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Wavestructure

Trends and Potential Trades in GBPUSD, EURUSD, and USDJPYThis morning's analysis focuses on the current state of play in GBPUSD, EURUSD, and USDJPY. The overall trend for the USD remains downward, and this week has seen a continuation of that trend. GBPUSD & EURUSD In the short term, there is potential for a sell trade (Secondary Trend) as a retracement of the recent bull run towards the buy zone of the bullish wave. USDJPY We have observed a strong downward move to T1, and price action on the 15-minute chart suggests a potential buying opportunity after liquidity was grabbed at the low of the Tokyo session. Buying USDJPY (Secondary Trend) is a possibility, as the wave structure 2 is approaching its low, with wave 3 correction expected to be the next phase. Happy Trading!
by Charts247TradingAcademy
GBPUSD- Trend Continuation setupSuccessful trading is knowing what to do and doing what you know. The knowing part is very simple but the doing part is not easy that is why most people struggle in trading. This afternoon, during the New York session, my focus is on GBP/USD. We are buying based on the H4 timeframe, where the wave structure remains bullish since the price hasn’t closed below 1.30877. Another confirmation comes from the H1, which has only shown three waves down so far. While a fifth wave may appear, it’s likely to be a higher low following the current upward move on the M15 chart. As long as the M15 stays above the New York session opening range, we will continue buying. Happy Trading!
Long
by Charts247TradingAcademy
1
GBP/JPY - Price is the leading IndicatorToday we are looking at GBP/JPY 5 Minutes timeframe. Based on the price structure, we believe that the high probability direction in the short term is downtrend. We have seen an ABC (Corrective) wave after the Low of Friday was made. Key Structures to note: Structure 4: 200.022 Downtrend continuation reversal point. Structure 2: 200.674 Downtrend Violation Structure. Always Think in Probability: As traders, you must be careful to align your behavior and expectations with the following principles: - Anything can happen - An EDGE is only an indication of one thing happening over another - There is a random distribution between wins and losses - You don't need to know what will happen in order to make money in trading.
Short
by Charts247TradingAcademy
GBPJPY Strong Reversal & GBPUSD UpdateThe Japanese Yen(D) is going through the B to C leg of its correction, which we saw in the yen pairs in the last 24 hours. The GBP/JPY is our pick for a long trade because it has a more technical-bullish outlook than most other yen pairs. More info in the video. GBP/USD The cable broke higher yesterday above 1.2634 , the limit for any downtrend continuation. The violation of this point invalidated the expected downtrend continuation trade. We must wait for the price to conclude the current rally before we can act on a new position in the cable.
Long
by Charts247TradingAcademy
3
Forex Weekly Trade planning sessionPlan your trades and trade your plans. Today we have the following rankings on the indexes: @DXY ++VE @EXY -VE @AXY --VE @SXY ++VE @JXY --VE @BXY --VE @CXY --VE @ZXY --VE Based on the above rankings, we came up with the following pairings. BUY PAIRS: USDJPY, USDCAD, CHFJPY, SELL PAIRS: AUDUSD,GBPUSD,NZDUSD,GBPCHF,AUDCHF The idea is to trade in the direction of the wave structure as long as the structure is not disturbed or violated, your high probability trade is to trade in the direction of the trend after a secondary trend (Pullback). Important trend change facts you must know: A trend will not change easily, it takes a great deal of time and effort for a trend to change. The time required for a trend to change is very relevant to how long the ongoing trend has been in play. The duration of a trend change will be greater than half of the period of the changing trend. Sometimes it is equal to the time the trend has been ongoing.
by Charts247TradingAcademy
Trend Continuation - CADJPY Wave STructure AnalysisHey Traders, This is my take on the CADJPY Looking at the 1HR and the 15 Mins timeframes. Momentum precedes prices! When there's an ongoing primary trend and a completed wave structure, wait for the price to be discounted/pullback. This discounting in price gives us a piece of important information, we can deduce whether the price will continue the primary trend or the trend will change in the opposite direction. The only tool that gives us this information is the price by counting the wave structure. As long as the primary trend structural point is intact, the trend is intact and we can trade safely in harmony with the market. This is not theory, it is practical, but the application is psychological. CADJPY SHORT KEY LEVELS Stop Loss:114.88 Target 1: 112.18 Target 2: 110.59
Short
by Charts247TradingAcademy
1
GBP/USD Follow upA quick Follow-up on the GBP/USD Long Trade. We have reversed the position at 1.2448 a test of the structure 2. Technically, the trend is still down and a failure to trade above the structure 2 makes the GBP/USD still bearish. The last Bullish wave 4 to 5 has given us a short setup using the Fibonacci. This is a high-probability setup for a strong reversal (short) or a downtrend continuation setup. Initial Target 1.2347, If the price breaks below 1.2330, the downtrend will continue. Stop Loss: 1.2473
Short
by Charts247TradingAcademy
7
CADJPY Trend Change, GBPUSD downside continuesToday, we are focusing on the CADJPY chart as we observe the final stages of the wavestructure. The recent pullback from the previous momentum high (3) has formed a significant pattern known as the structural failure, indicating a potential shift in the trend. Considering our trading rules, we have patiently awaited the completion of the wavestructure (5). Now, we have identified a sell pattern known as the Market Structure High, characterized by a formation of three candlesticks at point (5). Shifting our attention to the GBPUSD, we can see that it is currently experiencing a downtrend, with the price trading below the Momentum low (5). No trend changing pattern has emerged yet, suggesting that we should anticipate further downside movement in the cable. Enjoy trading!
Short
by Charts247TradingAcademy
GBPUSD Long now to short laterThe GBPUSD picture shows a downward bias, but we need to complete the ongoing upward trend first. A bullish wavestructure has been observed, but it is not yet finished. Based on the wave count, we anticipate a Higher High above the current day's high before considering a strong short position. For a long continuation trade, a good entry point would be around the 2DH (1.2395), which is the closest buy point. The stop loss level can be set at 1DH (1.2372), which also coincides nicely with the 0.618% retracement level from the high to the low. Enjoy the trading!
Long
by Charts247TradingAcademy
1
CADJPY Impulse Correction ContinuationWelcome back! Let me know your thoughts in the comments! **CADJPY - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support! Brian & Kenya Horton, BK Forex Academy
Long
by BKTradingAcademy
4
CADCHF Swing I Headed down +150 PipsWelcome back! Here's an analysis of this pair! **CADCHF - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support! Brian & Kenya Horton, BK Forex Academy
Short
by BKTradingAcademy
2