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Triangle on the S&P500I see a triangle here after the break out of the head & shoulders formation formed over the last days. I think the chance of a break out to the top is more likely so I will stay in my trade I opend at 2083 and wait what will happen. If it breaks out to the upside I assume the targets of 2108 for the triangle and for the head & shoulders formation around 2115. I think I will close my position if it reaches a target around 2108 and be fine by that. Good luck with all your trades Dennis PS: This is my opinion and nothing else, no advice at all.
FX:SPX500Long
by tradingdiaries
GBPUSD Cypher + Counter Trend OpportunityGBPUSD ran into some Hefty Resistance on May 3. It appeared it was going to Break it and keep running. Instead it ended up being a failed breakout and is failing at the Yearly highs. On the 60min chart we have broken support which signifies the short term trend is now bearish. As a Trend Trader I will be looking to sell rallies back into Resistance. When I was doing my Technical Analysis on this pair I ran across this great looking Counter Trend Setup. I'm not a Counter Trend Trader so I will not be taking this setup but just decided to share it anyway. There is a Cypher lining up in the "buy zone" and 61.8% Fib. I'm sure as price works its way down there we will be able to find an ABCD Pattern maybe on the lower time frames to help us eye up exactly where to place the buy limit. Recommended Entry Techniques: Aggressive - Just place a Buy Limit exactly where you want to enter Conservative - Wait for a double bottom, 3 bar reversal, or a pin bar before entering. Once you get your entry technique you can check the RSI for Bullish Divergence. Stops - I would recommend doing whatever your trading plan says to do for Counter Trend Trades. I just put a 1 ATR stop on the chart because that seems to be the most Stop placement. Targets - Again do what your trading plan says. I placed Target #1 at the First Resistance Level (b leg of the Cypher). You could trade it as a conventional Cypher Pattern and have Targets at the 38.2% & 61.8% Fib Retracements. They way I have the trade setup with entries, stops, and targets it comes out to be a 2.50 to 1.00 Risk to Reward.
Long
by PateSkpate
1
USDJPY 60min Bullish TCTUSDJPY is coming off of a Major Support Level. I'm looking to buy a pullback in anticipation of the market correction. It has broken and closed above previous resistance and if it can pullback into my reversal area I will look to enter long. I will have to enter long at or below the Purple Line which represents a 1 to 1 Risk to Reward. Stops - 1 ATR Below the Reversal Zone Target #1 - Retest of Highs Target #2 - 1.27% Fib Extension plus Structure (Previous Resistance). Once could also look to Target the completions of the ABCD Pattern for Target #2's
Long
by PateSkpate