Thought I'd share the trade I took this afternoon (EU time) on Gold.
I was waiting for the price to get in my potential bounce zone (Demand Zone).
Once the price entered this zone, I wanted to see a kind of breakout according to the pattern I could see.
I simply drew a trendline and waited for a breakout.
This occurred at 3.30 PM with a nice...
Currently watching EUR/AUD which tested a demand level on June 7.
I will looking to sell the breakout of this triangle pattern and will target the next fresh demand zone around 1.56500-1.56600 levels.
The RR ratio for this trade is around 1.7
Trade with care
Following my last post on Gold (click on the related idea below if you haven't yet!), where I was bearish, it seems price has been consolidating here and there for a while.
The initial impulse (orange arrow) to the downside was strong, with a drop > 2.5% in one single day. Gold's price pulled back to previous key levels (Daily pivot points) but...
The pair is showing some bullish momentum since this morning.
According to the ICHIMOKU CLOUD, it could potentially reach the next untested resistance in the next hours.
The Lagging Span on the hourly chart has no real obstacle and the 15-min chart is showing bullish signs as well (price above the cloud, Lagging Span above the price, future KUMO...
Based on a simple Schiff Pitchfork, I have entered short on Gold a couple of minutes ago.
The bottom of the fork broke to the downside with multiple bearish candles suggesting bears are temporarily in control.
I am targeting the next support which has not been tested yet @ around 1884.20.
The R/R ratio for this trade is > 2.
Trade with care,
Currently analyzing EUR/NZD which is in a bearish sequence.
If you check what is going on with cumulative delta volume (CDV), you will notice that it broke exactly at the same levels where price dropped (around 1.67230), thus creating a kind of Megaphone pattern.
The idea is to wait for a pullback in this area of previous support and short the...
Simple Price action
This nice 4-day trend line broke and as you can see, CDV seems to confirm this move (zoom in to see it better).
I added a Fibonacci extension and you can see that the next possible target is at around 88.130 levels.
I am short, entered @ 88.520.
A 40-pip trade if it goes the right way!
Trade with care and show some ❤❤
The 6-day support line just broke a couple of minutes ago with volume confirming it.
As a "quick" trade, I entered short and will target the next fib extension level as shown in my chart.
About a 20-pip trade.
Trade with care and show some ❤
Taking advantage this morning of GBP's strength and NZD's weakness. This pair should be strong today.
As you can see, the orange horizontal resistance just broke to the upside with a strong bullish candle AND with volume, suggesting buyers are definitely in.
We are also above the blue thick trend line, indicating future bullish PA.
The idea is to...
The current 7-day trendline on GBP/USD just broke a couple of minutes ago.
Cumulative Delta Volume (CDV) confirms this break to the downside which gave me an extra confirmation to short at these levels.
So I shorted at the break of the trendline and will exit the trade if price goes back above the trend line and starts moving the other way, so not...
It seems the pattern which formed on Gold is now slightly different with bears coming in the game.
So I flipped my bullish position to bearish with profits and I am now targeting the next HVN (high volume node) which is the yellow line in my chart.
This time, the R/R is much more interesting since it's above 4.
Trade with care,
Based on the previous volumes of the session, we can possibly determine the current pattern.
As you can see, a bearish and a bullish peak formed at two levels creating a resistance and a support, suggesting we could have a megaphone pattern.
Following this idea, it should be interesting to place a buy order at these levels and target the top of...
Price is breaking its initial balance for the second time today.
We are seeing bullish volumes entering. Price is also above its VA and Point of Control indicating bullish momentum.
As you can see on the right volume profile, price is located in a low volume node (LVN) suggesting price should test the next high volume node (HVN) pretty quickly.
The pair strongly broke its initial balance during the Asian session and has not been able to get back at these levels.
Since the current value area is lower than the previous ones with lower highs and lower lows printing, I am favoring a trend continuation (bearish).
I will target the immediate support at around 0.70 levels.
The RR for this...
Today's initial balance (IB) has been broken to the upside and tested. We are seeing some nice bullish activity (pin bars) as a rejection suggesting a bullish move is on its way.
I am targeting Friday's point of control @ 1.49660 and setting a tight stop loss at around @ 1.49100 which is our current VA low.
This trade has a RR of about 4.
Gold is currently consolidating in a channel but what's interesting to notice, using the ichimoku cloud (which I use a lot in my trading ideas) is that price managed to break on M15/H1/H4 all its resistances.
On M15 the lagging span is above the previous price candlebars and managed to get above the 50% of the current formation.
We have a level of...
The pair is currently in a flag inside what looks like a broadening formation (megaphone).
Based on the Ichimoku Cloud, we can see that the price is supported by a thick daily cloud and is currently above all its clouds as well (H1, H4, and Daily) suggesting that it will sooner or later test the highs again.
I am already positioned in this trade,...
Buying the pair at market price since price bounced off a demand zone and broke its corrective pattern to the upside.
I will target the next supply zone @ around 129.600.
Trade with care.