The Kiwi was my sole losing trade last week which doesn't come as a surprise. This trade features a dual level of structure which is always difficult to navigate and although I waited for a conservative entry, I also took a very conservative stop knowing that I would rather get stopped out and retry if the opportunity presented itself vs. using a bigger stop loss...
AUDUSD was the first of 2 2618's shown today. As mentioned, I had previously been a fan of the higher level of structure resistance (red box) and although I couldn't involve myself in the initial test, was able to use an advanced pattern formation to get involved on the retest. We now have the potential for a 3rd strike of that level in the form of a 2618 trade if...
The second pair in tonight's video focused on the EURJPY which has been extremely interesting as of late. Although this particular pattern formation traditionally breaks out in the direction of the flag pole. I still have a bullish higher time frame bias on this pair and our currently level of structure offers a low risk opportunity to get involved in an...
The first pair that I looked at in today's video was the GBPUSD where I'm paying attention to the current level of structure support & looking for a 2nd test (down on the hourly) followed by a failure. If the Bulls can once again show some buying pressure and hold that level then I think we can easily see a bit of relief back up to the previous level of structure...
Hey traders, a little late, but just came across this completed bullish bat formation here on the USDJPY which completes at a retest of a pretty decent looking consolidation area. Akil
One of the pairs looked at in tonight's video was the NZDJPY which features a sideways channel directly after creating a new structure high. As I mentioned to our traders, both simple & advanced pattern formations don't necessarily have very high win rates. In fact, i would argue that most strategies, in general, don't complete at the levels that you here certain...
Coming off a beautiful Cypher Formation & a day full of Dollar Weakness thanks to the FOMC Minutes Release, We now have a bearish Bat Formation that has completed offering traders who aren't concerned about going against the grain an opportunity to get short and potentially catch a portion of the correction. NEWS - 5.24 at 10pm (NY) NZD Annual Budget Release. Akil
As Canada continues to show strength, I'll be looking for a buying opportunity in the zones identified on the chart above. As of now, I have no reason to put any orders in, but I'll be keeping a close eye on the markets as the "real" trading week begins today. New wise it'll be an interesting week for this pair as we have a handful of FED members speaking along...
In my opinion, finding a good trading opportunity is like a detective gathers clues and seeing what they all add up to. There are lots of tools that we can use in our technical analysis, but in my opinion no single one is great. Rather it's the combination of those tools & tactics that allow us to dial down on the best areas in the markets.
Some greater than expected fundamentals have given us a very strong Euro today. Therefore, instead of trying to jump on the move late (a mistake that I've made more times than i'd like to admit while earning my trading stripes) I'm looking for area where the market may provide us with some release in the form of a counter trend trading opportunity. Here on the...
After refusing to create a new structure low & creating a higher high higher close, my expectation is that we will see a 3rd drive up on the EURCAD. In order to get involved on that 3rd drive there are 2 opportunities present. 1) Price action has recently put in a bullish flag formation. This type of pattern formation typically breaks out to the upside extending...
Gold is making its way down to the 1200.00 price which is a strong psychological number as well as a strong previous level of structure. After this long drop from 1296.00 I would expect there to be some sort of relief down at this level as sellers look to remove profits & buyers start to become interested once again. A 50% rally from that point would put us in...
Here's another look at the GBPAUD trading opportunity that we discussed yesterday. As you can see price has made it's way back down into the 1st potential Kill Zone, running into our previous structure resistance (see left chart) as well as our zone of 38.2 & 1,618 (inversion) Fibonacci Confluence level. Please understand that just because price reaches our Kill...
With gaps interrupting the majority of the pairs in my trading portfolio I'll be turning to more minor pairs in order to find trading examples. Following up on yesterday's Combined Technical Scoring System Strategy Lab I thought that this would be a perfect opportunity to share today. Obviously price has already began to react after running into previous...
The JPY pairs have been great for us in April (and there goes the Jinx) and after allowing for some relief I'm now looking for areas to hop back on the short side. The EURJPY is currently approaching a Killzone & has recently gone from an over sold to over bought swing. I'll be paying close attention to price action & looking for a potential move down to the...
Had some down time so I decided to post! Deep Bearish Gartley Formation on the EURAUD
The EURJPY was one of the main pairs on my watch list heading into this week of trading due to the fact that we had just broken a previous level of structure support. I took a small loss on an aggressive day trade on the 5 Range bar charts during this mornings Live Room session, but this was the first opportunity I had to get in as a swing trader. It's an...
Despite getting skunked out on a bullish Gartley formation on this pair yesterday (Thanks Core Retail Sales), yesterday ended up being a fantastic day of trading. Today Canada is back on my watchlist for another long opportunity, but this time it's for a potential trend continuation trade in anticipation of a move back up to the 1.3450's area. Along with the...