GBPJPY Monthly possible 2618 set up So over the last week or so I have had ideas about getting long and each time I think we have had a double bottom we break structure and push lower.
So taking a step back from teh daily and weekly and having a look at the monthly charts we do have a possible s618 set up happening, this would coinside with the further push lower and also be in or arround teh over sold level on the RSI
Structure-trade
GOLD: Potential Retest & Extension With GOLD putting in a HHHC I would now look for a continuation to the upside. IF price is going to continue higher THEN then next stopping point I would predict is our previous level of structure looking left.
As always there are 2 ways that price can reach that level. 1) It goes straight there or 2) we see some profit taking, causing a pullback into the previous level of resistance which now act as support before extending higher.
Akil Stokes
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EURUSD: Double Top at Previous StructureLooking at a double top at previous structure resistance here on the EURUSD to continue our TCT on this pair. We've also had the RSI go overbought on the initial test while showing divergence on the second test.
We've been watching for this level all week in the Live Room and Jason Stapleton just added it to his radar as well. So Syndicate members, make sure you tune into this morning's Warroom Meeting to see his take.
Akil Stokes
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BAT PATTERN FINISHING ON 4H GBPJPYAn odd looking Bat finishing on the 4h of GBPJPY, price action strong on the 886 level, RSI on oversold favoring a short entry. Previous Bat patterns on this pair have paid off nicely. First target @ .382 of CD leg, secondary @ .618. Stops above X which is previous structure higher high.
Structure Analysis for SilverSince the monthly False Break $SLV has generated between Nov 2015 and Feb 2016, $SLV has exploded higher and broke through a key structure zone (15$) and two weekly SMA lines.
17$ is another Weekly Structure Zone that now $SLV is facing with. It can create some short term pullback in Silver.. even such pullback that will drive it back towards 15$.
The final target zone for $SLV's weekly bullish move, in my opinion, is the 18-19$ weekly structure zone. If and when the price will reach there, it will allow enough time for the 200 weeks MA to reach that zone and add its weight to make it a very strong weekly Sell Zone
Based on this weekly structure analysis, if you want to trade $SLV you should either focus on the 15$ support zone for bullish trades, or wait for $SLV to reach 18.5-19$ to try and short the Sell Zone.
Obviously you can also try to sell the Weekly Structure near 17$, but if you want stronger Price Zones, $15 and 18.5$ are the levels you should pay attention to
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USDCAD: Rising Wedge On My RadarI've got a few pairs on my radar this morning heading into our Live Trading Session and the $USDCAD is one of them looking at this rising wedge iinto fibonacci confluence and previous structure resistance.
Other include $EURJPY & $AUDUSD while I still have current trades in progress on $EURUSD & $NZDUSD
Good luck in your trading this week gang.
Akil Stokes
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$EURUSD: Potential Bearish Advanced Bat Formation I'm still involved in a $EURUSD short from last week, so I'm secretly wishing that this doesn't complete. But IF we break & close above previous structure THEN my next shorting opportunity on the $EURUSD will be a Bearish Advanced Bat Formation completing at a previous level of structure. (Look Left, Structure Leaves Clues)
I've gotten a lot of new followers since this originally came out, but if you haven't read it already here's a link to an article that I recently wrote for Forex Trader Magazine titled "Take Control of Your Trading" Feedback as welcomed as I'm rather new to the writing world (aside from personal blogging). I had a lot of fun writing it and if the you guys like my style, I'd love to create some more content
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Akil Stokes
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EUR AUD Another possible 2618 Setup Following on from my other idea where i am Currently short ther is another possible set up happenign which means my second target goign short might need to be adjusted.
will see, we have had a double bottom, broken structure and had our impulse leg which is the 618 point on the short trade
CADJPY: Price Action & StructureHey traders! As you know I like to work on my craft my scrolling through a few pairs that are outside of my trading portfolio and practice my chart reading and predictive analysis.
Her eon the CADJPY 1 hour I would a potential trend continuation setup as price as recently created new structure lows and has started to retrace back into a previous level of support which we'll look to act as resistance.
It's Thursday and I just released my Weekend Review Trading video titled "Trading Consolidation/Breakout Patterns" going over the USDJPY trade that I posted earlier in the week. www.youtube.com
Akil Stokes
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Bullish Structure Trading OpportunityWaiting on price to come down to previous structure zone. If price can come down to this level. This is a pretty decent trading opportunity of about 1:3 RR.
For those who are familiar with the CTS system. We have an equal measured move from the daily and another one from the 4hr plus the 1.618 extensions on those two TF as well. We also have previous structure looking left and an even handle number. RSI seems to also be going to OS level.
GBPAUD SHORTGBPAUD currently hitting resistance line of a bearish trend since September last year.
Taking Fibonacci from the highest point of the current trend (in August last year) and lowest point from April this yea), it hits 0.3 Fib level.
Structure + 0.3 Fib + Over-bought daily chart, all indicate short.
Good luck!
EURUSD 4 Hour: Potential Bullish 2618 (Part 2) Higher SupportYesterday I mentioned that we have the potential for a bullish 2618 opportunity on the EURJPY 4 Hour. As we dug down to our intraday trading timeframes in yesterday's Live Trading Room session we identified another level that could end up giving us our first chance at getting long.
We'll see what the market has in store for us today, but this could end up being a similar situation as the example I provided in last week's trading video about EURAUD and how it's okay to look for multiple opportunities during a retracement
Akil Stokes
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BEARISH CYPHER SHORT!I am expecting a decline in XXX/JPY pairs in the upcoming weeks, We have a clear downtrend installed, we have a series of lower lows installed with lower highs, this pair may follow this trend for a week or so or more, We have a good structure zone at the completion level, expecting a false impulse to the upside and then an impulse straight down.
USDJPY 1HR: Potential TCT & Pattern Formation ShortsSince breaking the 107.60's area, I've been waiting for some relief on the USDJPY and an opportunity to hop on a retracement and get short.
As the market slowly retraces back to previous structure resistance a few opportunities have developed on the chart including a basic CTS trade using an AB=CD pattern, structure and fibonacci confluence. As well as a potential advanced bat formation.
I doubt we'll see any of this occur seeing how tomorrow is Job's day, but it never hurts to do your analysis and I'd much rather be over prepared to catch an opportunity that under prepared and miss one.
Also if you haven't done so, make sure you head over to my Youtube channel and check out my latest videos. I'll be adding a new one demonstrating some techncial analysis later today, but I've recently done two answering questions about the benefits of using multiple brokers and talking about the biggest hurdle in my trading career and how I overcame it. ( goo.gl )
Akil Stokes
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EUR/USD Enters Consolidation - Downside Most Probable Price action is currently in previous structure (blue box) on approach to test the 61.8 and 76.4 fib levels where a correction is still possible.
Both blue boxes which indicate past structure align with the key fib retracement levels for an entry long. Price action breaking these levels indicates a clean short entry down to 1.12151 and then onto the next weekly support at 1.11448.