investment infusion into my trading account, that ment i now had a responsability to not only make my self a living, but also keep another party happy with very little drawdown. And here comes out the new emotions i had not felt since i started trading, got soo concerned with cash preservation, protecting stops / moving stops that i was not following my rules. I was so hooked on making profit with no losses. But the thing is, in my rules there is no stop moving, my trades hits T1 60-70% of the time if no stop is moved, less if stop is moved, so i was suddenly making rookie mistakes. I started out with 2 weeks of 2% drawdown, it recovered to a 3% profit in week 3 but at that time i had taken my self in moving stops on so many orders i could have made the double. So i wrote down on a big note that if i broke another rule i was not allowed to trade for a week, which meant calls from the new invester. By doing that i got to remove my feelings from trading again, and what happened.. I got so relaxed about it, i knew my trading plan works and have done it for years, further more i had 8 trades until today that i would have killed with my emotions if i had continued on, like the one i posted right here. It hit my entry live and i was watching it free fall towards the stop, a heavily counter trend trade, but it met the rules - The rules that work again and again every year, in this one i once again cut my emotions out and it turned on a dime right before my stop and hit my entry for a 2% profit for today. Test your plan, control your emotions and carry out your trades till you can do them in your sleep and you will become Prosper beyond your imagination! But remember loosers is part of the plan too! Kind regards Thomas Jeff
by UnknownUnicorn101425
USDJPY 60min Bullish TCTUSDJPY is coming off of a Major Support Level. I'm looking to buy a pullback in anticipation of the market correction. It has broken and closed above previous resistance and if it can pullback into my reversal area I will look to enter long. I will have to enter long at or below the Purple Line which represents a 1 to 1 Risk to Reward. Stops - 1 ATR Below the Reversal Zone Target #1 - Retest of Highs Target #2 - 1.27% Fib Extension plus Structure (Previous Resistance). Once could also look to Target the completions of the ABCD Pattern for Target #2's
Long
by PateSkpate