USDJPY - Bullish CrabThe crab pattern has not formed yet but a consolidation happens before it. If you don't mind to engage 2pips ahead of the completion, you can consider that. Stop-Loss I'm looking at 104.01.
Countertrend
NZDUSD - Bearish BatA bearish bat pattern forms up as a counter-trend trading opportunity. One thing I love about this pattern is that the completion of the pattern is at the previous structure consolidation. The concern I have on the bearish bat pattern is that Point C touches A which denote as a warning sign for the harmonic patterns traders.
EURJPY - Bearish BatLast week I have reminded you guys on a shorting opportunity on this Bat Pattern and I hope that you didn't miss the 90pips bear run which is approximately 900USD/lot traded.
In my Video Analysis, I did speak about buying on the trendline as long as the candle didn't break and close below it, that gives you an 80pips of running profit at this moment that will give you an approximate 800USD/lot traded.
At this moment, I'm watching closely on the red line, as long as it didn't break and close above the red line, I'll head in as a type2 bearish bat setup, I will also watch closely on how the candle react on the trendline.
GBPJPY (4H) Counter Trend ShortShorting the beast (GBPJPY) around monthly M4 pivot (bulls sell zone). Target is next week's monthly center pivot (bulls buy zone).
NZDJPY - Bearish CrabAn RSI Divergence is born after the retest of the previous high give an opportunity for the risk-takers to engage the trade, there are 2 levels that traders need to observe, a break and close below of the red box and a break and close below of the black line for the safe passage towards the promised land(profit level).
GBPUSD-Weekly Market Analysis-Feb21,Wk1Although there is an Ascending Triangle formation on the 1-hourly chart, I'm waiting for a shorting opportunity of this setup as we can clearly see bearish movement to be more persistence, waiting for trading confirmation to short the market
NZDUSD - Bearish Deep GartleyI'm waiting for the Deep Gartley Pattern that completes at X, it is 1 of my favourite setup that proven to work well on the currency pairs in the timeframe I've been trading.
What're your thoughts on this setup.
EURJPY - Bearish Bat(1Feb2021)A Bearish Bat Pattern setup on EURJPY provides a counter-trend trading opportunity. I'm waiting for a check-back(retest) for the shorting opportunity.
EURUSD-Weekly Market Analysis-Feb21,Wk1A Gartley Pattern has form on the 1-hourly chart as a counter-trend trading opportunity. I'm looking for a shorting opportunity on the checkback(retest) of the entry price for a better Reward: Risk setup. The aggressive trader can consider to short when the market break and close below the trendline.
USDJPY Breakout of Bearish StructureDetails explained in the chart.
Just a note, I entered this trade last night while the DXY was strong. Since then drawdown overnight but as DXY is starting to gain strength, pushing USDJPY up.
For late entries, look for pullbacks, set a low risk with large SL to take into account any DXY weakness. This trade has room to ride.
Uptrend & Downtrend CounterSAVE THIS!
This are two of the best entryes on uptrend and downtrend counter.
The best thing to do is to wait for the price to give you the confirmation before entering the trade.
OANDA:XAUUSD
GbpUsd PossibilityForecast// Daily supply to 4h demand. Simple and easy. Only looking at springs and Upthrusts.
NZDJPY - Bearish BatA consolidation that happens near the Bat Pattern completion often signals a warning sign. That being said, I will look closely to the pattern completion, the only thing I will not do is to place a Sell Limit order for the trade.
EURJPY - Bearish ButterflyAn emerging Bearish Butterfly completes at 126.92 which is near to the 127.00 price action level. I won't be too surprised if the market touches that level before heading towards the target level of the bearish butterfly level.
The projected level of the butterfly pattern is also the key level on the daily chart.
GBPUSD-Weekly Market Analysis-Jan21,Wk4Potential Head&Shoulders formation with RSI Divergence is critical criteria for me to look for a shorting opportunity. Having a bearish engulfing candle would have validated the setup, however, if the candle gap up, as long as it didn't break and close above the red box, it will still be a valid setup.
AUDJPY - Great R/R Trade Idea!AUDJPY Technical view:
Pattern: Descending wedge
Support: 80.185, 80.005, 79.815, 79.605
Resistance: 80.520, 80.660, 80.845
Bearish Confirmation Below: 80.185
How to approach the trade idea:
- Follow your trade plan
- Add an order where you think a confirmed break below would be
- Checking the sentiment of the market for further conviction
- Wait for break out, and trade the pull back
Fundamentals:
ECB : I don't think there will be any significant movement within ECB meeting there are few areas I will be keeping an eye if mentioned:
- Biden ( inflation factors)
- Political stance in Italy
- Extension of lockdowns
- Vaccination
- Exchange Rate of EUR
Jobless Claims : Wall street Vs Main street.
I've had few people message in past weeks and days questions along lines of: How do you keep going even when the trade is against you? & How did you not quit?
My answer: Be humble enough to let your ego go within trading, that's what a stoploss is there for, journal your trades to know what went wrong follow your own trade plan you don't always need multiple amount of indicators, stay disciplined to become the trader you want to become. It's not an over night success - I like the quote: First they ignore you, then they laugh at you, then they fight you, then you win. The reality is - The market owes you nothing at all, and the best set up are those you have the patience with rather than rushing into. Surround yourself with community (Network) around you not social media community but a professional community, that most likely will cost.
All the best,
Trade Journal
(Just a trade idea, not a recommendation)
AUDUSD - IS IT TIME TO SELL...?! AUDUSD - Technical View:
We've had a bit of a risk on move start this morning but equities and yields are both at key areas. In technical aspect we are a key resistance area in Aussie where I will be looking to add a short position on and scale in as time goes by.
Technical:
Pattern: Double Top for wedge forming.
Support: 0.76425, 0.76280, 0.758050 (200EMA)
Resistance: 0.77275, 0.77435, 0.77830 (50EMA)
Fibonacci Retracement: 0.618 - 1.618 or 0.382 - 1.618
Ways to trade Aussie?
- You could enter short position at this current moment of time and scale in towards key areas.
- Add an order towards the key areas once breached
- Double top, we at resistance - putting your stop as the correct area that goes with your plan will be something to think about
- Go with what's in your trade plan not forgetting where you'd like to enter making it a great R/R (Risk/Reward) Trade.
Fundamentals:
- President-Elect Biden Speaks
- Treasury nominee Janet Yellen to say U.S. does not seek weaker dollar: WSJ
Key tip: Add your own creativeness towards your trading plan towards this idea - the idea I generate for you is only here to give you extra confluence towards your trading.
Overall, it's at key area AUD for perhaps an intra-day/swing trade if planned correctly & depending on fundamental aspects as well.
All the best,
Trade Journal
(Just trade ideas, not recommendation)
NZDUSD - Head and Shoulders RetestWell For traders who have missed this setup then you might not have joined us on our Wednesday Live session.
Well, there's another opportunity to engage the shorting opportunity as long as it has not hit the Head and Shoulders completion level. The level that you can wait for a re-engage level is at 0.7177.
GBPUSD-Weekly Market Analysis-Jan21,Wk3GBPUSD offers 2 different approaches to traders if the candle touches the trendline without breaking and closing below the trendline I will wait for a buying opportunity.
However, if the market reverses to 1.3660, I will head for a shorting opportunity on this trading setup.
EURUSD-Weekly Market Analysis-Jan21,Wk3There is a couple of strategy on EURUSD, the most recent will be the AB=CD Pattern that completes at 1.2070. The aggressive trader can wait for the candle confirmation signal to engage, while conservative trader can wait for a double bottom with RSI Divergence to engage this counter-trend trade.
GBPJPY Sell LimitThis trade is a little bit risky because its countertrend. I think I will leave this trade and only watch how will it go.
GBPJPY - Bearish Bat on Sideway BounceA bearish Bat Pattern appears on the 4-hourly sideway bounce formation. I've almost missed this trade as there's a gap down with a different candle on Point C that's painted on my Live Trading Account on my MT4. It is a good practice to cross-check your charts on Monday especially when there is a gap, these are good practices of a trader.
I've engaged the trade as the trading setup gives a very tight stop with a great profit projection.
EURUSD - Detailed MTFA Description - Trading with ConfluencesHi Traders!
The market is in an overall Uptrend.
We're going to start the MTFA with the Weekly Chart.
Then we'll continue with the daily, H4 and H1 Timeframes.
Here is the weekly TF:
As you can see the market was in a descending Parallel Channel for a very long time.
Then, it broke out and started to move upwards.
After a while, it started to consolidate in a Range.
Now, we are at the second Trending Move.
The bullish Target is the Resistance at 1.25 and the bearish Target is at 1.20.
Moving on to the daily TF:
Here, the market is in an Uptrend.
It is making higher Highs and higher Lows.
But, take a look to the first Trendline:
Price was rallying up and after the Trendline-Break the market started to consolidate.
Then we have a second Trendline.
Now it is breaking this Trendline and we expect a consolidation.
The Range of the consolidation is between the Resistance at 1.22 and the Support at 1.20.
Continuing with the H4-TF:
Here you can surely identify the Head and Shoulders Pattern.
We have a clear left Shoulder and a clear Head.
The question is now: Is this a completed right Shoulder or is the market going to retest once again?
However, we also have a Neckline and we will observe the reactions around it.
Mainly we are looking to sell after the H&S Neckline Break.
Lastly, here is the H1-TF:
So, this chart may look complicated to a new Trader.
But let's devide it, so you get hopefully a better understanding of it.
Firstly: Which Key Structure do you already know from the higher TFs?
The weekly Resistance (label is there)
The pink daily Trendline
The H4 Neckline of the Head and Shoulders Pattern (label is there)
So, you already recognized those three Key Structures.
Moving on from left to right.
We have a Double Top Pattern.
4 out of the 9 speech bubbles are including this Pattern.
This one blue dotted Level on the Top is the Neckline of the Double Top Pattern.
The red circle reinforces the Double Top Neckline and Trendline Break.
We have a descending Parallel Channel.
This shows us possible valuable Areas to buy and sell.
The idea is to sell at the Top of this Parallel Channel.
But not only because that, we also have a last confirmation...
We have a 50 EMA showing bearish strength.
The market often reacts to the 50 EMA, because it is an indication for the Trend pressure.
The Trade Structure
The red Area shows the SL and the green Area the TP.
The smaller the red Area compared to the green one is, the better Risk-to-Reward Ratio you have.
We here have a RTR of 1 to 2.18.
Now you should be able to understand the confluences behind this whole Trade Setup:
- Approach of weekly Resistance / potential bounce off
- Break of Daily ascending TL
- H&S Pattern on H4
- Double Top Pattern on H1
- Active Descending Parallel Channel on H1
- 50 EMA showing bearish strength on H1 TF
We recommend to trade with a low risk, because we are trading against the Trend here.
Thanks and successful Trading :)!
