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Brokenstructure

Path of least resistance in USDJPYGiven the huge amount of "open space" in between the most recent broken structure and the next support level, if the price doesn't fall straight to final target zone I' m going to wait for a retracement into one of the 2 hot price levels defined by significant structures broken to the downside. The two scenarios are depicted by dash lines. I've set alerts on both support area to seek for signals to sell on lower timeframe (bearish engulfing / pinbars).
Short
by simontien
1
XAGUSD: TWO 2618 TRADE SETUPS AT THE WEEKLY TREND LINE !!!Hello Traders, Here we have two valid 2618 trade setups on FX_IDC:XAGUSD , where one of the 2618 setups reached its first target and currently we have another new 2618 trade setup that has just completed with better entry price. Notice that market is very close to the weekly trend line and that it has been successfully tested several times by the market. After completing the recent 2618 setup, market has passed the 61.8% fib retracement level, giving us even better short entry price. I have placed my short entry right at the weekly trend line, with stops just above the recent highs. Break and close below the well respected rising trend line will give us extra bit of confidence to stay on the short side. See the chart above for more details. NOTE #1: Market has also formed a bearish inverted hammer on the daily time frame. I have added the weekly chart as well to illustrate how the weekly trend lines were drawn. See the charts under this description section. Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :) Follow me on Twitter as well (username): moneymaking2016
FX:XAGUSDShort
by moneymaking
GBPJPY: BEARISH CYPHER PATTERN WITH THE OVERALL TREND ON 4 HR !!Hello Traders, Here we have a VALID BEARISH CYPHER PATTERN on FX:GBPJPY , that is close to the completion point. Do keep in mind that the major trend direction is BULLISH on the Daily, Weekly, and Monthly charts. This cypher pattern has been created after breaking the previous resistance level (LH). This is a good signal of POSSIBLE trend change back to the upside after being in a huge selloff for the past 17 days. So this might me considered as a counter-trend trade setup, but in reality all cypher patterns have to break structure in order to form a valid CD leg. Thus, we would need more proof from the market before considering the break of LH as being a valid signal for a trend change. See the chart above for more details. NOTE #1: We have Manufacturing Production m/m news coming out of UK @ 4:30 am today. If the pattern is not complete before this time, then I will NOT be taking this trade. Will be staying on the safe side. Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)
Short
by moneymaking
27
NZDJPY: 2618 TRADE SETUP COMPLETED WITH BETTER ENTRY PRICE !!!Hello Traders, We just got the completion of a VALID 2618 TRADE SETUP on FX:NZDJPY with better entry price and lowest risk possible. I've already entered into this short trade at the price labelled on the chart above. The stop loss is placed well above the respected 4 hour trend line. See the chart above for more details. NOTE: For tomorrow, we have 3 HIGH IMPACT news coming out of US. Unemployment Claims @8:30 AM ; Existing Home Sales @ 10 AM; and Philly Fed Manufacturing Index also @ 10 AM. If target or stop loss is not reached BEFORE the release of these 3 NEWS , then I will MANUALLY exit from this trade. Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)
Short
by moneymaking
10
USDCAD: BUTTERFLY PATTERN (60 MIN) !!Wed, July 29- UPDATE #2: Hi everyone, I've CLOSED all of my positions on this trade at current market price. FOMC coming up in less than 25 minutes. UPDATE #1: Hello everyone, Trade is ACTIVE now. Remember I will be closing this trade at 1:30 pm (NEW YORK TIME) today, if we don't get stopped out here !! Hello Traders, Here we've a BULLISH Butterfly Pattern on FX:USDCAD that is close to the completion point. The important point to keep in mind is that, the market has broken the BULLISH structure by forming the 1st LL. This is the first signal of a POTENTIAL shift from the current BULLISH to BEARISH trend. We also have ratio confluence between 127.2% extension level of XA leg and the 161.8% extension level of AB leg. The stop loss goes 10 to 20 pips below the 138.2% extension level of XA leg. Also note that we have a support zone at the completion point of this pattern. I will only be interested in SELLING this pair once we get a BREAK and CLOSE below that support zone. USDCAD is at a MONTHLY resistance level and any signs of reversal from price action to the downside could present us with good SELLING opportunities. See the chart below for MONTHLY resistance. As you know, I posted an idea of going LONG on AUDUSD but the pattern never completed and the market just took off from there. So in order to prevent this from happening again, I've decided that I will be adding 10 pips to every entry price for every trade that I will be taking from now on. Yes, you can argue that by taking this action, I will be breaking my rules for trading harmonic patterns BUT these types of situations occur quite rarely. So this is the ONLY minor change that I will be making to my harmonic trading rules. Since the completion point for this pattern is at 1.29018, I will add 10 pips to this and my NEW entry price will be at 1.29118. I believe the market has already came to this entry price and reacted from it, BUT I will still keep my pending order in place. I actually recognized this pattern AFTER the market had reacted from the NEW entry price. So as of right now my entry has NOT been triggered yet. NOTE: As you all know we have the BIGGEST news coming up tomorrow which is the Federal Funds Rate from US. I advice everyone to be CAUTIOUS if you are going to take this trade. Tomorrow's news can either invalidate this setup OR it can move in our favor OR it may not do anything (which is highly unlikely). If my entry is triggered overnight, then I will stay in this trade up to 1:30 pm, just half an hour EARLIER from the Federal Funds Rate news release. CORRECTION: I misspelled the 2nd target as "TG #1: +123 Pips", it should read "TG #2: +123 Pips". Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)
Long
by moneymaking
18