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Falcontradingguidance

USDCHF: Potential Head and Shoulders FormationMarket seems to have created the third touch after after an impulse downwards, followed by a correction phase, and a vicious reversal to the top of the structure. What can be seen here is a potential head and shoulders pattern forming. In the 1 hour chart, an evening star could be seen formed, which ticks off another box for the market to impulse downwards. In the daily chart, it looks more likely that the market could just be going through a correction phase before actually impulsing upwards as part of the correction phase. Steps To Take Wait for a bear flag to present an opportunity to buy Wait for the formation of the head and shoulders pattern Be prepared for a reversal if an opportunity to sell appears
Short
by cwphuah
USDJPY SSHORT USDJPY Currently USD is looking weak, after the first impulse and scooping reaction of the ray line on the 4hr, I'm look to enter on the continuation correction. potential for a +10% ray line of the inflection area is first area of profit. New market day is about to start in an hour so will wait for an entry as I do not want to be taken out prematurely by the spreads. price is hovering beautifully and is a text book falcon impulse correction. Beautiful bear candle close on all time frames here. just sitting and waiting for the close.
Short
by Reid_Hicks
AUDNZD ShortPlenty of activity in the markets to start the week! AUDNZD moved nicely. There was an opportunity for a short on the second touch of the outer trend line (reversal high test followed by bearish engulfing candle on the 4HR chart) D - Still a couple of hours away from the close but price is in an overall valuable area as it is just after the third touch within a big ascending channel. 4hr - breaking down nicely but remaining patient for a corrective structure in a possible continuation. a go to entry is a hover/ascending channel near the double bottom/ascneding trend line 1hr - similar to the 4hr, it is in an area of a double bottom and can possible head back up for a third touch within a bigger corrective pattern, however its more probable it will continue down if there is a nice correction. currently still in the USDJPY position- was taken out on the first trade from spreads and gapping but was reentered last night over, yen pairs looking nice for shorting!
Short
by Reid_Hicks
NZDUSD: Chance To BuyThe pair NZDUSD has been volatile for the past week, which has hit many of my stop losses. It has finally touched for the second time in the bigger structure, which we then can predict it to move to the upside, effectively completing the structure by touching for the third time at the top of this picture and potentially breaking out. The bigger structure is that of a descending channel, which means that it is possibly a huge impulse to the upside. However, we should not jump to conclusions and wait for confirmation that the market is moving to the upside by watching out for a bull flag or a correction phase of any sort. Steps To Take Wait for a bull flag or a correction phase Buy at the 6th candle What's a bull flag? A correction phase in the hourly chart typically consisting of 6 to 8 candles. The market should be of an impulsive nature from below, which will form a correction phase, which will then impulse upwards.
Long
by cwphuah
NZDCAD LONGAloha Kakahiaka! Hello and good morning! I set an entry order last night on NZDCAD which triggered me into this breakout of the pattern. -could be forming a false breakout out of the structure and fall back into the structure. (possible) Expecting a slow day in the markets; Labor day; US banks are closed. D - Daily is near a double bottom - but it doesn't always have to come down all the way and can begin rejecting as we can see on aug 30 with a lowtest rejection. However, that is not the major key factor in entering. Jumping down to lower time frames is where I saw a potential entry. 4 - After drawing in trend lines, I noticed that the bulls began to charge upward within the 1hr ascending channel. ALthough within a corrective phase, a possibility is price can just break out of the pattern and fall back into the descending channel for a double bottom and then another move up. 1 - placed my entry order (0.84100) what I thought would be well above the structure only to be entered into a "confirmed" move which to me, means the trade impulses heavily in your direction, however, there was an impulse but not completely, and now price is correcting,... we shall see what happens! following the 90% taught it falcon, price has the probabilty of reaching the top of the descedning structure here for a net of +6% Will remain patient! Mahalo for reading! Best of luck traders! let's dominate!
Long
by Reid_Hicks
Long or Short? What could come of GBPAUD On the Weekly chart here we see an ascending channel where price movement has not quite yet touched the support line. On the 1HR chart, we see another ascending channel which seems to have been broken through to push price lower. This is where I originally had though of placing my buy order in hopes of catching the movement back up to the 1.97400's. But now that I am reviewing the set up again I am thinking to myself, what if price breaks through and goes south? Of course we can look at the smaller time frames to get an idea of when it will break it if it does and if its legit or a false breakout. I'm interested in what you guys think about where this pair might go! Also one more thing, I think it's important to take into account the enormous pinball candlestick that took place at the beginning of the year. Do you guys think this could indicate the fall is sooner than later? Maybe I won't be able to ride bull wave after all.
by JuanAlexander95
Great PullBack Buy OpportunityWe saw a great pullback buy opportunity today in the NZDUSD market! This was a great scale in for those of you who entered the original trade on 6/10. This is also a great trade if you are just entering the market for the first time. The way I see this, you can profit from this twice. You could have placed your buy limit at 0.65622 which would have been placed at around 1:30 pm EST. With a 10 Pip Stop Loss, you could place a short term buy with a 41 Pip Target. All this action is happening on the 15 Min chart BTW. Scaling out to the 4HR chart, you can see the long term appeal to this trade and how you can still bank in some nice cash even from entering the market now. Placing a buy limit now at 0.65801, you'll be entering the market and have the opportunity to rack up 100 Pips TP with a 25 Pip SL for a 3.89 R:R. Of course before placing any order, we must wait and read the market. There is yet another wedge in the Daily chart so more opportunity to make money on this trade is coming. More pullbacks will present themselves and you should be ready to enter the market either to scale in on the larger trades or to place short term trades.
Long
by JuanAlexander95
Bullish on AUDCHFHello, everybody, I hope you have all had a great day today. I'm just getting home from my restaurant job and reviewing/managing some trades I'm currently in. AUDCHF is one of those trades. I've gotten better at catching myself when I'm about to place a trade for FOMO but sometimes I still fall victim. I entered the market at 0.68565 originally with a 395 pip Target and 40 Pip Stop Loss (SL). I'm currently in the red for this trade, but I just placed another buy stop order at 0.68465. But I'm not too worried...yet. There is always the possibility that the market will do something completely different from what I was able to analyze. As of now on the 4HR chart, we see that the market has broken through the Daily descending wedge resistance level (This is where I immediately placed my FOMO trade instead of waiting for the predictable pullback) and seems to have finished its correction period. The 15Min and the 1HR chart both show price action has bounced off the what is now the highly likely new support for this market. I placed my buy stop order on the 4HR chart at the tip of the last 2 large candlesticks. I would love any feedback on this analysis if anyone has any advice or guidance leave a comment for me!
Long
by JuanAlexander95
2
I was right all alongIts interesting to see how certain bias's can creep up on you while trading. If you'll remember yesterday I published 2 ideas on CHFJPY. Originally, I was under the impression that the market would drop as soon as it touched resistance and reverse down to the bottom of the Daily channel where we would have set our original Target. Then, Price broke through the resistance line indicating that the market was ready for bullish momentum. However, I did bring up the possibility of this being a false breakout and as we waited for the bullish pullback to go long on the trade, price tanked. The price is sitting roughly 50 Pips away from the Daily resistance with a good couple of bearish candlesticks indicating downward momentum. Although I saw signs of a bearish market, I managed to find reasons as to why the market will skyrocket once price broke through the resistance. I think this shows the power of decision making. I personally did not enter the market to catch the drop for a matter of risk management, however, given that the trade went against my final prediction (up), I am glad I didn't hop into this trade out of FOMO or it would have been a loss. This is not to say that the bullish move isn't coming in the future! We still have the Weekly descending channel and we do still have the 3 touches at the bottom of the Daily channel. Its possible that upon the fourth touch at the bottom of the Daily channel, the market will reverse where we can set a Target for the top of the Daily Channel, and potentially a second Target at the completion of the Weekly Channel. It's important to note that price action does NOT have to reach all the way to the bottom of the Daily Channel to reverse. Once price reaches the 50% point of the Daily channel, it has the potential for a reversal. Now that we have a clear direction of where the market is going, we can look for opportunities to scale in and place short term trades. From where price is currently sitting now to the support line at 108.331, we have the potential to bank in around 120 Pips in total.
Short
by JuanAlexander95
Bullish on the Franc YenEarlier today I posted an idea about how I think price action breaking resistance could have acted as a false breakout. After reviewing the market again, I managed to find something I wasn't seeing before: There is a pretty clear descending channel on the Weekly chart. This breakout can certainly be a breakout on the weekly timeframe and will play out over the next couple of months. The patient can enter the market and expect to make around 700 Pips should the pattern complete its reversal. The 15 Min and 1HR charts already show sign of a pullback and are ready to blast off after touching the new support line. This trade will offer multiple scale-in opportunities so keep a watchful eye out for CHFJPY!
Long
by JuanAlexander95