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BTC/USD - Watch For A BuyHello traders, Here we have BTC/USD on the 4H chart. BTC/USD has been trading the downside considerably after a peak ignited a correction of the 16th January. Price has recently been trading within a structure since between a side-wards resistance line, and a horizontal support level that has recently come into play. Price has bounced on horizontal support. When price was testing the support previously it was making lower highs. But on the last retest of support on 6th February, it is having clear a higher high, which indicates bullish momentum. The side-wards line is very likely to be retested as support. I am expecting Bitcoin to begin an up move. Before this it's highly likely that price action will retest the side-wards resistance line as a support at 6610 before the up move begins. This trade could play out in 2 ways, I have outlined these below: -Price successfully breaks out, and retests the side-wards resistance line at 6610. Price then has an up move to the target zone at 12110. -Price breaks impulsively to the upside. It ignores structure retesting and goes to the upside target at 12110. Bare in mind, that a retest of side-wards resistance turned support makes this trade significantly more reliable. If price retests the side-wards resistance turned support and breaks about the 20 moving average before correcting, this is an impulsive state.
BITFINEX:BTCUSD
by TomProTrader
11
USD/JPY - Continuation MoveHi traders, I hope you are all having a nice weekend. Here is a nice trade for next weeks trading. Here we have USD/JPY on the 4H chart. Price recently had an impulse up move, and then an downward correction. The downward correction stalled when price hit the Fibonacci key retracement support level. With this in play, and knowing that we had a previous impulse leg beforehand, it is clear we are in a 3 wave up move, and that this corrective pullback is merely a pullback before the next up move to our target level of 114.40 When analyzing the pairs behavior after the long term downtrend, I discovered that price has only just broken out of a downtrend channel. The resistance channel would indicate down trend was persisting, but since we did not only break the level, we had an impulse leg out of it, it is clear there is strength in this pair, and there is a reason it is rallying. ^ This does not happen by chance. It happens for a reason. Trade what you see not what you think! Bare in mind that price could have a retest on swing low before the next move up, at around 113.30 to 113.10. I have added my other recent FX ideas into the related ideas section of this post. I would appreciate it if you could view my other FOREX content and give it a like as this motivates me to post more content. I will be updating my analysis. Any questions, feel free to connect.
Long
by TomProTrader
EUR/AUD - Buy OpportunityHi traders, Here we have EUR/AUD on the 4H chart. I am seeking a long set up. Price recently had an up impulse after a big down move followed by a correction. When price corrected upside resumed and a key resistance zone was broken. Price is scheduled to complete its impulse measure move at 1.5740 level. When price hits this level I am expecting a correction and a retest on the previous resistance turned support line. If retest is successful at this level, I believe price will then have a new up impulse, with a maximum target of 1.5960. It would be ideal to see price retest the previous resistance zone as a new support zone . If this happens it tells us that price is climbing sustain-a
Long
by TomProTrader
Dollar - Bottom Is InToday we have an excellent opportunity for Dollar on the 8H chart with a trend bottom. I really like the look of this set up! Price hit the 1.414 Fibonacci extension leg, hit horizontal support, and hit the channel support level simultaneously. There is so much structure support at current level that it is definitely a good idea to look for a buying opportunity. At this current moment in time, price is correcting to the upside. I have highlighted 2 targets on the chart which could be favorable if the trade works out. I believe this trade could play out in several different ways. I have outlined these below. Price will carry on with the upside move without stalling, to hit the 1st target of 93.62. Price will stall and retest the support level, before going to the upside again. (This trading scenario would be less risky than the first.) Price will travel to the upside, have a small correction, and then go to the highs. (This scenario would be the best. As we can: Add to position on the small wave correction before reaching target. 2: We can take profits on the correction, and then buy in again, removing most risk.) Bare in mind that price could exceed target and go to target 2 (The extended target illustrated on the chart) at 94.96. We will look at this as a target if price exceeds target 1. (See chart for details.) Use this analysis to guide you with this trade, but also factor in your own. Sometimes less is more. Let's listen to the basic message of the structure, and allow it to tell us what to do. I will be updating this analysis as the trade plays out. So like & follow so that you do not miss out of my latest analysis and updates.
TVC:DXYLong
by TomProTrader
3
AUD/USD - Downside LikelyHi traders, hope you're all having a good weekend. We have a potential setup forming for AUD/USD on the 4H chart with a breakdown trade. This could be an excellent shorting opportunity. I have tested a few hypothetical trading scenarios that could come into play when the FX market opens later. Each time, I have got over an 1:2 Risk to Reward. When analyzing the pair, I discovered that price seems to react when it hits specific technical levels. Each time price hits the sideways resistance, it seems to test the resistance, and price stalls, and falls into the lows. I then zoomed out on my chart, and drew the line acting as sideways resistance further back. I was surprised to discover that the sideways resistance line I'd drawn had been having a strong affect on price for a very long time (Since May 2017). With this information, I now knew that the sideways resistance line I'd discovered was more likely to be reliable, because it had been having an affect on price for a long time. I then discovered that price is currently at a horizontal support level as well, and is about to break the support level. If price breaks the horizontal support, coupled with the discovered sideways resistance, I believe these lines will act as a very strong resistance ceiling. At the resistance line there is multiple reversal candlesticks showing weakness. And a clear Fibonacci retracement was hit. This further consolidates that we have hit a resistance level in play. I am expecting a down move of 55-100 pips. If price is not affected by local support levels, it will achieve the full 100 pips. Only if a minor support affects price it will not achieve target. Upon using a Stochastic indicator on this instrument, I discovered a strong hidden bearish divergence. I am personally not an indicator trader, but to those who do may find this information useful. Do remember that price needs to open below the current price & support level, to be favorable to trade. So it is important to watch this trade carefully before considering a position. I will be posting updates on this trade below as it progresses, so like & follow to keep at to date with this analysis. If you have any questions or queries on this trade, feel free to connect.
Short
by TomProTrader
7
NZD/USD - New Uptrend OpportunitiesTraders I recommend reading this entire post so that you fully understand what I have done to come to my analysis. NZD/USD looks like a long opportunity on the 12H chart. After analyzing this pair, I discovered that price appears to be moving in patterns. Price seems to have an impulse leg, and then has a corrective leg which measures approximately 124 pips each time, before the next impulse down move begins. When I began analyzing the pair, I started by measuring the downtrend legs. I discovered that each correction seems to be around 124 pips. Price has recently hit a bottom, and has had some upside, and is showing signs of a new uptrend. Sure enough, when I measured the upside legs, we had a measurement of 124 pips as well. Despite the change of trend, the measurement of the corrective legs remained intact. This shows that these cycles are obviously having an affect on price. With this information, I was able to predict and plot the next move on the chart. I have calculated each cycles move by measuring the amount of points it moved before a new impulse. After I found there was an approximate 124 pip corrective move before each new impulse, I was then able to replicate a cycle at around 124 pips to see the future direction of the instrument. I am expecting an up move of 124 pips which will complete at around 0.7029. Below I have illustrated the calculations as to how I came to this conclusion. The principle of the cycles being used here is that every time there is an impulse leg in either direction, there is a corrective move of 124 pips, and then an impulse move which exceeds the impulse leg. (With exception of Cycle #1, which was the first leg of the trend and excepts this rule). With this information we can calculate (using data from the downtrend corrective cycles + Cycle #1 data) where cycle 2 is likely to end up. Using the calculations below we can make a mathematical assumption as to where price will lead. Cycle 1 = Cycle 1 + 124 = 0.6905 Cycle 2 - Cycle 1 + 400 = 0.7029 Following these calculations, we can expect a reliable short term up-move, by using the previous trend cycles from the downtrend. Since there is a change of trend, it will interesting to see where these cycles end up. We could get a lot more pips than we bargained for. Do remember that price may have a correction before Cycle #2 begins. It is important you watch this carefully before considering a position. I will be posting updates on this trade below, so leave it a like or follow so that you can keep up to date with this analysis.
Long
by TomProTrader
4
BTC/USD - Upside OpportunitiesTraders I recommend reading this entire post so that you fully understand what I have done, and how I have came to my analysis. BTC/USD looks like a long opportunity on the 4H chart. After analyzing this pair, I discovered that price appears to be moving in patterns. Price seems to move up, have a corrective move, and then move up again, exceeding the previous top by around 400 points every time. With this logic, I was able to predict and plot the next move on the chart. I have calculated each cycles move by measuring the amount of points it moved up before correcting. After I found there was an approximate 400 point move before each correction, I was then able to replicate a cycle at around 400 points to see the future direction of the instrument. I am expecting an up move of 400 points which will complete at around 8780. Below I have illustrated the calculations as to how I came to this conclusion. The principle of the cycles being used here is that every time there is an up move, there is a corrective move, and then an up-move which exceeds the previous move by approximately 400 points. With this information we can calculate (using cycles 1+2 data) where cycle 3 is likely to end up. Using the calculations below we can make a mathematical assumption as to where price will lead. Cycle 1 = Cycle + 400 = 7980 Cycle 2 - Cycle 1 + 400 = 8380 Cycle 3 - Cycle 2 + 400 = 8780 Following these calculations, we can expect a reliable short term up-move, using previous trend cycles to predict a reliable, yet conservative move. Do remember that price may correct before cycle 3 initiates. So it is important that you watch this trade carefully before considering a position. I will be posting updates on this trade below, so leave it a like or follow so that you can keep up to date with this analysis.
BITSTAMP:BTCUSDLong
by TomProTrader
12
Halcon Resources- Possibility of MASSIVE up move!Hi traders, Halcon Resources currently looking like a great opportunity for upside movement. Price action showed a compelling morning star signal supported on Fibonacci retracement support and 50 moving average. Price is about to break a sideways resistance. Looks like a longer term 3 wave ABC move, of which I expect the move to be very very strong here, and move in a similar fashion to the first up impulse before it. Best regards, Tom_Killick
H
by TomProTrader
USDNZD sell setup.Hi traders, USDNZD looks good for a sell setup. I am expecting a nice move to the downside. Use your tested trading strategy to determine the best buy and sell levels. There's a few ways this trade could play out, and how you play it entirely depends on your trading strategy and risk tolerance. I am expecting a bounce at the sidewards support level before a breakdown commences. Alternatively, it could break the sideways support, and retest the sidewards support as resistance before the break down takes place. Best regards, Tom_Killick
Short
by TomProTrader
USDNZD sell setup.Hi traders, USDNZD looks good for a sell setup. I am expecting a nice move to the downside. Use your tested trading strategy to determine the best buy and sell levels. There's a few ways this trade could play out, and how you play it entirely depends on your trading strategy and risk tolerance. I am expecting a bounce at the sidewards support level before a breakdown commences. Alternatively, it could break the sideways support, and retest the sidewards support as resistance before the break down takes place. Best regards, Tom_Killick
Short
by TomProTrader