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EURJPY 60min Bearish TCTLooking to short EURJPY around the 129.00 even handle. Market is Bearish, so I'm looking to sell the rallies. Entry - I look to short somewhere between the 61.8% and 78.6% Fib Retracement. I move down a Time Frame and look for a Reversal Pattern via Candlesticks. Right now we have an ABCD Pattern completing in that area. I'll be looking for other things such as: RSI O/B, Advanced Patterns, etc.. Right now there is a Fib Inversion lining up in that area. Stops - 1 ATR Above the last Swing High Target #1 - Retest of Previous Lows Target #2 - 1.27% Fib Extension
Short
by PateSkpate
3
USDCAD 60min Balance Area BreakoutUSDCAD has retraced almost back to Daily Support and is balancing just ahead of the Support Zone. These Balance Area's make for good Breakout trades. Balance areas are simply just Accumulation or Distribution (we don't know which one it is until the market tells us, which is done by breaking out). This trade will be valid which ever way it breaks. I would think a breakout to upside would gather the most traction but you never know! RSI is starting to give a clue by showing some Bullish Divergence. Although, this is not a signal to enter the trade for me. Entry - I use a Break & Close out of the Balance Area for my entry. Stops - I use 1 ATR Above or Below the Breakout Bar. Target#1 - I use a measured move of the Balance Area (Blue Line). -For the Upside break, Target #1 has confluence with Structure and a 38.2% Fib Retracement from the highs. -For the downside break, Target #1 is simply just the measured move. Target #2 - I use the next Major Fib for Target #2. -For the upside break, Target #2 has confluence with Structure and the 61.8% Fib Retracement from the highs. -For the downside break, Target #2 is simply just the 1.618% Fib Extension. Best of Luck!
by PateSkpate
12
USDJPY 60min Rising Wedge BreakdownUSDJPY has been putting in this Rising Wedge Pattern. These tend to break to the downside. The Rising Wedge is also occurring at Resistance. I'm waiting for the Break & Close out of the Wedge on the 60min before I enter. Stops - 1 ATR Above the Breakdown Bar Target #1 - Measured move of the Wedge Target #2 - 78.6% Fib Retracement You can you also use just purely Structure for Targets if that is what your plan says to do. Best of Luck!
Short
by PateSkpate
USDJPY Bearish Trend Continuation Trade & GartleyUSDJPY is still holding its current downtrend on the 60min chart. Until this trend reverses I will continue to sell all rallies. Currently we have a Gartley, ABCD Pattern, and Fib Inversion all lining up in that "Sell Zone" (Purple box). This gives us a CTS score of 8. If the RSI goes Overbought and/or we get Divergence on it, then we could have a score of 9 or 10. Entry - I will use the Gartley Pattern to enter this trade aggressively. Stops - 1 ATR above last Swing High Target #1 - Retest of Previous Structure Lows Target #2 - 1.27% Fib Extension of the last down leg
Short
by PateSkpate
1