GBPUSD has put in a Double Bottom at Daily Support. RSI went Oversold on the 1st Test. On the 2nd Test the RSI was showing Bullish Divergence. Zoom in on a Lower Time Frame once Price reaches the Entry Zone and look for some sort of Reversal Pattern Such as a Hammer Candlestick, Doji, 3 Bar Reversal, etc... Stops go either 1 ATR or 10 Pips below the Double Bottom....
GBPUSD looking good for a short down to 1.5000 on the daily, however, I will be awaiting for more conformation from price action around this trendline and 1.5500 level to take any trades. I am expecting a false breakout to the upside first before the move down. Here we have a Head + Shoulders pattern being fulfilled with the neckline broken, retested and...
hey, traders. If yo look at the chart you will notice priceaction trading within the last impulse's leg range. As we all know moves in trends. So, it's not a bad idea to look for a trend continuation. I'm looking for another impulse to the upside and i'm going to use this bat pattern to enter long. As usual stop needs below X. My target is 1,272 XA extention. This...
Notes on the chart. The reversal sign by itself is a very good reason to enter short. Here we have a gartley pattern also telling us of price more probably to go down. this gives us an edge. If this edge is repeated consistently - then the stream of our trades generates profits)
Blue arrows = impulses, voilation or retest of previous move's range. Red arrow = corrections, priceaction within previous move's range. Trend = at least two impulses of same direction with a correction between them. Consolidation = at least two impulses of same direction with an impulse of opposite direction between them. Price moves in trends. A trend remains...
As price action makes its way back up towards previous structure highs, we’ll reach what I like to call a “decision point” in the market. I call it that because it’s at this point where our “IF/THEN” thought process comes in today play in our decision of whether to go long or short. Because we have yet to break structure, I won’t touch on the long option, but...
Ok, we have two scenarios noted on the chart. the red one is regular bat trading scenario. The blue one is BAMM+Bat scenario. BAMM are in essence simple strucutre trend continuation trades. that's why they have a high probability of success.
Bat pattern. Buy limits at D. Stops below X. Target 1 at B, Target 2 at C. Let's trade it
Hey, traders. Here's the illustration to my descriptions about the algorithm of XA leg recognition. The description itself is in "Thoughts about bat pattern" 3 and 4. If you are new to these series, you are welcome to check the related ideas links. enjoy it. Also check "buy euro" post to see the FOMC trading))