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GBPUSD: A Look At The Week AheadTaking inspiration from one of my followers who messaged me this weekend, I wanted to try something different here on Tradingview and concentrate on a single pair this week instead of randomly posting charts when I have the time. (Let me know what you think of this idea by the way). This week I wanted focus on the GBPUSD as there are a few potential trading opportunities on the horizon. Big picture, after coming off of a very nice bullish bat pattern in early June, we've been waiting for the completion of a good sized bearish bat as well with a completion at 1.5639s. Last week finally brought the break above, close above of our "B" leg and since that point we've been looking for trend continuation opportunities to hop aboard a bullish move. Last week this market found trouble closing above the 1.5552 level which is some cause for concern, but as we come back into previous structure support, i'll be looking for buying opportunities once again. There are 2 levels that really stand out to me for buying opportunities the structure level between 1.5478-1.5466 and the structure level between 1.5460-1.5421. Which one will hold? I have no idea yet, but this is what i'll be tracking as the week goes on. If I have the time, i'll try and provide an update on this pair throughout the week and if the response is good, maybe this can be a regular thing. No promises, but I did want to start posting to tradingview again and this is a fun way to do so. Best of luck this week traders! SMASH those markets! Akil Stokes Chief Currency Analyst at www.TradeEmpowered.com For Weekly Trading Videos Make Sure You Check Out My Youtube Channel www.youtube.com
Long
by Akil_Stokes
34
EURUSD: 2 Structure Trades for Shorts Pt. 2To follow up on last week's EURUSD idea, the pair has finally reached higher level of structure that I liked during yesterday's Euro rally. We've now double topped at that level and have broken structure to the downside setting up for a potential 2618 opportunity for those traders looking for a conservative approach to get involved. We do have A LOT of news on the table today including an ECB press conference and a USD ADP Non-Farm Employment Change number. There aren't many expectations from the ECB this morning as nothing is expected to be said in regards to the monetary policy but there may be some Greece based questions during the Q&A and anything regarding Greece has been moving the markets as of late. Before ADP number which is released before the ECB press conference should be of importance as traders will look to use it to predict Friday's massive news day. There are rumors floating around about "ditching" the rate hike due to global worries so the very bullish sentiment that we had on the USD may not be as strong as before. "It may be impossible for the Federal Reserve to raise interest rates until the rest of the world economy improves... the dismal performance of first-quarter U.S. gross domestic product may signal a more permanent slowdown, and that the Fed needed to enter a phase of "watchful waiting" before raising rates." Anyway enough of the fundamentals, the technicals gave me a sell yesterday so I'm still looking short on this pair but it may be an interesting day similar to the Aussie (for those of you in the Syndicate program). Below is a link to the video where I originally discussed the trade setup. The EURUSD talk starts about 11 minutes into it. VIDEO ON EURUSD TRADE www.youtube.com Akil Stokes www.TradeEmpowered.com
Short
by Akil_Stokes
19
AUDUSD: Structure Long with Hidden DivergenceSorry for being quiet this week trading view but I've been running things on the road. Also the markets have been pretty quiet this week so there just hasn't been a lot to share. Today seems to be a little bit better and I wanted to bring a potential buying opportunity on AUDUSD to your attention. I'm already long this pair from earlier in the week. My position has been doing absolutely nothing but sitting there, but with our recent movement in price action another opportunity has appeared as well. This structure based opportunity can be looked at like a 2618. Price action has come down to previous structure support and held, followed by a HHHC and is now retracing. The HHHC gives us a bullish rotation and the present retracement is a perfect chance to hop aboard. Also the fact that the RSI is showing us hidden divergence gives me some added confidence and potentially added points for those of you that trade the Combined Technical Scoring System (CTS). The risk reward looks good on this trade no matter where you look to get long, so the only question left is "How Can I Get Long?" And the answer to that should be simple. What does your trading plan say are your rules for entry on this type of trade? "But Akil, what if I don't have a rule for this in my trading plan?" Well I'm sorry but you shouldn't be taking the trade then. With structure being at the core of my trading philosophy I'd be looking for targets at resistance & stops below support. Best of luck if you do get involved and until next time. "Plan Your Trade, Trade Your Plan" Akil Stokes www.Tradeempowered.com
Long
by Akil_Stokes
25
NZDUSD: Measuring the Pullback for a Structure based ShortWe placed NZDUSD on our radar during yesterday's Live Room session and have been tracking it ever since. I apologize in advance, but the analysis that I did on this pair is somewhat advanced so I'm not going to attempt to duplicate what I shared with you in last night's Syndicate video. Honestly speaking it's a lot clearer on the 13 period range bar charts (as you can see in the link attached at the bottom). Following the I.P.D.E. process that I shared with you guys on Monday, I've come to the conclusion that until shown otherwise, i want to get short Kiwi. The difficult part was determining where. Initially I had 3 killzones (with in the larger potential reversal zone) that sparked my interest but as this pair ebbs and flows, i'm starting to get a clearer idea of which zone is the one I want to keep my eye on and execute the trade if given the opportunity. To determine my killzones I've used a combination of Fibonacci retracements, extensions, inversions and harmonic moves. I say given the opportunity because, having price action enter the zone or level isn't enough. I still need to find a reason for entry and I won't know if or when that will happen until we get there. For now all I can do is wait, watch and be ready to pull the trigger if it does. Good luck in the markets today traders! tradeempowered.com
Short
by Akil_Stokes
28
GER30: Low Risk Short Into Previous Structure SupportI wanted to hold this for my webinar with Tradingview today, but it looks like we're already starting to move so I'll give it a share as well. By the way if you haven't registered here's the link blog.tradingview.com Live Room members, if you remember last week we talked a lot about waiting for opportunities where the risk reward is heavily in our favor, especially if we want to take an aggressive approach. Well on Friday we came right into previous structure support which should now act as resistance on the Ger30. Conservative traders I would key in on this level and wait for a double top for a more conservative approach. No tricks to this trade just LOOK LEFT as structure will leave clues. Although we're in a heavy bullish trend on the HTFs, we have seen some relief as of late. I'm not sure how long this relief will last but for the bears there is a lot of continued opportunity to the downside.
FX:GER30Short
by Akil_Stokes
39
Bitcoin: 3 Bearish Opportunities approachingI got asked the other day about Bitcoin and what I thought about recent price action. When looking at the timeframe all that comes to mind is consolidation and bearish. As we've seen on the AUDCAD over the past few weeks (as it's nailed 4 straight cyphers) consolidation breeds patterns. I see 2 potential patterns here on BTCUSD the first being a bearish bat (yellow) and the second being a bearish cypher (red) Stops for the bat pattern will be well before the cypher completion so there's no need to worry about choosing one over the other. Before both of those potential patterns we also have a CTS based trading opportunity at the bat pattern "B" leg. At that level I'm seeing a potential ABCD completion, the RSI is already overbought, there's structure looking left and we have some fibonacci confluence. So not a bad opportunity. Waiting for a conservative reason for entry would make it an even better opportunity for you lower timeframe traders. If you're interested in watching me trade live I've opened up access to my live trading room for today. 8am-11am New York Time. Just shoot me an email before 7:45am NY time and I'll get you the login information Akil Akil@Tradeempowered.com
BITSTAMP:BTCUSDShort
by Akil_Stokes
2
EURJPY SHORTPRICE IS STRUGGLING AT AN IMPORTANT STRUCTURE WHICH HAS ALSO FORMED A SMALL DOUBLE TOP. PRICE ACTION IS SHOWING THAT SELLERS ARE PROTECTING THIS LEVEL. THIS IS LOOKING LIKE A GOOD OPPORTUNITY TO GO SHORT IN LINE WITH THE DOWNTREND. IF PRICE MANAGES TO BREAK THE STRUCTURE LEVEL THEN THE NEXT LEVEL TO LOOK TO SELL IS AT THE 200 SMA WHICH HAS BEEN ACTING AS A DYNAMIC TRENDLINE/RESISTANCE AND IT IS ALSO IN CONFLUENCE WITH THE 61.8 FIB LEVEL WHICH IS MAKING THIS TARE A HIGH PORTABILITY WE COULD GET SOME DOWNSIDE PRESSURE. TARGET AT 126.000
Short
by remelthomas
BULL BUTTERFLY OR BEAR CYPHER PICK YOUR PICK EURCHFAs we progress this week the EURCHF is literally side ways giving pattern traders the upper hand. If the market continues lower, we could look to buy the EURCHF back into support structure at 1.0615 which lines up with the bull butterfly. Slightly above we have an AB=CD harmonic move which further gives me confidence about the direction of the market. However if the market shoots up, we could look to sell at the bear Cypher as counter trend traders. Well with this we are pretty much 3 steps ahead of the market and it is clear as day light on what we must do if Price Action reaches or target zones. Good Trading Guys
by Siyabonga_Ngcobo