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Launch Chart
17 hours ago
GBPUSD, 240 Short
30 977
Last week the dollar weakened prior to FOMC, helping the Cable rise during the first three days of the week. The UK GDP coming out as expected also supported the rise; illustrating the economy is doing well. In the FOMC statement on Wednesday the FED referred to solid job creation and said there will be an increase in interest rates following 'some further' improvement in the labor market. There were however no clues as to the timing of the rate hike. Cable rose again on Friday, after a far below expectations US employment cost index, leading to a dollar sell off. With all the fundamentally bullish impulses of last week, price failed to break above and close above the key resistance at 1.567

On the technical side, the Cable is trading inside an ascending triangle for about three weeks, printing a quintuple top along the way. It dropped 65 pips after the last failed attempt to break this resistance. There is a confluence with this resistance level and the 618 retracement of the swing low that preceded the triangle. We also have clear regular bearish RSI divergence; indicating underlying weakness and possible trend direction change from uptrend to downtrend. If the pair would break below and close below the lower trend line of the triangle, I would go short. More conservative traders could wait for a successful retest of the broken trend line before entering the trade. Monday we have the UK manufacturing pmi coming out, which will no doubt give an impulse to this pair.

The stop would go 30 pips above the flat top. TP1 lies just above the low of the swing low that precedes the triangle. TP2 lies just above the next key support level. See the chart for details. In terms of trade management, when TP1 is hit I would take profit on half of my position and roll my stop loss to breakeven, enjoying a risk free trade towards TP2.

There are +/- 400 pips to be made (depending on where it breaks to the downside) and the trade has a reward – risk ratio of +/-3.0!
1 hour ago
EURUSD, 240 Long
4 759
Not a lot on my radar this morning which is perfect seeing how Monday’s are typically days where I let the markets wake up after the weekend. One pair that I’ve been continuing to watch closely has been the EURUSD which has provided a lot of opportunity over the past month or so.

The chart before you shows a potential bullish Gartley pattern completing extremely close to the “X” leg. As I shared with my Syndicate members in this morning’s trading video, this is a really good thing, because it puts us in a situation where we don’t have to risk as much and can potentially receive a greater reward if the trade goes in our direction.

I usually don’t take patterns too seriously until the “B” leg is broken so there may be a few bullish opportunities beforehand, but that’s something I won’t be interested in until tomorrow.
Good luck in the markets this week traders and as always, if you like this post PLEASE HIT the THUMBS UP button, and if you have any question, comments or would like to share your views on this pair don’t hesitate to type in below.

Akil Stokes
Chief Currency Analysis at Trade Empowered

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1 day ago
EURUSD, D Short
8 2808
Late last week rejection from the 50-days SMA, and minor descending Resistance for the latest bearish wave suggests a potential resumption to the downside.

I am looking to short the pair of any upside with the start of the week, target the latest support area around 1.0818 as a first target. Followed by 1.0520 as a longer term target. I will exit only on a break above 1.1130.

This is a guideline for the trade, I will be publishing the precise trade if price retraces slightly higher.

My best regards
Technician
Subscribe to my trading portal http://thefxchannel.com
22 hours ago
EURUSD, 240 Long
7 1119
Notes on chart. Its true last days this pair is clearly on downtrend but it could finish soon.

- First target: last highs
- Second Target: 1.27 fib projection
- Third Target : 1.61 fib projection

Best Regards.
14 hours ago
EURJPY, D Neutral
3 720
The Bearish Scenario
The cluster of moving averages holds well, and price heads lower breaking the minor rising trend line for the recent consolidation. That would create the right shoulder for this POTENTIAL head and shoulders, and retest the neckline for the pattern. Its too early for further forecast.

The Bullish Scenario
A breakout above the main resistance cluster. That would be strongly bullish. and the right shoulder completion scenario will no longer be valid. That would suggest a minimum move towards the latest major swing high at 141.00

My way to trade this could be shorting just below 137.00 targeting 135.50 then the neckline. With a stop above 138.00. Alternatively, on a break above 138.00 to reverse position and go on the long side targeting 140.50-141.00.

My best regards
Technician
Subscribe to my trading portal http://thefxchannel.com
5 hours ago
EURUSD, 240 Long
6 609
Did that headline get you excited? Who doesn't want to catch a wave 3, right? So my thorough analysis says a wave 3 is the next move. But when and where will it start? Or has it already started? Can you still catch it if it has? If so, where would it be best to catch it? All these questions will be answered....in due time! So let's get started with why I'm thinking wave 3.

I did post about his possibility last week (see Related Ideas: "EURUSD: Did Wave C Just Start? Bull Bat TP1+TP2 Hit (+222 pips)". But in doing my weekend re-analysis, I throw everything from last week away and start from scratch and see if I come to the same conclusions. Here's what I got.....

SUMMARY OF MAIN CHART ABOVE
The chart I posted above is the 4Hr TF chart. The chart is simple. Two patterns. One is a bullish Gartley and the other a bearish butterfly. Both end at/near the lower and upper trend lines respectively. By my wave count, it's possible that we are already in a wave 3 moving up towards filling the bearish butterfly at the top trend line. But it is also possible that the wave 2 has not yet finished and prices will move towards the lower trend line more and fill the bullish Gartley before starting on the wave 3 up after testing the lower trend line. Prices are at a decision point (as of the time of this posting) as to which way to go. It's simple. If it goes down and breaks the B point of the Gartley, then wave 2 is not finished and the Gartley will get filled. Prices then will start on wave 3. If prices either move down and DOES NOT break the B point of the Gartley and then start moving up again OR prices just move up from where it is now, then wave 3 has already started and now is a good time to look for opportunities on small retracements to get in on it. Why the B point is so important? Because if wave 3 has already started, then point B is the end of the wave 2. If prices go lower than that, then wave 2 is not done. OK, so how did I come to the conclusion that there is a wave 3 coming here and that prices are not just poised to shoot down in starting another impulse wave down?

OVERVIEW - MONTHLY CHART
There is A LOT going on here! Mostly self-explanatory but overall...BEARISH! So if I am overall bearish on this pair, why am I saying there is a wave 3 UP coming? Well, remember this is a MONTHLY chart and everything that is happening now is all within the context of the MONTHLY moves.
https://www.tradingview.com/x/VuR6izeU/

WEEKLY CHART - ZOOMING IN ON THE CURRENT PRICE ACTION
https://www.tradingview.com/x/740kUuVy/

DAILY CHARTS - HERE'S WHERE IT GETS INTERESTING: 3 POSSIBLE SCENARIOS
So below are 3 charts on the DAILY TF that show 3 possible scenarios that I think have the most likelihood of happening. Of course I am not saying any of these WILL happen and that there are many other ways that this correction could still unfold and also that there is a possibility that the correction is over and prices are poised to move lower from here as well. But these are just MY thoughts are the most likely scenarios. Choose whichever you think. But in ALL 3 scenarios, the next move is UP in a wave 3. And that is why I am so confident that this is a very good opportunity to catch a wave 3 movement!
https://www.tradingview.com/x/baZjsOJ2/
https://www.tradingview.com/x/tDFKIlgZ/
https://www.tradingview.com/x/AAp2ogAZ/

CONITNUED BELOW IN COMMENTS SECTION DUE TO POSTING LIMITS
16 hours ago
USDCAD, D Long
11 328
Friends,

Looks good for long movement. Nice moves, without obvious exuberance make for stable uptrends.
20Moving Average is important for this trade, and performs well on this pair in general.

Best of luck.

Tom
23 hours ago
USDJPY, D Short
5 342
UsdJpy in currently consolidating inside a big triangle after the big bullish bat pattern.
Rejected 2 times at the trendline, that area is also previous sell area.
Closed 2 bearish candlesticks in a row.

A leg down might be underway.

Stops above the spike high.
10 hours ago
USDCAD, D Neutral
6 391
Hello friends, this is not a setup, just doing this for research and fun.
Thanks to GcNaif and Nmike for bringing my attention to this cloning technique.
Actually its not new for me, i have used it before succesfully but only by "instinct"
https://www.tradingview.com/chart/GBPCAD/43O9tAQ4-GBPCAD-moving-within-a-channel-again/

We know price action often likes cloning (wave cloning, AB=CD patterns, bollinger band duplication i often use, etc)

This techique is similar but very simple and useful.
Looking at chart on USDCAD price history we see the channel duplication worked perfectly before (sky-blue channel).
It still hurts me when i remember i was stopped out by a few pips before price going in my favor 800 pips (ARRGGGGHH!!!!!.....)
https://www.tradingview.com/chart/USDCAD/8QtSUfbn-USDCAD-a-good-area-to-enter-long-1-20000/

I remember very clear how difficult was to find an entry point then using another trading systems. This cloning technique would have been more useful and easy.

Im trying to use and test this technique now, we see the price is on clear bullish trend but respecting the base channel, specially the middle points.

Very important: this technique must be used not alone but in confluence with another reasons/trading systems.

I expect some reaction near the levels shown on the chart. My prefered scenario is bearish because i think the price needs a correction.


Lets see what happens.

Best regards.


5 hours ago
EURUSD, 60 Long
2 582
EUR/USD has made a high of 1.1113 and declined from that level. It is currently trading well below 100 and 200 day HMA.

Any break above that level 1.100 will confirm short term bullishness , a jump till 1.1035/1.1085/1.1100 cannot be ruled out.

On the downside minor support is around 1.09425 (76.4% retracement of 1.0920 to 1.1113) and nay break below will drag the pair further down till 1.0920/1.08865/1.0850.

Intraday trend reversal only above 1.1000.

It is good to buy only above 1.1000 with SL around 1.0945 for the TP of 1.10858/1.1100/1.1130.
1 day ago
CL1!, M Short
21 1438
I have been bearish on main industrial commodities like copper and crude for a while..
Here is my view on Copper that i published 18-months and 8 months ago

https://www.tradingview.com/chart/HG1!/2hbylllo-Copper-One-Pretty-Bearish-Scenario/
https://www.tradingview.com/chart/HG1!/IheTKPs9-Copper-Decision-Time/

Oil:
https://www.tradingview.com/chart/USOIL/sDwBpthl-Copper-Warns-for-a-Reversal-in-Oil/
https://www.tradingview.com/chart/USOIL/QrI35ZXF-Oil-heading-for-a-break-down-oil-forex/

So what's likely next?

The FED is one step close to a rate hike and China's economic outlook remains uncertain. Technically, both commodities are correlated.. Copper remains in a strong downtrend, after completing the head and shoulders pattern. The ideal target for the pattern suggest that copper could retest the long term support levels near 1.65-1.45 area. . Meantime Crude has broken the main long term rising trend line on the logarithmic scale chart above. Even if you move to the linear(normal) scale chart, the main trend line has been broken last week as well. $30/barrel is not unlikely target anymore.

My best regards
Technician
Subscribe to my trading portal http://thefxchannel.com
23 hours ago
EURGBP, D Neutral
6 200
Looking for eventual trades in this pair, preferably shorts in this pair. Eventually. Last candle has made the intermediate trend confusing, and we need to see the opening today to make trading decisions on this pair.

We are also coming into a very strong action area, where we will see a reaction.

Best of luck
Tom
16 hours ago
GBPUSD, 60 Long
2 268
SUMMARY - OVERALL BULLISH
GBPUSD has been in consolidation for a while now in an ascending triangle pattern. Ascending triangles are normally a bullish pattern but this one is coming in after a down move. So what does that mean? To see what the next move MIGHT be..we'll look at the overall wave count (remember, this is MY wave count. Wave counts are VERY subjective and others may have it different.) and then we'll use patterns to further reveal where prices might be headed.

SHORT TERM - THE CURRENT SITUATION - Explaining the Main Chart Above
Here you see 3 POTENTIAL bullish patterns and 1 COMPLETED one all coming off of the double top that was just formed: 1. bullish shark (beige), 2. bullish Gartley (purple) 3. a bullish bat (blue) and one COMPLETED bullish 5-0 pattern that comes off the heel of a profitable completed bearish shark (dark blue).

Prices currently sit at the completion point of the 5-0 pattern where they are also forming a triangle pattern (yellow). This is a short-term decision point as to what is going to happen next. If prices break down from here and setup a failed 5-0 thus also breaking the triangle lower, then odds are we'll see prices head down towards the completion of the 3 bullish patterns below. If they do not break down, then we will likely see prices head back up towards the upper trend line of the ascending triangle pattern testing it again (dashed red line), hesitate there, and then break through invalidating all 3 bullish patterns.

If prices do breakdown and head lower towards completing the 3 bullish patterns, then when 1, 2 or all 3 get filled, we will see prices reverse and head up in wave c. Note also that all 3 patterns will complete BELOW the lower ascending trend line of the ascending triangle. If it does do this, then it should be a false break of the triangle and we'll see prices head back up through the triangle. Either way, I see prices heading higher.

OVERVIEW - MONTHLY CHART
https://www.tradingview.com/x/SWEwa4VV/

DAILY CHART - Focus In On The Corrective Wave
https://www.tradingview.com/x/kPSrrHzC/

4Hr CHART
https://www.tradingview.com/x/5V0gIQar/

CONCLUSION - MY TRADING PLAN
We are at a critical decision point for this pair which will decide whether I get in now (adding to my LONG positions I already have) or wait until prices decline into the 3 bullish pattern, finish below the the ascending triangle for a false break, and get in LONG there. Either way, I am looking to get into the coming (or already started) wave 3 of the larger degree wave C of the ABC corrective pattern.

If prices do descend further into the 3 bullish patterns, then wave 3 of the wave C has not yet started and we are still in the wave 2. At the point where prices fill the 3 patterns. That would be a GREAT point to get in on the start of wave 3. If prices move up and break the ascending triangle, then that would be confirmation that wave 3 has already started and that would be a good point to get in.

In any case, I am BULLISH on this pair and do not see that this pair has finished this correction and ready to descend into a new downtrend now even if the wave C does not materialize and the correction unfolds in a more complex way,

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all comments are welcome.
20 hours ago
USDCHF, D Short
0 205
Candle stick pattern- Hanging man

USD/CHF has made a high of 0.96919 and declined till 0.95474 on Firday. The pair recovered quickly and closed at 0.96493.

Major trend reversal level only above 0.9720.

On the downside minor support is around 0.9637 and any break below will target 0.9595/0.9545/0.9520.

The break of major resistance would extend gains till 0.9770/0.9800 level.

It is good to sell on rallies around 0.9660-65 with SL around 0.9725 for TP of 0.9595/0.9550.
11 hours ago
CADJPY, D Short
4 114
Price broke_Out from Uptrend_Line and Retest.
Potential long term Complex Head and Shoulders forming.
Potential Elliott Wave BARRIER Triangle(ABCDE), Descending Triangle Downtrend continuation, for ABC to Neck_Line/Support. E Wave missing, RSI bullish divergence.
12 hours ago
NZDCAD, 240 Short
3 121
UPDATE #1: Trade is ACTIVE now. Good Luck EVERYONE !!

Hello Traders,

Here we have a BEARISH 2618 TRADE SETUP on FX:NZDCAD. Market was able to break previous structure (HL) and made a new lower low (LL). Now it has retraced back to 61.8%Fib retracement level for nice shorting opportunity. I havemarked my entry price on the chart above and market is close to the entry point for this setup. Risk to reward for this setup is also quite favorable. See the chart above for more details.

NOTE #1: See the idea under the "RELATED IDEAS" section below, for detailed description on 2618 trading strategy.

NOTE #2: We could also have a POTENTIAL AB=CD Harmonic Move completing at the 2nd target of 2618 trade setup. We also have some well respected 4 HOUR and DAILY trend lines at the 127.2% Fib extension level. This level can be a good place to close all SHORT positions and opening LONG positions from the same level. See the chart below this description for further clarification.

Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)

https://www.tradingview.com/x/tGRHvYir/
1 day ago
O1!, M Long
1 196
Its a pity my broker does not offer this grain, so i will use the tradingview's paper trader feature.
A possible long term set and forget trade. We have many reasons to buy:

- Giant bullish cypher in play
- Strong level of S/R
- Trendline support
- RSI extremely oversold
- Strochastics oversold and crossing
- Previous retracement to the 0.786 level before rallying ocurred three times. This is the "personality" of this grain.
- COT sentiment report

Best regards
38 minutes ago
EURUSD, 240 Long
0 230
The major support is around 1.0900 (trend line joining 1.0807 and 1.08922) and any break below targets 1.0850/1.10800.

Intraday minor resistance is around 1.0978 (20 day 4 HMA) and any break above will extend gains till 1.100/1.1085 in short term.

It is good to buy at dips around 1.09525-550 with SL around 1.0890 for the TP of 1.100/1.1085
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