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GBPUSD: A Trend Continuation & Countertrend Idea (Video)Just a quick follow up from the trade I shared with you guys in last night's video looking at a trend continuation opportunity on GBPUSD. As the market established a double top overnight, counter trend traders will also have an opportunity to involve themselves in a 2618 trade as well. Make sure you check out yesterday's video for an explanation of the TCT trade "Statistics on Why Most Traders Fail" www.youtube.com Akil Stokes Chief Currency Analyst & Head Trading Coach www.TradeEmpowered.com YouTube goo.gl Facebook: goo.gl Twitter: goo.gl You Can Also Follow Me On Instagram, Periscope & StockTwits @AkilStokesRTM
by Akil_Stokes
14
EURCAD Short: Bearish 5-0 Accompanied by BatEURCAD has been trending upward for a couple of months and has recently shown signs of weakness and a potential reversal. The 5-0 pattern is a great way to enter on the reversal. The entry is placed at 0.5BC which is confluent with the completion of a bearish bat pattern. SL is placed above structure highs and .618BC. Targets are placed at BC terminus, 1.272BC, unhit January 2016 pivot and the unhit pivot cluster from early December.
Short
by glennmercer
Countertrend: a bullish daily engulfing setting upAs expected in this pair continues to head south. Right now, anyway, a nice bullish engulfing on daily is setting up at completion of an abcd harmonic move to the downside. On lower timeframe (4h) a double bottom already completed with bullish RSI divergence. This could trigger a nice countertrend long trade before looking to a continuation downside (to the weekly resistance level). Wait and see completion of daily candle to get involved long.
Long
by simontien
COUNTER TREND trade on the EURGBP (RSI DIVERGENCE explained)Here on the EURGBP i see a good counter trend trading opportunity by combining the facts. We have a triple top with RSI divergence and we also have some long wicks on the last test of this structure level indicating that there is some selling pressure up here around an even handle number at .73000 and these even handle numbers are worth paying attention too, sometimes they will act as resistance and support levels. i have stops above the last highs and target 1 and 2 down at previous support levels. RSI divergence explained: In the image above there is a great example of RSI divergence, as i pointed out in BLUE, price action has been making higher highs and as i pointed out in red the RSI indicator has been making lower highs. When this happens it is known as RSI divergence and when you combine this indication with other technical factors it can be very helpful. If you liked this analysis then check out my youtube channel for tutorial videos on how i break down the markets and also tutorials on strategies such as advanced patterns and structure based strategies! LINK:https://www.youtube.com/channel/UCGL9ubdGcvZh_dvSV2z1hoQ DISCLAIMER: trade at your own risk this information is for educational purposes only and should not be taken as trade advise always seek council from a licensed adviser before ever risking any capitol! Update status
Short
by StevenH
EURUSD: Counter Trend @ 1.12s or TCT In Anticipation of the moveA lot of my radar today going around my trading portfolio including the EURUSD. After being stopped out for a loss on yesterday’s bullish Bat pattern, we re-did our IPDE process and started making predictions for our next opportunities. I still don’t see a structure level that I’m a fan of on this pair that is until/unless we get down to the 1.1000 area, but the next potential speed bump may come around the 1.1200 even handle number. Aside from it being a psychological number, we have multiple harmonic moves setting up in that area, some Fibonacci extensions, and most importantly, looking left we’ve got structure leaving clues. As discussed in yesterday’s live session, the question just isn’t “where will we go?” but “how will we get there?” And this offers yet another trend continuation (TCT) opportunity if the market were to retrace in anticipation on that 1.1200 level being hit. Of course counter trend (CT) traders, this makes no difference to you as you’re only waiting for the next structure level. We’ve got the Jackson Hole Symposium going on today which may provide some movement along with Pre-GDP and our normal Thursday Unemployment Claims out at 8:30am & Pending Home Sales at 10:00am. I don’t even try to pretend that I can predict the outcome of these events, but keep those in mind while trading today. We’ll be keeping an eye out for this one in our live trading room today along with potential trades on the GBPUSD, EURJPY, GBPJPY & USDCAD which are all high on my radar. Also it’s THURSDAY so make sure you check out my Youtube page later for my weekly Forex Trading Video www.youtube.com Have a great day of trading gang! Akil Stokes Chief Currency Analysis at Trade Empowered Click here for 20+ hours of FREE Training tradeempowered.com Click the link below to subscribe for more FOREX TRADING videos www.youtube.com Facebook: www.facebook.com Twitter: twitter.com
by Akil_Stokes
23
XAUUSD: Bullish Bat Pattern w. Multiple Ways To Trade It Bullish Bat Pattern here on XAUUSD that's looking to be putting in a double bottom at the completion point. (You may hav eone already on the LTF). I say looking because on this 4hr timeframe the current candle won't close for another 2 hours or so and as we all know the close is very important to the story that the market is telling us. If you take a look at the "A" leg for a second you'll notice that Gold has recently been in consolidation since the end of March and with the recent HHHC, there's certainly the chance that we could see a breakout of this sideways action. Yes the USD is very strong and any bit of positive or "as expected" news is going to strengthen it even more. But the technicals are the technicals. With a light news day today, we may see enough relief to hit our small counter-trend targets before Thursday's & Friday's big releases come out. Akil www.TradeEmpowered.com
FX:XAUUSDLong
by Akil_Stokes
18
GBPCAD 4 HOUR LONGPRICE AT AN IMPORTANT KEY LEVEL AND JUST BOUNCED OFF THE RESISTANCE TURNED SUPPORT FORMING A DOUBLE BOTTOM. ALSO THIS KEY LEVEL IS IN CONFLUENCE WITH THE 0.5 FIB LEVEL. GBP AVERAGE HOURLY EARNINGS IS EXPECTED TO COME OUT BETTER AT 2.2% AND THE REASON WHY THIS IS IMPORTANT IS BECAUSE THE BOE (BANK OF ENGLAND) SAID THEY'LL BE MONITORING HOURLY EARNINGS DATA. IF THIS DATA DOES COME OUT GOOD WE SHOULD SEE SOME DECENT STRENGTH IN THE POUND. A BREAK OF THE COUNTER TRENDLINE WE COULD EASILY REACH TO THE SWING HIGHS AS I BELIEVE THE UPTREND IS STILL VERY MUCH IN TACT.
Long
by remelthomas
EURUSD Potential capitulation longThe current move in EURUSD feels like exaggerated / capitulation move. Time to try a long for a retracement. RISK management is #1 Trade reasons: EURUSD pushing past daily S2 - 1.2715 EURUSD pushing past weekly S2 - 1.2710 EURUSD pushing past monthly S3 - 1.2713 EURUSD is -9.30% in less than 2 month without any significant retracement. 1.2743 low was taken out, opening the door to either 1.2660 low or a potential retracement. Trade parameters: Entry: 1.2716 Stop: 1.2695- Target 1 : 1.2804 (38.2% of the last swing) Target 2 : 1.2917 This trade being against a well defined trend should be size against the low and no complacency given if it start to fail, as an 1.2660 test could happen rather quickly. Now let's have the market do its stuff...
Long
by fxswing