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Tradeplaning

Forex Price analysis - GU, AU, UC, UJ and CJWelcome to this week's Forex Price Analysis for the week starting June 30, 2024. We're analysing GBPUSD, AUDUSD, USDCAD, USDJPY, and CADJPY. GBPUSD: The bullish wave structure is broken. High probability sell at 1.2654 targeting 1.2612. AUDUSD: A bearish wave suggests a buy at the low. A strong rally on Friday. Prefer buying after a correction to the 0.6640 buy zone. USDCAD: A bearish move on Friday indicates a revisit to 1.3734. Expect lower prices to 1.3627 before buying. USDJPY: Strong uptrend last week. Bullish wave failed; trend change pattern with a corrective wave in Fibonacci sell-zone. Trade below 160.70 suggests further decline. A break above 160.96 negates selling. CADJPY: Similar to USDJPY. Potential downside after Thursday's high. A strong break of the high on Friday suggests an uptrend continuation. A break below 117.43 indicates a selling opportunity after a pullback.
by Charts247TradingAcademy
Weekly trade planning sessionHi Traders, this is another episode of charts247 weekly trade planning session. We believe in trade planning because it helps us identify high-probability forex pairs that we should trade during the week. Below are the indexes based on the 4HR wave structure. DXY: Bullish Reversal (+ve) EXY: Bearish Continuation (-ve) AXY: Reversal (-ve) SXY: Bullish Pullback (+ve) JXY: Bullish Pullback (+ve) BXY: Bullish Pullback (+ve) CXY: Bearish Continuation (-ve) ZXY: Reversal (-ve) ------------------------- BUY PAIRS: USDCAD, AUDCAD, GBPCAD, SELL PAIRS: EURUSD, CADJPY, EURGBP, EURAUD
by Charts247TradingAcademy
Learn Your EDGE - Trust Your EDGEYou can learn a methodology trust the methodology and be consistent. This weekly planning session is based on the H4 Indices, the idea is to do another major basket analysis after Tuesday trading. This analysis examined the AUD/USD, GBP/USD, USDJPY & USDCAD. H4 Indices Portfolio Selection BULLISH: AUD, JPY, GBP, CAD, NZD BEARISH: USD, EUR, ------------------------- BUY PAIRS: AUDUSD, GBPUSD, NZDUSD SELL PAIRS: EURAUD, USDCAD, USDJPY
by Charts247TradingAcademy
Weekly Trade Planning SessionThis week's analysis from the daily indexes : DXY: +VE EXY: -VE AXY: -VE SXY: +VE JXY: -VE BXY: -VE CXY: -VE ZXY: -VE The last week's portfolio selection remains unchanged and we maintain the same outlook regarding the indexes. The pairs going through their correction phase are coming to the end of that phase, and we should expect a trend continuation in those pairs very soon. GBPUSD: The downtrend has resumed below 1.2466 in the cable, but you must wait before you sell the GBP/USD. We want to sell the above 1.2564. EURUSD: The USD is the driver of the major pairs and the Euro is not excluded. The Daily Chart is a downtrend, using the 4-bar rule, Buy Point: 1.0847 Sell Point: 1.07604
by Charts247TradingAcademy
Forex Weekly Trade planning sessionPlan your trades and trade your plans. Today we have the following rankings on the indexes: @DXY ++VE @EXY -VE @AXY --VE @SXY ++VE @JXY --VE @BXY --VE @CXY --VE @ZXY --VE Based on the above rankings, we came up with the following pairings. BUY PAIRS: USDJPY, USDCAD, CHFJPY, SELL PAIRS: AUDUSD,GBPUSD,NZDUSD,GBPCHF,AUDCHF The idea is to trade in the direction of the wave structure as long as the structure is not disturbed or violated, your high probability trade is to trade in the direction of the trend after a secondary trend (Pullback). Important trend change facts you must know: A trend will not change easily, it takes a great deal of time and effort for a trend to change. The time required for a trend to change is very relevant to how long the ongoing trend has been in play. The duration of a trend change will be greater than half of the period of the changing trend. Sometimes it is equal to the time the trend has been ongoing.
by Charts247TradingAcademy
What Is Flowing With The Market? We have all heard that it is a good idea to go with the flow of the market but what does that look like? It's not enough to just read about flowing with the market, it must be practiced and experienced. We must acquire the skill of following markets up and down through its changes seamlessly. A disciplined trading plan will have an objective method and will objectively define entry, stop, exit, and management. Part of any good method is never wondering if the market is going up or down or about to turn, It's doing what it's doing. You want to independently know this information without having to check outside sources. In the video, I show a simple way to practice using a 100-period moving average, but you can use anything you want as long as it is objective and follows the market. With just a few rules we can use the moving average to tell us if the market is up and we are looking for longs, or if the market is down and we are looking for shorts, or if it's neutral and we are neutral. This is a letting go practice, a learning to change with change. Shane
NASDAQ:ODFL
by ShaneBlankenship
The Wash and Rinse To See True Support/ResistanceTrue support and resistance is found in the meat of the move, not at the extreme highs and lows. To find it, Simply draw a zone or box and look for the place that price touches the most, and then pay attention to what happens afterward. In this lesson, I set up a trade plan and show how a Wash and Rinse structure at the pivot of a swing uses the most touches to find true support in a market. I then show how to identify it. The Wash and Rinse has a process that we can follow in real-time. 1. Multi-Pivot Line (MPL) 2. Zoom through the MPL 3. Come back and retest the MPL 4. Zoom back through the MPL the other way What happens in this process, is that buyers are holding some level. Price then busts that level triggering stops and at the same time encouraging shorts to enter. Then price rips back up essentially cleaning the book of orders and showing where the true support is (at least for the time being). Once you can recognize this structure, you can begin making your own observations and use these levels to read a market or begin to build a setup around it. The most important part is to learn to design a plan with objective rules around what you observe. Shane
NASDAQ:RCKTEducation
by ShaneBlankenship
2
Tracking The Footprints of WRB GapsThis is the first in a series of posts on Gaps. Gaps are a sudden supply/demand imbalance that shows up in the price bars of a chart, It's the expansion that comes after a contraction. Gaps will show us a significant area of buyers/sellers that take control and when they lose that control. In the video, I discuss and define a Wide Range Bar (WRB) Gap and show how to mark it out on a chart. A WRB Gap is a bar larger than the last 3 bars with a space between the previous bar and the subsequent bar. We will be marking the base of the gap. If it's an up Gap, mark out the bottom 1/3 of the bar, if it's a down gap, mark out the upper 1/3 of the bar. We can then make observations about how price interacts with the base of this gap when or if it gets there. Then begin to notice where in the swing process the Gap is happening. Don't make conclusions, just observe and learn. There are many ways to trade Gaps but first, we must first lay out some foundations and then come up with objective ways to see them. For now, simply look for the biggest ugliest bars on your chart and mark them out and observe. These are footprints that we can follow and track. Shane
CBOE:ARKKEducation
by ShaneBlankenship
2
One-Line Practice: Set Yourself Aside and FollowIn this video, I set up a trading plan and introduce a trend line exercise you can practice in any market and in any time frame. There is no one right way to draw a trend line, it's a matter of function and what you are trying to see. We will be drawing a trend line off two relative (same size swings). This will identify the footprints of organized volatility on a chart. This exercise is designed so that you can learn about markets and price flow in your own hand. Its objectives are: 1. Learn to isolate relative market structures. 2. Learn to set yourself aside and follow price no matter what price is doing. 3. Allow the practice and price flow to teach you. We first need to make some objective swing definitions: Confirmed Swing High/Low: A new high confirms a swing low and a new low confirms a swing high. Balanced/Relative Swing: Same size reaction legs. One Line Practice Instructions: 1. Identify two confirmed relative (same size reaction legs) swings. 2. Anchor a trend line at the two lows and make observations (not expectations) about how price interacts with the line. 3. Always follow the last two relative confirmed swings with the trend line. 4. Draw a box across the top of each swing and observe how price interacts with the boxes. By identifying two same sized swings that confirmed new highs, we have found some organized volatility and behavior. We can then participate in that continued behavior or have a way to know when it changes. Shane
NYSE:NOWEducation
by ShaneBlankenship
2
Organized Volatility: More One-Line PracticeIn this video, I follow up on the trend line exercise I introduced in the last post. The exercise is designed so that you can learn about markets and price flow in your own experience. There is beauty and harmony in each chart that shows the footprints of the buyers and sellers. To most people, the price action on a chart looks chaotic. It's not chaotic, you need to learn how to look, and how to see. This is the beginning of designing a structured method for trading and It starts with some openness and curiosity. This trend line practice isolates 2 confirmed swings with the same size reaction legs. By identifying two same sized swings, we have found some organized volatility and behavior. We can then participate in that continued behavior or have a way to know when it changes. Shane
NASDAQ:EXLS
by ShaneBlankenship
Trading Rules Are Not a Suggestion or an OptionWhen you make a trading rule, it's not a suggestion or an option. Mostly, when we want to be flexible with our rules, it's an emotional impulse pulling us to make some unbalanced trading decision. Make sure to keep closing every escape route you have. If you are not ready to commit to rules then don't make them, you will just be setting yourself up. Wait until you are ready, then have a go at it. In my posts, I have been doing an exercise of trade planning for 30 trades. This is a complete plan covering every aspect of the trade. Today I will do a review of the trades done so far. Components of a Trade Plan: 1. Objective method 2. Trade entry, stop, and exit 3. Position sizing and risk management 4. Documentation and review The review is simple, I ask 2 basic questions. 1. Did I make a clear plan ahead of time? 2. Did I follow that plan? These questions demand honest, yes-or-no answers. They force me to confront my trading discipline head-on, without room for excuses or escape. At first, the rules may seem confining, but after a while, you will see that trading can be very relaxed. I understand that rules for every aspect can be overwhelming. You can do it in steps tackling one thing at a time. For instance, you can work on only entries, stops, or management until you master that one thing. Setting the foundations of discipline and consistency won't offer immediate gratification but it will serve you in the long run. What's important is that you keep moving forward toward your objectives with awareness. Shane
NYSE:INSWEducation
by ShaneBlankenship
2
The Gap Between What Is and What Will BeThere are 5 basic ways to trade a Gap or any line. In this video, I discuss two ways to enter the market using a Gap before I make the trade plan. The Gap entry techniques by themselves are of little use, but if we make a few distinctions in market structure and the process of a swing cycle, they can become functional. Swing cycles have a process that they go through. As long as we understand that process we can view Gaps in the light of where they happen in that process. I'm going to focus these two Gap entry techniques in the lower portion of the reaction leg at the bottom pivot of a swing. The Gaps are what make up the pivot portion of the swing. If you observe markets and swings you will often see this distinct pivot portion of a swing, it looks like a U at the bottom of a reaction leg as the buyers wrestle control back from the sellers. Shane
NYSE:RBLXEducation
by ShaneBlankenship
9
Position Sizing: Learning to Lose Position sizing is one of the components of a trading plan, and it's important to be just as disciplined and consistent with this as with all other parts of the plan. Position sizing is defining how much we will risk for each and our objective is to consistently get the most profit with the least amount of risk. So, how much should you risk per trade? There is no one-size-fits-all answer, but to manage our risk consistently, we must establish simple, objective, and common-sense rules grounded in the realities of trading. Let's take a look at some of those realities • As traders, we should expect to lose more often than win and must learn how to manage losses effectively. • At some point, we will face drawdowns with many consecutive losses. • Successful trading results from a series of many trades and the compounding of gains, not just from being right on one or a few trades. In the video, I will show a simple guideline for calculating how much to risk per trade based on your risk tolerance over a series of trades and a drawdown number. I'm going to give you a default drawdown of 30 consecutive losses. For example, if you have a $10,000 account and don’t want to lose more than 15% ($1,500) of your account in drawdowns, you would divide $1,500 by the default drawdown of 30 stops, which would give you $50 per trade (1/2% of the account per trade). This plan allows you to lose 30 times in a row while staying within your risk tolerance. This doesn’t mean you have to risk the entire $50 per trade; consider it a maximum amount. If you are relatively new to trading or still fine-tuning your approach, I suggest trading very small amounts. Less than 1/4% of your account balance. Choose what feels comfortable and stick to it consistently. This allows you to make many trades while learning and not damage yourself. Be deliberate and create a plan to earn the right to size. For instance, require at least a small profit after two months and comfort with your method before incrementally increasing your risk per trade. Repeat this process every two months before increasing your size again. It's this kind of work that helps to balance your psychological mindset. You don't get that from books about trading psychology, you get it from grounded and deliberate practice. Use my position sizing calculations as guidelines and adjust accordingly. Once it is set, be consistent in what you do.
NASDAQ:ASOEducation
by ShaneBlankenship
New Zealand Dollar Bearish Sentiment and Trade Plan Based on the latest COT report, non-commercial traders (speculators) have significantly increased theirlong positions in the NZD. This suggests that they are becoming less bearish on the New Zealand dollar and may be anticipating a potential rally. Open Positions Retail Sentiment data also shows a decrease in short positions and an increase in long positions among retail traders. This is a contrarian indicator, as retail traders are often wrong at market turning points. Therefore, the increase in long positions among retail traders may suggest that the NZDUSD downside has further to go. The NZDUSD pair is currently trading below a triggered BUY level at 0.6157. An upside move and testing this level could make a fine signal to entry point for a short position.
Short
by ClashChartsTeam
1
What Is an Expanding Swing?Markets move in contraction/expansion. Small swings can be thought of as a form of contraction and the bigger swing is a form of expansion. An Expanded Swing is simply a reaction leg that is bigger than the previous reaction leg or legs. Its minor swings growing up to be major swings. This represents a change in behavior that often causes confusion among the shorts and the longs. The shorts are fearful cause the market is now backing up on them and the longs are fearful cause they see a market now turning up and getting away from them. This confusion creates an opportunity for those that are sitting back with a plan. To see this price action on a chart, it helps to have some simple and objective definitions for mapping the market and i show this in the video. First, we use market structure to read the market, and then we use a trading structure (trade plan) to structure the actual trade where we manage risk. Shane
NYSE:OIIEducation
by ShaneBlankenship
Review: Did You Make a Clear Plan? Did You Follow That Plan?We can break up the review section of the trading into several distinct sections. 1. Review for discipline and personal insight 2. Review for performance (statistics) 3. Review for market insight 4. Review for method development I'm going to do the first section "Review For Discipline". We can keep this simple and ask 2 questions. 1. Did you make a clear and objective plan? 2. Did you then do what you said you were going to do in the plan? These questions demand honest, yes-or-no answers. They force you to confront your trading discipline head-on, without room for excuses or escape. If the answer is no that's ok, just start over with the commitment to keep at it and don't spend too much time on regrets. You might need to make your plan more clear or simply learn the discipline to stay with it. Keep in mind that this isn't about whether you won or lost, it is about learning consistency and discipline. Shane
NYSE:RCLEducation
by ShaneBlankenship
Trade Planning: Learning Through Consistency and DisciplineIm going to do a series of posts that are all about trade planning and learning about consistency and discipline through a practice. In this exercise, I will be consistently planning, executing what I planned, and documenting 30 trades. A trade plan consists of a method, trade management, position sizing, documentation and review. A trade plan should state ahead of time, exactly where to enter, where to place stop, how the trade is managed, where to exit, and position sizing. This kind of accountability and responsibility offers a contrast to the our normal ineffective emotional impulses that we usually make our trade decisions from so that we can make a choice. I will talk more about each part of the trading plan future posts. This exercise is not about the method, a setup, picking the right stocks, being right, winning, loosing, or predicting markets. It doesn't matter if all the trades are losses. The purpose is to learn about consistency and discipline through your own personal insight. Its through discipline and consistency that we begin to re-wire old ineffective habits and develop an effective mindset for trading markets. Doing something consistently also offers a bassline to compare and truly learn. There is often resistance to this kind of responsibility. If you want to take up the guidelines of the practice, just step into it as much as your ready for and make it your own. This is not meant for you to follow my trades or worry about my method or setup. Its not important and besides, my setups lose most of the time anyways. Use your own method, there are plenty out there and work on making it as simple and objective as possible. I also suggest you start out sim trading this or using very small size.
NASDAQ:ADBEEducation
by ShaneBlankenship
17
Weekly Trade Planning Session 25th June 2023Greetings, fellow traders! In today's weekly planning session, we emphasized the significance of focusing on the trading process rather than solely fixating on the outcome. It's crucial to prioritize the steps and strategies involved in trading for long-term success. During this session, we delved into the portfolio selection process utilizing the CSI (Currency Strength Index) across various timeframes—weekly, daily, and 4-hour—to gather essential information about the major currency pairs. By calculating the cumulative scores, we ranked the pairs accordingly, considering their overall strength. Additionally, we employed the WavesOfSuccess Strong Trend Scanner to analyze the 4-hour charts of different currency pairs. This allowed us to identify potential Buy pairs and Sell pairs based on strong trending patterns. Pairs analyzed during the session were as follows: Buy pairs: GBPUSD, AUDUSD, GBPCAD Sell pair: USDCHF We hope that the insights shared during this session prove helpful to your trading journey. Wishing you a fruitful and successful trading week ahead. May you be blessed with favorable outcomes. Happy trading!
by Charts247TradingAcademy
2
Weekly Trade Planning Session Welcome to this week's Trade Planning Session! In this video, I examined the cumulative CSI (Currency Strength Index) of this past week and compared it to the previous weeks' cumulative CSI. Based on this evaluation, we have identified the GBPUSD, AUDUSD, and CADJPY as potential buy pairs, while the EURAUD, EURCAD, EURGBP, and EURUSD are potential sell pairs for the upcoming week starting on June 4th, 2023. Utilizing the 4 Bar Rules, we have determined specific buy and sell points for each pair. These points will serve as reference for making informed trading decisions throughout the week. We hope you find this session informative and enjoyable as you navigate the exciting world of trading! Have a blessed trading week.
by Charts247TradingAcademy
GOLD - New Long positions - 8 to 1??Hello all - DuncanForex here with another trade idea Following the move higher on the 24th and 25th October, I am looking to enter again off Support. Price is at a great level and I'm long at 1486 Lets see if this can get up to the previous highs from last week Reason for entry is Off Key Support level RSI showing divergence on 1 hour chart If it breaks the 1495 area - I will hold certainly to 1515 and may take partial profit and let it run 3 positions are open. I will watch accordingly Find me on Twitter , YouTube and my website thanks for looking Safe Trading Duncan
OANDA:XAUUSDLong
by UnknownUnicorn483829
1
USDJPY looking to the next weeks open.Here is another Forex Trading snack. I know it’s Friday and late in the trade day by Friday’s standards, but it’s never to late to strategize and plan for a new weeks open trade. USDJPY has run up and started to show signs of slowing a bit. This could just be a rest before another push higher. Evidence that it might go higher early next week... Friday’s trade hasn’t seen traders taking profits ahead of the weekend. Not much of a pull back in price. ( but we could still see some as we head into Friday’s close in NY ) Price is still above the 21, and 50 moving averages on the 4H We are still above a Downward sloping channel trend line, and so holding the breakout of the channel, but more importantly still holding above the key 107 area that held price under it for quite sometime. And so I’d think any retraces would be bought. I’d be a buyer at or around 107.50-107.80 My stop just under according to risk tolerances. My targets 108.50-109.50 If you chose to trade this idea, you assume all risk of loss., In trading you either make dust or you eat dust! All the best
Long
by PipsTradingClub