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USDCAD Trade IdeaI am only looking to buy as I can see the market is currently bullish on the weekly and daily time frame. The last bullish impulse move took place and I want to see if the pullback is a correction by testing the 61.8% fibo level. IF a buy signal prints on the 61.8 retracement level (1.32611) I will open a buy order with my stop below support and targeting resistance. Don't bet the farm - always exercise good risk management :) Hit the like button if you dig it and feel free to share if you feel like it.
Long
by Cmasterza
AUDUSD Trade IdeaLooking to trade the bounce off the major support (marked the false breakout with a yellow box) Now that the impulse move has shown a retracement pinning the 61.8 Fib level making it good for a buy with a strong risk to reward ratio... I am buying at market price @ 0.70628 and TP @ 0.71601 (resistance) and SL below the low @ 0.70454 The market offers no guarantees but with a risk of only 17 pips and 98 pip reward it certainly makes this setup worth looking at. Dont bet the farm, as usual always exercise good risk management!
Long
by Cmasterza
GBPNZD Trade ideaThere was a false breakout above the resistance level at 1.93982 so I have been waiting for a short signal which has been completed. Notice the bearish engulfing candle pattern that has printed and pulled price back below the resistance level? Thats the signal... Shorting at market price 1.93895 with Stop loss placed just above the bearish engulfing pattern at 1.95256 and Take profit lower down at the previous swing low @ 1.90016 As usual don't bet the farm and always exercise healthy risk management :)
Short
by Cmasterza
USDCHF Trade IdeaThe resistance level has been pinned and price is around a key supply zone on the Daily time frame - I am shorting at market price with: Stop loss 25 pips from my entry (just above the highs) making this an ultra low risk setup (Sl at 1.00288) and Take profit lower down at the support level at 0.99256 This trade offers a 1:3 RRR Don't bet the farm and always exercise healthy risk management :) PS: Check the bearish engulfing pattern on H1 confirming the short....
Short
by Cmasterza
Bears possibly setting up on goldWhen checking the weekly time frame you can notice the higher lows and equal (more or less) highs which provides the emerging ascending triangle pattern. Price is now around the resistance area on the weekly time frame so I will be looking on H4 for a good entry to short this instrument (1000 pip potential) HOWEVER price is currently in an up trend when checking trend bias using the top down method - its not favorable to sell in an up trend so we would need a convincing quality setup to swing down with the bears to around the 1247 level... More details to follow - please check details below for access to Forex Bootcamp and the online training portal. Happy trading :)
FOREXCOM:XAUUSD
by Cmasterza
USDCHF trade ideaUSDCHF has been battling to break those highs on the higher time frames so this is an indication that the bulls may be losing control.... Note the following: 1. Trend line broken to the down side 2. Support re tested as resistance and the candle popped a wick to the up side (clue) 3. 50 ema broken... I am shorting at market price @ 1.000281 with TP provisionally at first support @ 0.99890 and SL just above the resistance level @ 1.00580 Don't bet the farm and always exercise healthy risk management
Short
by Cmasterza
AUDUSD trade ideaFX:AUDUSD Trend = up on H4 + D1 I noticed a good level to buy from, the yellow bar marks previous resistance now as support tested perfectly. I will be building long positions given that the bullish engulfing candle pattern (buy signal) that has printed and working with the trend and level aligning up. IF you are a bit more conservative in your approach, waiting for a 50% retracement of the bullish candle before activating a buy order can be considered. Entering at market price 0.72601 with TP @ resistance level 0.73787 and SL below support (where this trade would be invalidated) @ 0.71787 Don't bet the farm and always exercise good risk management.
Long
by Cmasterza
USDJPY Short FX:USDJPY Welcome back to a new trading week :) Following some bullish trade ideas from last week and the week before, long orders were closed with little profit as the charts slowed down on the bulls and started to bring signs of bearish price action to the charts... I have applied the top down method in analysing to find on W1 and D1 time frame corresponding with my H4 view. Here we can see a short term trend line broken to the down side around a key level. On D1 I have noted that Friday's candle has pinned the 21 ema which is a great indicator to get in on a short of the trend is generally down. Sell order opened @ market price 109.328 with SL above the recent highs @ 110.272 and TP around the swing low on the left @ 106.988 On this trade I am rising 95 pips for 235 on the reward end BUT if you check the recent swing low on W1 you will find that this trade has a 500 pip potential. Don't bet the farm and always exercise healthy risk management!
Short
by Cmasterza
AUDUSD Bullish trade ideaFX:AUDUSD After the massive wick I have been looking for a decent entry to go long. (I use the wicks as indicators - spike to the low, price goes up - spike the high, price goes down) Now checking on H4 I see a clear opportunity with great up side potential. 1. Trend line broken on H4 2. Bullish engulfing pattern printed on D1 (on support) 3. Hammer printed for lest weeks weekly candle I have opened a buy order at market price @0.71938 with SL below the trend line @ 0.70978 (also placed below 200ema on H4 intentionally as the 200ema is a good trend indicator here) and TP provisionally at resistance @ 0.73010 IF price breaks above the 0.72998 resistance level this trade can pay out exponentially. Don't bet the farm and always exercise good risk management
Long
by Cmasterza