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CAD looking weak!Analysis -CADJPY looking bearish after showing signs of reversal. Buyers pushed price up into and past resistance before the previous day's candle close. The next day, sellers stepped in and pushed price all the way down past yesterday's daily candle open. -The price action resulted in a bearish engulfing setup AT RESISTANCE which is a bearish sign. -On the 1H time frame, price just broke a bullish trend to the downside and has retraced some pips, possible retesting breakout. -There is also bearish RSI divergence on the 1H time frame which further eludes to price possibly reversing to the downside. -The reward/risk seems tight for the setup (given the distance between daily S/R) so I'm waiting for a strong pullback before entering short Entry, Stops and Targets -Short Entry: 83.79 (I entered on a pullback after price broke out) -Stop Loss: 84.275 (Set stop above the high of the daily reversal candle) -Take Profit: 82.82 (Set targets at a minimum of 1.8 times your stop depending on entry) = 2R *Manage your EMOTIONS, manage your RISK, follow your STRATEGY*
Short
by Mankz
TURNING PRO CHALLENGE TRADING STRATEGYEURUSD - PRO CHALLENGE TRADING STRATEGY WEEKLY CHART Current Price at Weekly Sup/Res level of 1.1300 DAY CHART Previous Evening Star candle patterns created Bearish moves Watch for current Day candle to close Bearish to complete a 3rd Evening Star Pattern Previous day candle was a Bearish Pin Bar These candle patterns will confirm a Bearish continuation move short 1H CHART Add Standard Pivot Point indicator Price is returning down to Weekly S/R level and current Pivot level This created my 1st Sell Take Profit zone where I will close 1/2 of my trade Watching for Price to break below these two support levels 2nd Sell Stop @ 1.1280 Finale Take Profit close all trades @ 1.1235 Find SL
Short
by Tradingstrategyguides
GBPAUD Potential Short As you can see, price has tested 1.84000 multiple times over the past couple of days. We are currently in a consolidation period, with Brexit news incoming the market seems to be preparing for the outcome of those results. If we can see a clear 4h rejection of 1.8400 we would be looking for some downside for this pair. 1.8400 is also lining up nicely with our 38% fibonacci level which gives me another confirmation for entry short. Not only that it looks to be respecting its 1H trendline. Target wise, I would be looking at the weekly support level at around 1.82500, which lines up nicely with my 27% fib target. A break above 1.8400 would invalidate this set up and I would be then looking at a daily close to see if price has rejected a day key level at 1.84300. If we see a break and close above this, upside would be my new bias.
Short
by lewisqfx
ORB NR4 CANDLESTICK PRICE ACTION STRATEGYORB - Opening Range Breakout This strategy works on all markets - time frame is Day & 1H Step #1: Wait until you can spot a bar that has its daily range smaller than the previous three days The first rule requires you to have the patience until the Nr4 pattern develops on the YOUR chart. When we have a daily trading range that is narrowed than the previous trading ranges it means that the price is contracting. Based on our backtesting results we have found out that there is a high probability of a trend move after you spot this type of contraction. This is kind of a general rule because the markets do move from periods of contractions to periods of expansion. This is the reason why this short-term price pattern is so powerful. Step #2: Mark the High and the Low of the 4th day and switch to the 1 hour time frame Our trade is taken the next day after the Nr4 pattern showed up. In order to have a clear view of the short-term price action we need to switch our focus to the 1 hour time frame. Before you switch the time frames make sure you mark on your chart the high and the low of the 4th day. The short-term pattern Nr4 satisfies all the requirements for a valid setup, which mean that we can move forward and describe how to buy or sell. Step #3: How to buy or sell: Buy/sell only if the breakout of the Nr4 high/low happens during the first 5 trading hours. We use the Opening Range Breakout technique to time the market and have an effective trade entry. The ORB is even more profitable if it occurs after inside days that have a smaller trading range than the previous 3 days. Here is another strategy called simple yet profitable strategy. Our trade may not have an inside day, but nevertheless we want to buy/sell only after we break above/below the Nr4 day high/low. Also, we want to make sure the breakout happens during the first five trading hours of the next day. Trades based on the ORB – Nr4 pattern will show you a profit instantly. Now, if the trade is not showing you a profit right away then your trade becomes more vulnerable. As a general rule, if after the first trading hour your trade is not in the green, you can safely close the trade at the market. Of course, you can only do that if your stop loss hasn’t been triggered in the meantime. Now, let’s outline where to place our protective stop loss. Step #4: Place your protective Stop Loss above/below the Nr4 day high/low You can hide your protective stop loss above/below the Nr4 day high/low. Alternatively, you can also place your stop loss below the current day high/low as this will give you a better risk to reward ratio. The ORB - Nr4 pattern tends to precede strong trend day activity, so your stop loss should be rarely hit. Both of these patterns can be traded individually, but when combined they tend to produce even more powerful trades. Step #5: Take profit at the close of the first 1-hour bearish candle Our take profit strategy is fairly easy and it’s slightly modified from the original strategy highlighted in the “Day Trading with Short Term Price Patterns and Opening Range Breakout” book written by Toby Crabel. Even though the ORB pattern tends to lead to trend trading days we’re more conservative and want to quickly take profits. So as soon as the first bullish/bearish candle shows up we close the trade and enjoy our daytrade profits. Alternatively, you can keep the trade open until the end of the day if you want to extrapolate more profits from the market.
by Tradingstrategyguides