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Ideals

Conditions unchanged for GBP/USD (B6) Hello! Been a busy week and traded late into Fri's session. I completely skipped the early session, choosing to strike after the market settle down from Jackson hole. I may have miss some action but completely fine as any trade i try to take will be more of a gamble then trading. For now, the B6 started a rally after being oversold. I've mentioned that i'm not keen to short unless it rallies. Now, i'm presented with the opportunity. I am targeting a larger bearish Cypher pattern, and i'm looking to trade intraday with pullbacks on the 1hr chart. For that, i'm going to present another ideal tommorow before the European Session. At times, it is quite tough to trade opposite of your planned position, which is contrary to normal day to day decision you make in life and is normal to feel unsettled. But if you are not comfortable with contrarian ideals, skip it. Don't think about it!
BShort
by trutt79
Breakout or reversal? Pardon me for not cleaning up the chart because I want to use it as a form of reminder how precarious trading can be if I am too obstinate on certain directions in the market and how fast market can change its opinion. Ok, now for A6, i'm ready to take a trade if there is a lower high lower low candle being form on the 1 hour. In classical candlestick reading, i'd need a 3 bar formation which confirms a reversal, place my stop above the high. I'd first target the nearest support and then the next one. This is a counter trend trade with higher risk but if you want to trade it go ahead.
AShort
by trutt79
Go for Gold? Sometimes patience are not always rewarded but it is part of trading which I need to accept. My game plan was to long Gold (GCZ2017) if you have been following my trade ideals. So far, besides the occasionally test on 1288-90 then a false break on Fri early price action which might have been triggered by stop loss orders, there wasn't much trade i'm interested in. If on Friday the selloff continued, i will setup to do short trades till the long structure (in green) has been reached, or my bullish Cypher is triggered. Now with Friday's rally, it ended near the short structure which i won't go long due to poor risk to reward, and neither short because the buying momentum is good. So, now i need to wait again for either a long breakout + pullback, or short if this short structure hold up. Luckily, we have so many other instruments to trade and I can put my "Go for Gold" plan aside. I don't wish to assume and take for granted a sure trade. So, keep your ammunition until a clear direction takes place!
COMEX:GCZ2017
by trutt79
A nice short term channel to short - 1hr/15min + Bullish Bat There is an underneath nice Bullish bat on the 4 hour, and a bearish channel to trade on short term. Here is how i picture it: Short the AUD/USD with 15min and plan for a longer term entry as the downward channel leads price to the Bullish Bat pattern. My trading on the channel is a vision that price gets overbought on the high of the channel, coupled with RSI overbought or, a structure short level. On the Bullish Bat, stop is below point X, and target is along 38.2% and 61.8% retracement from entry D point back to C point.
A
by trutt79
1
Sharp rally from low presents another short opportunity This rally has good momentum and previously, i mentioned I only take trades when the candle formations are within the zone. Now, at 61.8% retracement, there is a good case when I always use risk to reward to confirm possible setups. Although i am planning to short, it has to be in my favour. I am using a longer term 4 hour time frame to trade so i'd look out for lower high, lower candle on the 4 hour chart, must be within the zone and place a stop entry below that candle.
CME_MINI:ESU2017Short
by trutt79
Bearish on the pound! The pound has bottomed last few months with a well defined high and low on a longer term basis. In the short term, there presents a lot of shorter term opportunities. One of which is to short the near the channel high on the 4hour chart, or you can pick rallied into short structure and you could also trade patterns. I just saw this Bearish Cypher pattern forming. I dont trade into futures on forex, but i don't think there is any difference between spot or futures in general aspects. I am looking to short GBP/USD when the opportunities present itself. Take note that in large range like this, i do not specifically bearish or bullish. I'd just trade the side where it is convenient for me in terms of risk to reward and shorter term direction. Was i long previously? Yes i was trading both long and short side. Just keep improving your analysis and somehow you will find some ideals and how to trade it. Experiences definitely counts!
BShort
by trutt79
Go for Gold! For pattern traders, watch for a Cypher pattern on the 4 hour chart D point completion at 1268 region. Coincidentally, it confluences with a major bullish structure at 1260-1268 region. In the coming days, if GC rally and hold above 1300, id have to figure another way to get in. As of now, will the 1300 hold against the rally? Again, considering from risk to reward perspective and if it is part of your strategy, why not? As a trader, i have rules to follow and as long as the risk profile fits within my rules, never say never!
COMEX:GCZ2017Long
by trutt79