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EURAUD - False Breakout Head & Shoulders/2618 Retest This was one of the more interesting pairs that we looked at today as it featured a lot. Starting on the higher timeframe it's important to realize that we have failed to break above our previous level of structure resistance. Therefore what seems like an obvious bullish flag formation may not be as appealing as it once seemed. I'm looking at this as a potential false breakout due to the fact that after trying to rally above the highs of our channel, we've returned and passed it's midway mark. Now I've never tested this personally as I'm not much of a breakout trader but trading legend Linda Raschke warns to be aware of this. if this is indeed a false breakout then a rally higher would give us 2618 opportunity competing at the same level as the left shoulder of a head and shoulders pattern. Giving us to reversal patterns at the same level. Seems interesting to me.
Short
by Akil_Stokes
4
NZDUSD: Ascending Channel into 2nd Level Resistance Test The Kiwi was my sole losing trade last week which doesn't come as a surprise. This trade features a dual level of structure which is always difficult to navigate and although I waited for a conservative entry, I also took a very conservative stop knowing that I would rather get stopped out and retry if the opportunity presented itself vs. using a bigger stop loss and taking a larger loss than I'd want to. Similar to the GBPUSD, Kiwi is putting in an ascending channel where the buying pressure is starting to slow due to both bullish profit-taking and bearish interest at the current level of resistance. I don't know when or if I'll get the opportunity, but I would expect to see some relief in this market the closer we get to the higher level of resistance.
Short
by Akil_Stokes
AUDUSD: 3rd Strike 2618 Opportunity AUDUSD was the first of 2 2618's shown today. As mentioned, I had previously been a fan of the higher level of structure resistance (red box) and although I couldn't involve myself in the initial test, was able to use an advanced pattern formation to get involved on the retest. We now have the potential for a 3rd strike of that level in the form of a 2618 trade if price action were to rally up to the .7480's level. Overall I'm still neutral on this pair meaning I don't have a firm bullish or bearish bias bigger picture.
Short
by Akil_Stokes
EURJPY: Looking At An Opposite Breakout The second pair in tonight's video focused on the EURJPY which has been extremely interesting as of late. Although this particular pattern formation traditionally breaks out in the direction of the flag pole. I still have a bullish higher time frame bias on this pair and our currently level of structure offers a low risk opportunity to get involved in an anticipated move retesting our previous structure highs. At the bottom of the chart you'll see that our RSI has gone massively oversold & is now showing bullish divergence. This doesn't make it a no brainer buying opportunity but it does help us build a case for a bullish bias.
Long
by Akil_Stokes
3
NATURAL GASS REPEATING STRUCTUREI have previously posted an update on natural gas plus a long on going trade which already gave us a lot of profit from target 1. I have also notice the importance of 3,5$ per MMBtu for extra push to the upside read the articles below. TECHNICALLY WE CAN SEE THE HEAD AND SHOULDERS PATTERN,THE FIBONACCI LEVELS,THE ASCENDING CHANNEL,THE BIG TRIANGLE ABC. WE ALSO SEE THE SMALLER DESCENDING TRIANGLES EDF AND E'D'F'. AS PREVIOUS WE COPY THE ED SIDE AND WE SET IT AS A TARGET WE CAN SEE THAT THE FIRST TRIANGLE BROKE SUCCESSFULLY AND PRICE REACHED THE PRICE TARGET 3,380$ PER MMBTU WHICH IS THE MEASURED MOVE FROM E TO D OF EDF TRIANLE. IF WE DO THE SAME WITH E'D'F' TRIANGLE AND TAKE E'D' TO PROJECT THE TARGETS WITH THE BLUE LINE WE CAN SEE THAT IT REACHES 3,5$ THE IMPORTANT LEVEL MENTIONED. RSI HEADING INTO OVERSOLD ZONE TO TAKE THE POWER TO BREAK THAT TRIANLGE FOR SUMMER RALLY. ATR CLOSE TO IT'S LOWEST LEVELS MAYBE PREPARING FOR EXTENSION SOON. WE CAN TAKE THE TRADE MENTION OR MORE LONGTERM VIEW WE CAN TAKE THIS TRADE WHICH I WILL UPDATE ACCORDING TO THE PRICE ACTION. POSSIBLE TRADE WITH 2 P/L RATIO FIRST TARGET T1 AT 3,380$ PER MMBTU SECOND TARGET AT 3,5$ PER MMBTU WIDER STOP LOSS AT THIS ONE BECAUSE OF MORE A LONG-TERM VIEW AT 3,050$ PER MMBTU THANK YOU FOR SUPPORT HAPPY TRADING
OANDA:NATGASUSDLong
by The_Greek_Trader
GBPJPY in Structure. Will it hold?Hey guys, very few trading opportunities today on my radar. Here is one of the most interesting, we're on the daily chart and it's clear to everyone that we're about to make a decision. The structure you see looking left seems very important, and also the RSI way overbought make me think it's going to reverse. Nonetheless, you don't want to short such a trending market without additional confirmation, that's why i'm paying attention to the hourly and 4hr chart in order to seek for trading opportunities. I'll keep you updated! If you want to ask questions or share your view, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
2
GBPJPY in Key Structure Point. Will it fall?Hey guys, very few trading opportunities today on my radar. Here is one of the most interesting, we're on the daily chart and it's clear to everyone that we're about to make a decision. The structure you see looking left seems very important, and also the RSI way overbought make me think it's going to reverse. Nonetheless, you don't want to short such a trending market without additional confirmation, that's why i'm paying attention to the hourly and 4hr chart in order to seek for trading opportunities. I'll keep you updated! If you want to ask questions or share your view, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
USDCAD Daily OutlookHi guys, as you can see in this chart price has already broken and closed above the last structure level looking left. What does it tell us? It tells that the trend is confirmed bullish and therefore we're going to look for trading opportunities only in that side. As always, we don't want to chase price action, instead we wait for it to come in our comfortable zones in order to gives us a better risk to reward ratio. The yellow zone represents for me the best scenario to long this market, since you should know that the more the price retraces the weaker the overall trend. I'll keep you updated! If you want to ask questions or share your viewpoint, go ahead and comment below. Otherwise, see you in the next chart!
Long
by Roker1
2
Reversal area on EURCAD!Hi guys, lately price action didn't go in our favor. I apologize to you if you did take some losses because of my charts, but one of the hard part in trading is to keep using the same methodology (proven to be valid) over and over again, without sabotaging it. So here we are with one of the usual structure plays on the chart. As you all see, euro has rallied a lot this week, and in this particular pair it reached a key resistance area that could stop the rally and start a reversal. Why am i interested in this particular zone? Simply, look left and you'll notice some of the previous touches on that level that always provided with some good shorting opportunities. So the previous behaviour could repeat again. Plus, we also have an AB=CD pattern that's just completed and the RSI is way overbought. It additionally confirm the good spot we're in. So keep a look at the lower timeframes seeking for a shorting signal in price action, such as double tops, engulfings, pinbar and so on. I'll keep you updated. If you want to share your view, or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
AUDNZD: CTS Short Opportunity With gaps interrupting the majority of the pairs in my trading portfolio I'll be turning to more minor pairs in order to find trading examples. Following up on yesterday's Combined Technical Scoring System Strategy Lab I thought that this would be a perfect opportunity to share today. Obviously price has already began to react after running into previous structure resistance, but a retest of structure (double top or 2618) would provide a much more conservative entry into this bearish opportunity. Many of you enjoyed the article that I shared yesterday titled "The 1 Habit of Self Made Millionaires" so today i'll be doing a a Live discussion on it at 1:20pm (New York Time), relating it to trading. Should be fun!
Short
by Akil_Stokes
11
Trend Continuation Trade on NZDUSDHi guys, this is a trend continuation trade: you can tell this simply by looking at the last price moves. The recent downward movement created a new low in the 4H chart, so we are now setting our mindset in bearish condition for we'd want to hop on the trend as soon as price gives us the opportunity to do so. In this case price has created a double top on the lower timeframe (1h) right at the retest of the support that once broken could become resistance. Entry at market, stops 2-3 pips above 0,70 round number, first target at the retest of the lows, second target could go all the way down to 0,69. Let's see how it plays out. If you want to share your view or ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
2
Previous Support becomes Resistance!Hi guys, this is a trend continuation trade: you can tell this simply by looking at the last price moves. The recent downward movement created a new low in the 4H chart, so we are now setting our mindset in bearish condition for we'd want to hop on the trend as soon as price gives us the opportunity to do so. In this case price has created a double top on the lower timeframe (1h) right at the retest of the support that once broken could become resistance. Entry at market, stops 2-3 pips above 0,70 round number, first target at the retest of the lows, second target could go all the way down to 0,69. Let's see how it plays out. If you want to share your view or ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
Short on GBPUSDHi guys, this time we're going to take a look at the pound dollar cross; as you can see price has formed a nice double top at a previous structure point in higher timeframe (4H) with RSI divergence (bottom of your screen). I'm not taking this because i'm already involved with GBP pairs so i don't want to be overexposed, but i think this could be a nice short. Stops would go above the highs, conservative target can go at the retest of the recent low, a more aggressive target could be at the retest of the lows at 1,2430 level. If you want to share your view or ask quesitons, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
GBPMXN Weekly and Daily - important levelsPrice on GBPMXN is at a possible band of horizontal support. But at least it is an important structure level. Price has also broken the 200 EMA on the weekly chart. However, it has recovered in the in recent months from such a level. Disclaimer: This is not a recommendation or encouragement to take a position, or invest any money. GBPMXN makes both millionaires (the minority) and paupers (the majority) of traders. No liability accepted for any losses suffered. Paper trading accounts are recommended for those who wish to experiment.
by Captain_Walker
EURJPY - 1st Strike Trend Continuation The EURJPY was one of the main pairs on my watch list heading into this week of trading due to the fact that we had just broken a previous level of structure support. I took a small loss on an aggressive day trade on the 5 Range bar charts during this mornings Live Room session, but this was the first opportunity I had to get in as a swing trader. It's an aggressive sell once again, but due to the amount of risk & the risk reward potential of the trade it's certainly a trade that I'm interested in. If stopped out, my eyes will then be on a second chance short around the $119.00 price point which is a level where previous structure support has shifted to resistance in the past. I sent a video out of the initial analysis this morning & if I have the time later on the the week I'll try to put everything together so that you guys can see it as well. Good luck in the markets traders & keep an eye out for those WED FOMC Minutes. Although it's a USD based release, the USD & the YEN have been in a fierce battle of save haven pairs so I would certainly expect to see some type of reaction. Akil Stokes Forex Trader & Trading Coach
Short
by Akil_Stokes
16
Head & Shoulders on NZDJPY!!Hi guys, here it's an Head&Shoulders pattern on NZDJPY. I'm very interested on this cross because i think we have a nice rally ahead. On the daily price has formed 3 consecutive candles with buying pressure and we also have a divergence on the RSI. I patiently waited for a break of structure as a confirmation and that happened today. Now there are two levels where i'm going to pay attention to: previous resistance and previous support. If price will give us a weakness sign i will be buying this. If you have any question or you want to share your thoughts about this, feel free to comment below. Otherwise, see you in the next chart!
Long
by Roker1
Head & Shoulders on NZDJPYHi guys, here it's an Head&Shoulders pattern on NZDJPY. I'm very interested on this cross because i think we have a nice rally ahead. On the daily price has formed 3 consecutive candles with buying pressure and we also have a divergence on the RSI. I patiently waited for a break of structure as a confirmation and that happened today. Now there are two levels where i'm going to pay attention to: previous resistance and previous support. If price will give us a weakness sign i will be buying this. If you have any question or you want to share your thoughts about this, feel free to comment below. Otherwise, see you in the next chart!
Long
by Roker1
2