On a higher time frame we can see that the market has broken below a significant level of support. Hinting a strong medium term bearish trend.
There is a potential opportunity to jump on this trend with this gartley pattern completing at the ratio confluences of 0.786 and 1.272.
The RSI is also signalling a strong divergence with the market.
Stops and targets...
Looking for a Bat completion at the 0.886 retracement of the X to A move, along with the 1.618 extension of the A to B movement and the inversed extension of the B to C move.
The target area is also a strong area of previous support and resistance.
*The B retracement reached 0.500 but didn't close above 0.618*
Potential cypher forming up, finishing on the 0.786 of the X to C move. Also meeting with 1.272 extension of the A to B move.
RSI is currently showing some degree of divergence. Will short if price rises to 1.06030.
This area has served as both support and resistance in the past.
Will follow price action closely. There is ratio confluence of a 1.618 extension and a 0.886 retracement, setting the conditions for a bat pattern.
Stops are going 15 pips above X, with profit targets at the 0.382 retracement of the A to D move.
Also note that the potential reversal area meets with a structure area of past significance.
I just put out a video breaking down the GBPUSD. On the chart here we have a massive Potential Cypher Pattern. Now although I trade Cyphers, I cannot enter into any trade with more than 100 pips of risk per my trading plan. So instead I am going to use the Cypher pattern as part of my overall technical scoring system. Now along with the Cypher you also have a...
Just had day 1 of the pro trader workshop. It was a great morning, and we covered a ton of stuff. We will be having day 2 tomorrow morning starting at 8am est and if you missed this mornings stream and you want to watch it, here is the youtu.be
One of the things that we will be covering tomorrow morning will be the Technical Scoring...
The EurJpy is now up into a major structure zone here on the 240min TF. We have structure, fibonacci confluence and a Bear Setup on the Stochastics (which is what the red arrows are pointing to). If you are looking for a longer term hold, this has a ton of potential.
If you would like to watch me break this down, here is a link to the...
There is a bearish bat formation completing at 0.72030. Current market price is still fairly far from our entry, and if price falls below the point marked 'A', this pattern and trading opportunity will be invalid.
Target 1: 0.71620
Target 2: 0.71330
As with all Bat pattern setups, this trade has an excellent risk to...
Hope you're having a positive trading week so far.
We have both Bullish and Bearish Cypher patterns on GBPAUD.
Bearish Cypher (on chart in red)
Target 1: 1.75700
Target 2: 1.74930
Bullish Cypher (on chart in purple)
Target 1: 1.75220
Target 2: 1.75810
Each Monday I hold a private training lesson for our Transformation members and today the topic was the Combined Technical Scoring System (CTS)
During the lesson I talked to them about my personal journey & how I went from a very conservative CTS trader to someone who no longer requires a score. With that being said I've ingrained the process into my daily...
The B point has retraced back to the 0.382 retracement of the X-A leg.
C has reached below B and we are now waiting on a completion at the 0.786 of the X-C move.
There is also a 1.618 level extension of the A-B leg at exactly the same area.
Stops are placed above X. Target 1 is placed at the 0.382 retracement of the hypothetical C-D move and Target 2 is palced at...
It could be a good chance to jump in the EURGBP bullish trend.
The market has just closed above previous structure highs, and has now retraced back to and area where there is ratio confluence between the 0.382 and the 0.618 of the latest two impulse legs.
The RSI also signals over sold at 20 points. Targets are set at another ratio confluence level of 1.272 and...
2 previous advance patterns completed. I am still in the trade on the blue short cypher pattern.
I believe the market will rally to the blue box area and terminate around 0.3039s. There is a Fib retracement of 0.382 in that area. Then market will reverse and continue short terminating at 1.2850s completing a 3 drives pattern. 3 drives completes at a major support...
In my last chart around 2 years ago entitled "SP500 BEARISH OUTLOOK - CLOSE TO FORMING GENERATIONAL TOP" (see link below), I suggested that a possible top could occur around 2000 - 2030 area which I believe is still within acceptable range for such long term analysis.
It appears to me that the likely topping pattern we are witnessing could be part of a very...