Market have completed impulse Elliott wave pattern down at the Fibonacci confluence zone piercing price 1.07 level. This is possible strong support zone and a correction could follow. There is possibly strong resistance zone near price level of 1.09. No trades should be taken if price close daily below 1.07. My trade plan: look for reversal confirmation signals...
Seems to be a 50%retracement of the 3rd elliot wave. It is also a level of previous support and resistance (the red line). The red rectangle is an area of possible resistance (calculated with multiple fib retracements and projections) place stops above it. Only thing thats making me a bit less confident about this trade is the fact that we broke out of the...
Hey traders, sorry for being away all week but I needed to get away from some of the negativity that exist on these social sites and concentrate fully on what matters most TRADING. The chart above is of a trade we took on the USDJPY this week using nothing more than the fundamental skills of reading a price chart and using the Fibonacci ratio tools. Obviously...
I wanted to title this post What’s Going On With The Euro? Because I honestly don’t have a clue. With the lack of movement in the markets, it’s been really difficult to get a true read on certain pairs since they just aren’t moving too much. With no major news out today and CPI & FOMC coming tomorrow I’m expecting more of the same today. None the less, it’s still...
Taking a long position based on: - bullish/reversal bar - support at ~ 3040, a weekly level; - 200 ema rejection - Fibonacci cluser: -- 0.382 Fibonacci level rejection and close above on weekly time frame -- 50% retracement and close above (2nd swing low to recent high) entry - above high of reversal bar stop loss - below low of reversal bar target -...
After stalking the EURUSD this entire week, price action has finally made its way down into my kill zone and has also given me a reason to get long in the form of a bullish bat pattern that completed during the early London session. There are so many ways to take targets on this trade and instead of laying them all out I’ll just ask you these questions. Why are...
Looking at the following to sell EUR/USD: - inside bar - 50 ema rejection - resistance at @1.1100 - Fibonacci cluster: - 0.786 Fibonacci level rejection from previous swing high to swing low and closes below - 50% retracement between first swing high at the top of the trend line and closes below - trend line rejection - Stochastic and RSI convergence entry -...
Using the following to back a short entry on EUR/GBP on the daily chart: - inside bar - resistance at ~0.7120 - mother candle rejects: - 50 ema and closes below - 0.786 Fibonacci level and closes below - Fibonacci cluster - falling trend line for the 4th time closing within the downward trend channel - Stochastic hidden bearish divergence (comparison of...
HELLO, IF WE SEE A D LEG COMPLETION OF AT A 0.88% THEN THE BAT PATTERN WILL BE COMPLETED STOPS ABOVE X LEG TGT1 0.382% TGT2 0.618%
It's Friday...I'm feeling burnt out, so we're going to keep it really simple today. Potential Bear Bat Pattern. There you have it. It is pretty cool that we get some extra fibonacci confluence in the form of an 61.8 retracement & a 161.8 extension but at the end of the day the pattern is all that really matters to me. Other pairs on my radar today are the...
I have a handful of trades on my radar today but I wanted to concentrate on the GBPUSD this morning because of the multiple opportunities. The main trade that I’m looking for is the Bearish trend continuation setup. This market has clearly broken structure to the downside and if we get relief we have an excellent structure level to predict where our next pullback...
As I told my Syndicate members last night, although we’re at a minor level of structure, double bottomed at that level (LTF) and are currently putting in a 2618 on the Euro, I have no intentions of buying. It’s not a Greece thing, or the fact that I’m scared to pull the trigger after yesterday’s losing trade. It’s simply because I have no real place that I would...
Surprisingly the bulk of the movement on EURUSD yesterday seemed to come in the…Asia session (whaaat?) Anyway, we are now down in a zone where I thought we may see a potential reversal. Personally I got long on the smaller Gartley pattern this morning (from 1.1231) but keep in mind we also have a bigger bat pattern lurking down at 1.1182. I got the question...
Yesterday’s news gave us a lot of continued strength in the GBP blowing right past previous structure without a pause it seems. So the question is what’s next? Well going off of the basic price action principles of higher high, higher close, I’m expecting the bullish move to continue. The next stopping point that I have on my radar is around 1.6200 even handle...
Seeing today's high test bar close rejecting a past level acting as both support and resistance within close proximity of a Fibonacci cluster (38.2% and 50%) drawn from two previous swing/cycle highs and rejecting the falling trend line for a third time highlights this end of day set up as a potential selling opportunity. Recent lower highs and lower lows...
TEXTBOOK SETUP. PULLBACK TO THE 38.2 FIB WHICH IS IN LINE WITH STRUCTURE LEVEL. AUD IS STILL FUNDAMENTALLY WEAK, THE CURRENCY NEEDS TO GO LOWER TO SPUR GROWTH SO PAIRING IT AGAINST THE POUND IS A HIGH PROBABILITY TRADE BECAUSE THE POUND IS THE 2ND STRONGEST CURRENCY AFTER THE DOLLAR. WE'VE HAD A TWEEZER BOTTOM AND SUPPORT FOLLOWED BY A HAMMER REJECTING OFF THIS...
I 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...
Hey traders the NZDUSD has offered us an excellent 2618 opportunity and I wanted to take a minute to show you guys how I use the Fibonacci tools to break down a potential reversal zone and really dial in on where i want to place the trade at. Here's a link to a short video i did this morning on this pair. tradeempowered.com Akil Stokes Chief Currency Analyst...