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Extension

Daily Mean Extension with Bearish Conf. on Lower TF's (GBPJPY)On the daily TF for the GBPJPY the bullish impulse has been stalling and we are now consolidating in an area well extended from the 200 SMA. On the 4HR, there has been several attempts from the bears to break below the 200 SMA and have held, but now we have had a big impulse down, through the 200 SMA with a bullish correction. This is more easily seen on the 1HR, but regardless a sell stop has been placed below the low of the bearish candle. (148.665 - a few pips) (A bearish MACD signal on the 1HR, CCI breaking below -100, etc. could also do instead of trading the breakout below the candle.) Partial TP at 147.029 as its been a significant level in the past, and it would be smart to trail the rest of the trade on its way back to the mean on the Daily.
Short
by LegendaryStick
USD/JPY - Correction in wave 2 completed at 107.30USD/JPY has been correcting in wave 2 since the 118.67 high in mid-December 2016. This wave 2 correction completed at 107.30, just above the 61.8% corrective target at 106.85. Wave 3 higher is now developing and should continue to higher towards at least 126.41 and more likely extend higher to the 161.8% extension-target of wave 1, which is seen at 138.23. Third waves is normally the strongest waves and tend to extend. As Pretcher says " Third waves are wonders to behold ". Short-term, I'm looking for a minor correction into the 108.72 - 109.17 area from where the next impulsive rally higher is expected. At no point can a break below 107.30 be accepted under this count .
Long
by EWS
GBP/USD Gartley PatternAlmost text book Gartley Pattern setup. I will wait for monday to possibly create a lower high and maybe an M in London. I will be setting a pending order at the .618 retracement and set an 80 pip stop loss. I will not be taking a huge position in case I am wrong. I do not want to lose all my capital. I will roll my stops IF the market begins to fall in my favor, I will eventually move stops to break even. I will set my TP a little bit before the full D extension in order to not get tricked out. We shall see what the week brings, but I will not be entering this trade until I see a .618 retracement. Best of Luck -The Market Vampire
by FXVampire
1
GBPUSD- The Next Trend Trading Opportunity last week we fired off a long opportunity here on the GBPUSD at the 1.3060's level looking to capture initial profits at a retest of the previous structure highs. Now that we've reached those highs, the market is going to offer us another "decision point" A break above close above at this decision point would tell me to expect another extension higher where pullbacks can be used to hop on the bullish move, while a failure to break this level would lead me to expect a deeper pullback. IF we get the deeper pullback the next buying opportunity will be at a retest of previous structure support where I initially got involved in the trade at. An even deeper pullback and violation of that level would provide pattern traders with the opportunity to buy at the completion of a bullish Gartley Formation. Akil
by Akil_Stokes
10
GOLD - Looking For A Potential Push Higher Part IILast week we took a look at a potential bullish Head & Shoulders pattern setting up on Gold. The market proceeded to fulfill that prediction so of course the question now is "What's Next?" COUNTERTREND TRADERS I would look for a push up into a next level of previous structure resistance as that looks to be the next place in which the buying pressure may run out of steam. TREND TRADERS I would look for a retracement back into previous structure and look to buy the dip in advance of the level mentioned above. Akil
FX:XAUUSD
by Akil_Stokes
4
EURAUD Head & Shoulders/2618 (It's Not As Confusing As it Looks)So tonight I wanted to revisit a pair that we looked at this weekend, but first of all congrats to anybody that was able to catch all or part of the painless 100+ pip drop!! (RING THE REGISTER!) Now the question is what's next? and my answer may not be what you're expecting. Despite price pulling back into our previous level of structure, I still have a higher time frame bullish bias on this pair and am looking for a potential bullish head & shoulders pattern to set up. If you're a trader that likes to trade this type of pattern at the right shoulder instead of the neck line then a secondary 2618 looks to be a good way for you to get involved. \ Tomorrow evening 9:30 & 11pm (New York Time), we have news releases from the Aussie, which is always,,,"interesting" considering how thin the markets are during that time. If the chart above seems a little confusing, keep an eye out for the video release as that may clear up any questions that you may have. Of course feel free to leave them below as well as I try to answer everyone when I have the time. DO ME A FAVOR & TAKE A SECOND TO HIT THAT LIKE BUTTON AS WELL WHILE YOU'RE DOWN THERE. Also "Don't Feed The Trolls" (DFTT) so if someone leaves a negative comment under a question or comment that you post, just ignore them, they just want attention to help brighten their sad existence. LOL Akil Stokes DFFT (Maybe i'll start a movement with this saying) P.S. I'll update when the video is out assuming I'm allowed to do so via the tradingview house rules. GOOD LUCK THIS WEEK!
by Akil_Stokes
12
ADI breakout to the downside!!higher time frame is showing defined downtrend and exhibiting trend strength- using moving averages as dynamic resistance/ support -intermediate timeframe shows trend alignment to the downside and price pull back to short term moving average -looking for it trade to pivot low of 78.58 and breakout to the downside on intermediate timeframe -on the shorter time frame- it is also showing trend alignment and favors a higher probability favoring the trend to the downside -price is also pulling back to the .236 retracement level of 78.98..would look to initiate position in that area to the ride back down and setting a tight stop over 79.0x area -as price resumes downtrend on the intermediate timeframe- it should also translate to the lower time frame and breakdown past the pivot low of 78.58 and along with increased selling pressure towards the path of least resistance to 74.7x area (.618 extension level)
NASDAQ:ADIShort
by inco1
rai inverse head and shoulder breakouthigher timeframe showing strong uptrend and excellent trend strength intermediate timeframe showing trend alignment and showed the breakout of resistance area 67.0x area after completing inverse h and s pattern with strong positive volume pressure measured move from head of pattern to neckline is a .55 move which should give projected target of 67.55 and extension level .618 at 67.8x area consolidation in this previous range should provide enough momentum and relative strength has room to run setting stop underneath breakout candle in case of a false breakout move
RLong
by inco1
sbux breakout lookoutlong term trend is in uptrend with trend strength increasing intermediate time frame is showing increasing uptrend with slightly flattening longer term moving average might be indicating consolidation...forming a tight symmetrical flag in uptrend move should lead to breakout past resistance area of 63.5x area and into areas of least resistance target is the .618 extension level at 65.85 volatility is contracting setting up for a major move possible breakdown due to negative divergence in rsi so remaining cautious- setting stop at 62.9x area volume is showing strong positive pressure
NASDAQ:SBUXLong
by inco1