Reasons for my analysis:
1) Close to ideal Gartley harmonic pattern as shown on chart, current price reversed at exactly Gartley's ideal D point.
2) All JPY group currency pairs correlating with JPY weakness (fresh) (including USDJPY;AUDJPY;EURJPY;GBPJPY;CADJPY)
3) Strong buying force (Demand Zone showed a big bullish candle)
4) Double bottom W shape with V...
How do I calculate/manage risk?
Managing your risk is absolutely essential as profitable trader. When you enter a trade there are only five outcomes:
1) Big win;
2) Small win;
3) Break even;
4) Small loss;
5) Big loss.
As long as you can cut off the "BIG LOSS", no matter how bad you trade, its still likely
that you are a profitable trader. Most people's...
It seems that the buying force has been around for the last few days and coming to a recent strong supply area as highlighted on chart. A very strong rejection (red candles) was shown around the supply area, this means a lot of selling orders are yet to be filled.
Aggressive traders may place limit order around this area. Alternatively you may wait for double...
Just scanned the market today and found this cypher pattern, as indicated the D point would be around 0.68865. This is also backed up with a support or demand area as highlighted in blue colour. Wait for confirmation typically a no lower low, and in this case might be ranging for a while then spike up first.
I have also drawn the potential K chart path and if...
The real reason why supply and demand works.
For the US dollar index its not hard to read there was a massive drop from the big red candle (creating a supply area) and it is now making its way up to the initial price drop area. Based on Elliott wave pull back method we can foresee the 5 waves almost being played out except that we will still have to wait for no...
GBPUSD has arrived at recent supply area. there was a strong rejection candle in 11 July. price has came back and retested this area. No higher high and V formation. This afternoon could take the short term short (day trading plan). Target at around 0.618 retracement area.
Supply zone between 1.0012 and 0.9965 as highlighted on chart (blue box). Price collapsed from this level before which means there is unbalanced buying and selling power. Now price pulling back again and is potentially going to make Elliott wave 5. This eclipse with harmonic bat pattern and the sell is likely going to take place at 0.886 retracement which is...
Supply zone between 60.26 and 63.65 area and has proven that it is strong enough to push down the entire market. price came to this level and 1) couldn't make higher high and 2)made an upside down V shape (V formation),3)On the other hand the bullish move has done all the 5 Elliot waves as its drawn on the chart.
There is no doubt that the price will continue go...
Spotted this opportunity today combining uptrend channel + potential Elliott wave + supply zone. EUR has opened its uptrend since last few weeks.
The price is likely to turn around with the help of support level, up trend channel and Elliott wave no 5.
Watch out price action around this area and take the long around 1.125. Stop loss below 1.1177. Target at...
There is a potential Gartley Pattern+ Support zone around 1429.5 area. very interested to take a sell ONLY IF the price come back to this area;
The price may drop without coming back to entry level but would be safer to take it from 1429.5.
Place sell order at 1429.5;
Stop Loss above 1440.5:
TP around 1380 or lower.
Alternatively wait for price action around...
Sellers failed to make lower low and buyers came back to try again and yesterday took out last sellers. Strong support was found at 50.99. Now pulling back to 0.618 level and may attempt buy from 52.3 level with stop loss to 51.2. Target at around 57 (or higher).
Following the idea I published for EURUSD short opportunity back to 14 May 2019. The price has came back to the highlighted supply zone + A butterfly harmonic pattern and reacted from this point sharply. the sellers are currently in control and if the price retrace back to Fibonacci 0.618 level (highlighted yellow line) we can attempt the sell again. There is also...
I've been stalking the potential GBP long opportunity for a while, pretty much all the pairs are corelating (eg. GBPUSD,GBPJPY,GBPCAD and GBPNZD).
My personal view is that there should be a long opportunity coming up.
Reasons as follow:
1) The big short has exceeded 1.618 extension of previous trend.
2) Price is approaching Demand Zones as highlighted in BLUE...
tagged blue area as important supply level. May place a sell limit order at in between 1.12887-1.12807 with previous high (around 20 pipes) stop loss. Target at around 1.1145 (Risk:Reward ratio 1:8). However if 1.12545 level doesn't get broken the price is likely to drop straight away without coming up to the upper supply level.
Price has just break out of the wedge and support line, wait for a pull back and can go short. the trade is likely to happen next week. Do not attempt to enter now as its still early, market may not move much due to bank holiday and Easter holiday.
As per discussion from last week (youtube video), just took a sell on the daily.
Seller spiked approximately two hour ago and took out close by retail sellers.
Activated the trade before the spike and added another position after the spike.
Any pull back is potential sell opportunity. Work out risk reward ratio before entering the trade.