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EURUSD expected high probability moves in line to NFP reportsJust another Forex trading snack! I’ve mentioned it in chat before... “just before major expected news releases EURUSD usually seeks middle ground.” For most of this week I’ve been long EU, but mid week just before NFP release, I started to look for shorts. Why? Because for years now EUR and other dollar pairs have set their respective high’s or low’s and then moved to a middle of the most recent short trend move. This time was no different. EURUSD jumped off it weekly wedge low 1.09 ish and shot up to close to 1.11 this morning 9-5-19. From there it was an easy as well as a high probability short entry trade. If you have statistics like this which point to high probability moves—that’s an edge! This Friday morning 9-6-19 we will get a move either higher or lower for the EURUSD after the NFP report. So trying to trade that directionally before hand on the news is gambling. Playing the market as I have using known statistical prior to moves or reactions, well, that a higher probability of making money with lower risk. That is also the difference to consistently becoming more successful and patient as a trader. In life as in trading, you either make dust or you eat dust. All the best in your trading. This is not trading advice, but the information is for trading purposes only. If you trade any ideahttps://www.tradingview.com/x/tDPoQRzt/ you assume all risk of loss.
by PipsTradingClub
Gold and a diamond 1H patternHere is another Forex trading snack! Diamond patterns don’t happen all that often. New traders might be asking what does it mean, and how can we trade it? Diamond patterns are called reversal patterns usually found at tops or bottoms of trends. The blue trend lines form a 4 sided diamond pattern and price continues to go up and down inside of the pattern first getting larger then compressing ever smaller forming the diamond until the break out occurs. With XAUUSD this pattern has been building inside of what looks to be a bearish short term wedge point lower. This smaller inside diamond pattern then could point to the blue box around 1500 area as target and resistance level. Because of it’s a short term chart pattern, and that it has been building after a short term decline ( top of this wedge pattern ) it could also bounce to retest the top trend. Usually diamond pattern targets are determined by taking top price and bottom price ( the top and bottom of the diamond pattern shape ) and projecting that distance from the break. Using this, the pattern Points to the top side right at top trend line around 1544 And if down targeted price would be 1500 Because this diamond pattern is a 1H chart pattern, built inside of a what looks like a longer chart time wedge, not necessarily at a true top or bottom trend, price could go either way. One could conclude it is at a bottom of a very short trend so targeting the top of the wedge makes sense. Personally shorter term chart patterns are for the most part very short term in ability to trade them, so should mainly be used to trade off the longer projected targets those short term patterns point to and suggest this could be the next targeted move. Diamond patterns are rare, so for new traders to take note and study them as they occur in the markets could also add another tool into your trading tool box. In life you either make dust or you eat dust. All the best traders.
FOREXCOM:XAUUSD
by PipsTradingClub
Intra day long Trade GBPUSD Yes I know my earlier post was about wanting Sell this pair around the 1.2300 level. However, with this impulsive and sudden move higher and taking into account of some potential dollar positive news on Friday ( tomorrow / 8/23/19 ) I can see a run up in price based on a EW 5 wave setup I see on the hourly or 30M charts. I know they are short term charts, but this is only a short term intra day trade / a tad bit longer scalping trade. You can pick which is which. If I were to try this trade...and I might yet due to the fact it plays well with my targeted starting point where I’d like to go short. And there is nothing wrong with being a tad bit aggressive with trades so long as you trade light Use tight stops Have already booked profits to then risk being aggressive on a trade. Have a clear plan And are prepared to trade that plan using your rules. If I were to trade this—I’m looking at the pink zones / horizontal supports, as my entry points. Those zones play well with fib levels as well. I’d use 20 pips stops or less, and I’d target just above the highs of the last 12 hours as of this post as my take profit zone. Over all I like to go short on my longer time frame charts. With this potential short-term EW 5 wave setup, it only adds to my conviction on going short at my levels should it play out. All the best. Should you trade any setup / idea, you assume all risk of loss. In life and in trading, you either make dust or you eat dust.
Long
by PipsTradingClub
GBPUSD up dateHere is another Forex trading snack! With news bombs flying around GBPUSD has finely broken higher. But what’s new here with these kind of moves right? It seems the market is leaning very negative, so when there is news, rumors of news, or news that can be interpreted as positive / no hard Brexit, the currency has a higher probability of jumping higher. But as I was saying in a previous post I was waiting for higher prices to then go short once again. However when triangles form like this one did on the 4 H chart.... Then I usually take an aggressive counter trend trade— just in case of such moves. My idea here isn’t based on technical or economic changes, but on nailing the traders who entered the trade on the short side expecting a normal triangle break with the over all longer trend, but were stopped out on a news bomb! I was able to scalp 65 pips by setting a long order just over the top triangles trend line and then set a take profit just under my new order short zone I had pointed out some days earlier. For the short trade idea now... I’m looking to enter short orders around the 1.23 level or that longer term black descending trend line. It a swing style trade, so a good technical level with the 50 and 61.8 fib’s And that descending trend line. If GBPUSD does push over the 1.2380-1.24 price I’d expect short traders to get squeezed and run for the hills. So I feel short traders will defend the zone where my entry price targets are. We will have to wait to see what happens in Asia’s Friday’s market open or maybe even Europe’s open. I suspect this triangle break will have some traders yet grabbing their short trade profits before the weekend. In turn giving my short trade idea a better price to enter. As normal, if you trade any ideas, the overall risk of loss is yours. This is not trading advice, but for training purposes on how I trade the markets. In life as well as in trading, you either make dust or eat dust! All the best.
Short
by PipsTradingClub
NZDUSD trade idea Thought I’d poss up some Forex trading snacks! The NZDUSD is coming into a short term risk reward zone and up against a falling channel trend line. I see this as an opportunity to short some mainly because the price action is heading into multiple technical resistance zones and the back story is one of one of the most dovish central banks VS one central bank that is reluctantly becoming dovish. Also set into the mix, with a risk off stance currently entering the markets—the stronger of the two currencies is the USD just on it’s safe haven status. On this 4 hour chart you can see the falling channel and current price action hovering around the upper channel around 0.6450 Using the last daily high price around 0.6470 as a stop zone, which is also above the falling trend line for some more possible added resistance. The pair would need to break what has been a stronger trend of late to invalidate this setup. My target for entry is 0.6440-50 , my targets would be the recent years low around 0.6300-50 Recap; short trade entry 0.6440-50 Stop. 0.6470 Total risk. 20-30 pips Target 0.6300-50 or 100-150 pips Risk reward Better then 1-3 Trade idea is only for education and training. Should you trade any idea the assumption of risk is all yours. In trading you either make dust or you eat dust. Plan your trade and trade you own plan. All the best
Short
by PipsTradingClub