Structure-trade
GBPUSD (1h) Wait to sell resistance and channel highsGBPUSD (1h) Wait to sell resistance and channel highs. Price is now at the inner channel high, 50% retracement, close to 127 fib inversion and has just broken a previous swing high. Look for false upward breakout for shorting opportunities and a test of the outer down channel line. Wait for price action to confirm the reversal.
EURUSD Price structure analysis (1H)EURUSD Price structure analysis (1H). Price has broken through the resistance zone like it was not there. That zone now becomes support. Price is now at the 78.6 fib retracement and slightly above the 127 inversion. It is also in a zone of previous congestion. At these levels I expect some profit taking and a retracement to wards the support zone. I expect the buyers to step back in and take prices higher. Look for bear traps at the lows to go higher. Note that the down trend line has been broken. The reverse size of the trend line should now act as support. I prefer to sell into bull traps at the highs. Wait for price action to confirm the reversal.
GBPJPY Retrace before continuation Down So we can back down to the Daily Support and have bounced.
Last time we did this the pair had a 618 retracement back up before the recent drop
Im looking at a possible 618 retracement again before a further Test of the daily support
USDJPY Price structure analysis (1H). Look for the bounce higherUSDJPY Price structure analysis (1H). Look for the bounce higher. This is a counter trend move as the price action is predominantly bearish.
USDCAD: The Rising Wedge Pattern ExplainedAs price action blew through the potential double top that we were watching this morning in the Live Trading Room, we had to throw the idea out and start looking for other opportunities.
Currently we have a setup on USDCAD that I really like. It's called a rising wedge. This setup starts with a strong bullish move then as selling pressure starts to enter the market (from actually sellers, and from buyers who are selling to take profit), momentum starts to slow & price begins to flaten out. When combined with divergence on the rsi (and for me) a good level of structure, it makes for a very tasty trading opportunity.
So what's wrong with this situation? Well the fact is that we're so close to structure that there just isn't enough room to get a good enough risk to reward ratio. So I'll have to play the sidelines and watch.
Now before you think about forcing this trade REMEMBER THIS if there's one thing that we know about trading it's that "THERE WILL ALWAYS BE ANOTHER GOOD OPPORTUNITY"
Good luck out there traders! And thanks to all of you that were so quick to comment on my latest video blog!
If you Missed the Breakout, don't worry. Here's your 2nd chance!NzdUsd finally broke above that resistance level that it had been up against late last week. If you missed the breakout, you now have a chance to hop on with a trend continuation setup. Now price has put in a double bottom at this level w/rsi divergence, so you can use this as an entry. I personally use the 60 min for entries, but my trading time frame is the 240 min chart. Since the 240 is my TTF I will use the ATR from the 240 to set my stops. Here on the chart, I have a 2 ATR stop below the low of the double bottom. Target 1 is a retest of the structure highs and target 2 is a Fibonacci extension of the current impulse leg.
Now a more conservative place to put stops would be below the lows of our impulse. You can do this, and this is the safest way to place stops. I just personally use ATR when entering on double tops and bottoms. I just put out a video, breaking down this trade along with a few other trade ideas that I will be watching this week. So if you are interested here is the link. youtu.be
Good luck and Good Trading
USDJPY Long - Structure TradeIgnore the purple - that's a potential Gartley pattern on the daily time frame. While I wait to see whether price action completes the Gartley I am looking at a potential structure trade. Price action has been in a pretty strong uptrend but we can see bearish divergence on the RSI. So looking for a pull back down to previous structure for a long entry.
