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False breakout of a resistance level (GBP-JPY, Daily)Here is a pattern that I've studied in some detail... It's a false breakout of a proven resistance level (in this case a very strong one). Note the little to no travel above the bar, along with a return beneath the level. That signals that the bulls have no interest in higher prices. Stops can be placed anywhere reasonable above (at some corrective Fibonacci level or a set number of pips for the pair) and targets are at least 2:1. This is a good probability setup in the long run. If you find this useful, please leave a thumbs up. All the best.... Kosai
Short
by kosai19
2
Bearish Bat Pattern off an *Easy* range trade. The support at this level has been impressive, forcing price to trade in a tightening range for more than a week. What's more impressive is the R/R on a long position from this level (however unlikely). I make no apologies for not being a fan of Ripple and wouldn't mind if it just died, but if we get a break out to the upside it should prove to be a dramatic and profitable move. Originally I had been charting a symmetrical triangle on the last two weeks of price action (daily TF) but we've pushed so far to the end of the triangle, I no longer consider it truly valid. More appropriate and safer, is a taking a trade off the "range box" in either direction. Because of the reasons stated above, I'm aiming at a long. A conservative (smart) entry would be taken at a candle close outside the box. An aggressive entry would be taken at our current level with stops at a or below the 'A' point of the bearish bat pattern. My recommendation for a "safe trade" is to wait for the confirmation candle to close outside the box and then enter. If we break below, targets would be previous SCMR Support zones, illustrated by the dots on the chart.
Long
by ninjabenja
3
USDJPY - Huge Bearish Cypher on DailyFor weeks I've been looking at the potential Bearish Cypher on USDJPY on Daily Charts, and this week market hit the entry level. As you can clearly see the stop loss is so huge if you enter right away at completion level, so I was waiting for the market to go further in the PZR in order to get less than 100 pips stop. Currently there is less than 100 pips and price is still in the PRZ so I've shorted it - a huge bet, but with almost 1:2 R/R. Here are the Entry, Stop and Target Levels: Entry @ 114.16 Stop @ 115.08 Initial Target 1 @ 112.11 Initial Target 2 @ 110.84 Good Luck!
Short
by Aleksandar_Rose
4
Bearish Cypher on GBPUSD with extended targetsGBPUSD is in a clear bearish trend on 15M, and market gave me a potential entry in order to hop on that bearish trend. Market is forming a potential bearish Advanced Harmonic Pattern - Bearish Cypher, that is perfectly aligned with the bearish trend. Since we are in an establish trend with no recent structure level to the right I'll go for extended targets(retest of NSL and I will trail my 2nd position), with stop above current pullback. Here are the Entry, Stop and Target Levels: Entry @ 1,2940 Stop @ 1,2960 Initial Target 1 @ 1,2900 Initial Target 2 @ 1,2850 Good Luck!
Short
by Aleksandar_Rose
5