Let’s glimpse into the basics and do not forget to use these rules. It’s proved - they do work! TRADER’S RULES 1. Always work in the direction of the dominant trend 2. Find the strategy where you are most successful, namely the one that gives the minimum account drawdown 3. Reduce the number and size of transactions in case of losses, and vice versa 4. The main...
I'll open a pair trade to minimize risk in my GBPUSD long setup. There's a weekly sell opportunity in the NZDUSD chart, which will give me a relatively low risk entry as per my analysis that gold isn't done falling, and that NZDUSD (and GBPNZD will resume the trend they are in). Position size is based on the ADR figures for both pairs, risking 2% and aiming for...
There are 2 Trade plans but both need confirmation of the breakout and a retest of the breakout area (i.e. resistance should and must become support to validate the breakout) 1st Game Plan - Long Silver at 16.71 stop at 16.03 (risk 68 points) Target 17.71 (100 points). Stop is rather wide but look to raise should breakout validate by testing the previous...
Platinum did hit a low at 1086 but a corrective move was is now confirmed as a bear trap. Price did recover but failed to break above 50% retracement at 1185 and so the longer trend continues. Only a break higher above 1185 or out of the long tern down trend line will be sufficient for the bulls to retake control. Short in this sellers market.
Patiently waiting for either break of the trendline or waiting to retest a high at 800 area before looking to short it. 1) short if break out below the short trendline - targeting new low 2) wait for a test higher to short
THE CLASSIC PSYCHOLOGY OF A MARKET CYCLE. WE SEE THESE EMOTIONS THROUGH RETAIL INVESTORS WORLDWIDE. MAKE SURE YOU HAVE 20/20 HINDSIGHT ON GOLD BEFORE YOU GET CAUGHT IN THE HERD. REMEMBER, NO BIAS. @YUNGFINANCE
Here we can see the current A-B boundary from the Daily TF is Bearish...we can see the C pull-back has been a nice 50%. I favour and work most technical off the 2H TF and the A-B boundary here is also Bearish...we can see the C pull-back has been a nice 38.2%. Now here is the ugly bit (LOL) as we can see price is currently stuck in consolidation and the pennant...
Okay so the chart you can see has a fairly steep channel and that's probably what you've noticed first. However, let's look at the wider picture. The downtrend has been in place since the 5th December 2014. On the 28th of December we saw the trend take shape as the lower-high formed a trend line with the 5th Dec. price. On the 2nd of Jan we saw the price come...
Some good support and resistance technical levels with an ascending channel formed with three highers highs and three higher lows. The triangle which started formation in January recently broke out but met resistance at the current ascending channel. Therefore, we should see a bullish bounce either at the next support level or at the triangle cradle; where there...
EURUSD is on a super long down trend, and this might play out from today till the end of the week with Draghi on the wires in a few minutes. I'll take a 2nd short position on the break of 1.2480 level, looking at 1:1 RR, then would adjust accordingly to 1.2244 as final target, will re-look when hit. i'm already short from London's open at 1.5387 Good luck all.
I have always studied and monitored price action against Fibo levels and providing the markets trend and do not reverse the myth of Fibonacci works for me... Here is a daily chart showing the recently completed ABCD pattern...A - B boundary completed and a C shallow pullback correction formed. This offered an extension target at the 1.618% (1.24978)...notice how...
The EURO is currently sat on several major support levels; Daily TF A - B swing C pullback halted today at FIB support 88.6% which concurs with previous structure lows and whole number 1.2700. Looking for buy signals on smaller TFs to pick off bullish corrective price action
Very nice confluence with the 1.27 ext measured from C to B leg lining up with 0.786 retracement of X to A. We have good structure resistance dating back to early May '13. Let's see if this pattern can reverse price. ********************************************************** For inquires of education, live trading room, or prop trader funding...
Oil is tanking, but there's still a possibility that USOIL can complete the deep bearish crab pattern as long as price action doesn't violate the C leg. ****************************************************************************** For inquires of education, live trading room, or prop trader funding email epicdaytrading@gmail.com Skype: epicdaytrading PH: +1...
Although there is naked structure of resistance and no confluence, I would like to see some bearish divergence on the RSI to confirm this pattern reversal. Nasdaq have been bullish quite sometime and it is indeed due for pullback to catch a breathe.. This pattern could very well confirm that. Looking to take a target no more than previous resistance now turn...
Euro making a comeback on the rally. Price action put in a .786 retracement on the B leg of the X to A measurement which validates a potential Butterfly pattern. If price rejects $1.371 at the 1.27 ext.. We may see a reversal. ****************************************************************************** For inquires of education, live trading room, or prop...
There's no previous structure anywhere to be found in price.. Divergence would better confirmation for this reversal. ****************************************************************************** For inquires of education, live trading room, or prop trader funding email epicdaytrading@gmail.com Skype: epicdaytrading PH: +1...
Two trades could play out here. The shark pattern (blue) being the most probable because of the strong previous structure of support now turned resistance between price $1.0178 at 1.13 fib extension and $1.1854 at .886 retracement. The kill zone would be between those two price levels. Price also recently formed a bat pattern (purple). We might see a pull back...