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Trendcontinuation

GBPJPY 1HR BEARISH TREND CONTINUATIONHi guys, I hope that you are all are well! This week we have seen continued bearish momentum in GBPJPY to which has seen prices push close to 141's even, which is a very important and psychological level for this pair and we also saw prices retest a strong area of structure support (Daily) of 141.00 - 141.30's to which we have since seen some relief in selling pressure as buyers have been stepping back into the market. I am then looking for a pullback to the upside to continue in where I will be monitoring to see if price action push up into my kill zone for where I believe is the most likely area sellers may re-enter once more, in anticipation for one final retest of the structure lows down at 141.33's for bearish trend continuation and potentially a push down into the 141 even handle! I hope you all have a great week!
Short
by hmwalker_
USDJPY Continuation trade - SHort 2:1 Win vs risk ratioHello all Following yesterday's false break out and reverse (looking for stops), I entered at the first bearish pin bar as price started to fall on the 1 hour chart. I am now watching price for a second entry, currently its quite a wide stop loss for a pair that doesn't move that fast (or may do due to current liquidity) If I can enter at a higher price and shorten my stop and therefore increase my lot size inline with my Risk profile, great, however I am looking to enter another position short. Thanks for looking at my trade idea Duncan
Short
by UnknownUnicorn483829
AUDUSD Down to 1.272 Extension, or Double Bottom?At the current moment the Aussie Dollar is presenting us with two conflicting scenarios. Bearish Scenario: After reversing off of the .382 Fib retracement, price may continue downward breaking the .6985 level of support. If this bearish trend continues, I expect price to find support near the 1.272 extension of the bearish impulse leg--a level with strong confluence with Jan 1, 2019 historical structure. Bullish Scenario: After reversing off of the .382 Fib retracement, price has found support at the .6985 level. With clear RSI Divergence, this level of support can hold and a double bottom may be formed. In this case, I will target the .382 retracement once again, with a secondary target at the .5 retracement.
by AidanMDang
EURUSD 1HR TF KEY ZONE FOR SHORT POSITIONSHi. guys I hope you are all okay! Here are my thoughts on EURUSD, price action pushed down into fresh lows of 1.1180's seeing prices break and close below the previous structure low of 1.1232's. What we have since seen is prices pullback into a key area in the market at 1.1285 - 1.1325's which would be the most likely area for sellers to re-enter the market. There is also a number of confluences, such as; 1.3000 even handle, a cluster of FIB ratios in this kill zone and RSI has also gone OB displaying that strength in buying pressure is beginning to slowdown. Therefore, I am currently short with a 15 pip based ATR stop above the highs of 1.1325's and looking for a retest of the structure lows down at 1.1180's for target ones in anticipation for bearish trend continuation.
Short
by hmwalker_
GBPJPY - Long - Daily Chart - MACD Continuation TradeEntering on a bullish MACD cross while ABOVE zero-line , signaling bullish continuation. Note that I use MACD ONLY for continuation and do not attempt to find reversals using the MACD as I do not find it to be very accurate in FX Trade is on the daily timeframe and has a 1 ATR stoploss (148 pips), 1ATR target 1 where I take 50% of my position off and move stop to breakeven, then I use a trailing stop following the other 50% of my position setting my stop at the low of each subsequent daily candle that continues higher. These trades can take many days to play out and I often hold over the weekends, do not take this trade if you struggle to control your risk or are uncomfortable holding for weeks at a time. I expect this setup to go against me over the next few days as this was already a strong move up and may need to cool off for a day or 2, I expect to hit profit targets sometime next week but don't trade based on time. It is also important to note that I normally allocate up to 1.5% account risk on continuation trades however I do not risk over 1% when I trade GBP (due to the fundamentals around Brexit). A similar trade to this could also be expressed by shorting EURGBP although that pair has not made a signal on the indicators yet and is most dramatically news driven. The historical probability of MACD continuations on the top 20 fx pairs (with my 1ATR parameters) is around 68%, please perform your own backtesting of this strategy as you can achieve higher or lower probability results using different stop losses and profit targets. Best of luck traders.
Long
by CT-Jaguar
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