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Long or Short? What could come of GBPAUD On the Weekly chart here we see an ascending channel where price movement has not quite yet touched the support line. On the 1HR chart, we see another ascending channel which seems to have been broken through to push price lower. This is where I originally had though of placing my buy order in hopes of catching the movement back up to the 1.97400's. But now that I am reviewing the set up again I am thinking to myself, what if price breaks through and goes south? Of course we can look at the smaller time frames to get an idea of when it will break it if it does and if its legit or a false breakout. I'm interested in what you guys think about where this pair might go! Also one more thing, I think it's important to take into account the enormous pinball candlestick that took place at the beginning of the year. Do you guys think this could indicate the fall is sooner than later? Maybe I won't be able to ride bull wave after all.
by JuanAlexander95
Great PullBack Buy OpportunityWe saw a great pullback buy opportunity today in the NZDUSD market! This was a great scale in for those of you who entered the original trade on 6/10. This is also a great trade if you are just entering the market for the first time. The way I see this, you can profit from this twice. You could have placed your buy limit at 0.65622 which would have been placed at around 1:30 pm EST. With a 10 Pip Stop Loss, you could place a short term buy with a 41 Pip Target. All this action is happening on the 15 Min chart BTW. Scaling out to the 4HR chart, you can see the long term appeal to this trade and how you can still bank in some nice cash even from entering the market now. Placing a buy limit now at 0.65801, you'll be entering the market and have the opportunity to rack up 100 Pips TP with a 25 Pip SL for a 3.89 R:R. Of course before placing any order, we must wait and read the market. There is yet another wedge in the Daily chart so more opportunity to make money on this trade is coming. More pullbacks will present themselves and you should be ready to enter the market either to scale in on the larger trades or to place short term trades.
Long
by JuanAlexander95
Bullish on AUDCHFHello, everybody, I hope you have all had a great day today. I'm just getting home from my restaurant job and reviewing/managing some trades I'm currently in. AUDCHF is one of those trades. I've gotten better at catching myself when I'm about to place a trade for FOMO but sometimes I still fall victim. I entered the market at 0.68565 originally with a 395 pip Target and 40 Pip Stop Loss (SL). I'm currently in the red for this trade, but I just placed another buy stop order at 0.68465. But I'm not too worried...yet. There is always the possibility that the market will do something completely different from what I was able to analyze. As of now on the 4HR chart, we see that the market has broken through the Daily descending wedge resistance level (This is where I immediately placed my FOMO trade instead of waiting for the predictable pullback) and seems to have finished its correction period. The 15Min and the 1HR chart both show price action has bounced off the what is now the highly likely new support for this market. I placed my buy stop order on the 4HR chart at the tip of the last 2 large candlesticks. I would love any feedback on this analysis if anyone has any advice or guidance leave a comment for me!
Long
by JuanAlexander95
2
I was right all alongIts interesting to see how certain bias's can creep up on you while trading. If you'll remember yesterday I published 2 ideas on CHFJPY. Originally, I was under the impression that the market would drop as soon as it touched resistance and reverse down to the bottom of the Daily channel where we would have set our original Target. Then, Price broke through the resistance line indicating that the market was ready for bullish momentum. However, I did bring up the possibility of this being a false breakout and as we waited for the bullish pullback to go long on the trade, price tanked. The price is sitting roughly 50 Pips away from the Daily resistance with a good couple of bearish candlesticks indicating downward momentum. Although I saw signs of a bearish market, I managed to find reasons as to why the market will skyrocket once price broke through the resistance. I think this shows the power of decision making. I personally did not enter the market to catch the drop for a matter of risk management, however, given that the trade went against my final prediction (up), I am glad I didn't hop into this trade out of FOMO or it would have been a loss. This is not to say that the bullish move isn't coming in the future! We still have the Weekly descending channel and we do still have the 3 touches at the bottom of the Daily channel. Its possible that upon the fourth touch at the bottom of the Daily channel, the market will reverse where we can set a Target for the top of the Daily Channel, and potentially a second Target at the completion of the Weekly Channel. It's important to note that price action does NOT have to reach all the way to the bottom of the Daily Channel to reverse. Once price reaches the 50% point of the Daily channel, it has the potential for a reversal. Now that we have a clear direction of where the market is going, we can look for opportunities to scale in and place short term trades. From where price is currently sitting now to the support line at 108.331, we have the potential to bank in around 120 Pips in total.
Short
by JuanAlexander95
Bullish on the Franc YenEarlier today I posted an idea about how I think price action breaking resistance could have acted as a false breakout. After reviewing the market again, I managed to find something I wasn't seeing before: There is a pretty clear descending channel on the Weekly chart. This breakout can certainly be a breakout on the weekly timeframe and will play out over the next couple of months. The patient can enter the market and expect to make around 700 Pips should the pattern complete its reversal. The 15 Min and 1HR charts already show sign of a pullback and are ready to blast off after touching the new support line. This trade will offer multiple scale-in opportunities so keep a watchful eye out for CHFJPY!
Long
by JuanAlexander95
Long Shot Aussie/USDLooking at the Weekly chart, we can see the formation of a descending wedge Looking into the Daily chart, we see yet again another descending wedge. Its a more defined wedge on the 4HR chart. As we can see from the 4HR chart, not only is there a descending wedge, but we actually see that price has just broken past the resistance line of the pattern. It is important to note that although all these patterns are present and we can gain evidence for a winning trade, we must remember the market can still push price lower to 0.67280 before the reversal takes place.
Long
by JuanAlexander95
Potentially Strong Reversal Coming SoonAUDJPY Daily chart shows a slightly ascending channel following by a drop to the 75.227 support line and breaking it. We could see a potential reversal at this point or it can reach 71.018 before reversing. Looking in at the 4HR chart, we see an evening star formation with an impulse to the upside before entering what now looks like a consolidation period. Scaling into the 1HR chart, we can see the formation of a descending wedge in place of the consolidation period of the 4HR chart. All these descending chart patterns in multiple timeframes indicate that a strong reversal is on its way. If you're watching this pair, I hope you can capture the move!
Long
by JuanAlexander95
EURJPY Long - Potential Pullback EntryInitially, when I saw this trade opportunity, my trend line position had made it look like price had just broken through and was on its way up. However, after adjusting my trend line, I saw that price just bounced off the resistance and was trickling its way back down the channel. Unfortunately, I entered the trade when price "broke" through the trend line and am now sitting in the red. However, looking at the 15Min and 1HR charts, we see the potential formation of a double bottom at 122.182. I then decided to apply the Fib retracement tool and it seems that price is hovering at the 38% Fib line which could indicate that price is ready to reverse and move to the upside and complete the descending channel pattern. It is also possible for price action to continue falling all the way down to 118.498 before shooting upwards. Thinking retrospectively, I should have waited longer before entering this trade to see how the market played out. Especially considering that price action is currently in nomansland on the Daily descending chart pattern.
Long
by JuanAlexander95
NZDUSD Long - Trading the PullbackWe currently see a descending channel on the Daily chart with a breakout to the upside. Price is currently pulling back which will allow an opportunity for traders to hop in on the trade. My TP is 300 Pips from current price with a tight SL of 25 Pips. Looking at the 1HR chart, we see the same descending channel pattern we see in the higher time frame. This only strengthens the probability of price shooting up both in the short term and the long term. Its important to remember that although these Chart Patterns increase the PROBABILITY of the trade going in our favor, it is also POSSIBLE that the price sinks and hits the bottom tip of the descending channel again at around 0.64792 or below.
Long
by JuanAlexander95
1