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Trading Idea: Classic Support and Resistance vs. Harmonic PatterSometimes, the classic Support and Resistance trade is more effective than Harmonic Patterns. It may seem simple, but trust me, it isn't. First, you have to plot it the right way, and even then, different analyses will view the trend differently. For example, I’ve recently got into shorting USDCAD. Key Points: - Support and Resistance: Often more reliable than Harmonic Patterns if plotted correctly. - Different Perspectives: Proper plotting can lead to varied interpretations of the trend. - Current Trade: Shorting USDCAD based on my analysis. Strategy: - Plan Your Trade: Always plan your trade meticulously and do not follow anyone blindly. My Entries: Shorted USDCAD: 1.3692(13) ISL: 1.3740(-48) TP1: 1.3666(+26)0.54 TP2: 1.3640(52)1.08 Remember, effective trading requires careful analysis and a well-thought-out strategy. What’s your take on the effectiveness of Support and Resistance trades compared to Harmonic Patterns? Share your thoughts and strategies in the comments!
Short
by RaynLim
Trading Idea: GBPJPY Buying Opportunity and Bullish OutlookIf you're looking for a buying opportunity on GBPJPY, focus on the double bottom retest zone between 199.62 and 199.37. Overall, I maintain a bullish outlook on GBPJPY. Key Levels: - Double Bottom Retest Zone : 199.62 to 199.37 Strategy: - Buying Opportunity : Look for entry points within the double bottom retest zone between 199.62 and 199.37. - Bullish Outlook : Given the overall bullish sentiment, consider holding long positions for potential gains. Stay cautious and trade wisely. What’s your trade plan for GBPJPY? Share your thoughts in the comments!
Long
by RaynLim
USDJPY Analysis and Trade OpportunitiesLike I mentioned in our weekend live session, I don't see any BOJ intervention happening soon. The earliest I’m looking is when the market reaches 158.73, with the next level at 159.66. Around 157.74 is the level I'll be looking for a buying opportunity using the existing strategy that I've used for many years. Key Levels: Potential Intervention Levels : - 158.73 - 159.66 - Buying Opportunity : Around 157.74 Shorting Opportunities : 1-Hourly Chart : - Bearish Bat Pattern Completion : 158.15 - ABCD Pattern Completion : 158.39 if the Bearish Bat Pattern does not complete Strategy : - Buying at 157.74 : Use the tried and tested strategy that has worked over the years. - Shorting Opportunities : Monitor the 1-hourly chart for potential Bearish Bat Pattern at 158.15 and ABCD Pattern at 158.39. What’s your trade plan for USDJPY? Any valuable insights you’d like to share? Comment down below.
Long
by RaynLim
GBPUSD Sideways Consolidation with Potential Upside BreakoutTimeframe : Weekly and 4-Hourly Charts Predicted Move : Potential Upside Breakout Analysis : On the weekly chart, GBPUSD is currently in a sideways consolidation phase. Although the pair is near the top of this range, there seems to be a tendency for the market to break towards the upside. This observation is based on my 18 years of trading experience and intuition. Key Points : - Sideways Consolidation : GBPUSD is trading within a defined range on the weekly chart. - Near Top of Range : Price is approaching the upper boundary of the consolidation. - Potential Upside Breakout : Market tendencies suggest a possible break to the upside. - Trading Experience : This analysis is supported by my 18 years of trading experience and gut feeling. Strategy: - Retest and Buying Opportunity : If you share my perspective, I'm looking for a retest within the buy zone on the 4-hourly chart at 1.2666 for a buying opportunity. - Understanding the Buy Zone : It may seem like the buy zone has been broken, but with professional chart reading, it's evident it hasn't. Note: This analysis is based on my personal trading experience and should not be followed blindly. Always conduct your own research and analysis before making any trading decisions. Stay cautious and trade wisely!
Long
by RaynLim
EURUSD Sideways Consolidation with Key Levels for TradingTimeframe : Weekly and 1-Hourly Charts Predicted Move: Sideways Consolidation with Specific Levels for Trading Opportunities Analysis : On the weekly chart, EURUSD is in a sideways consolidation phase and is currently at the bottom of this range. For precise entry points, I'll be closely monitoring the 1-hourly chart. Key Points: - Sideways Consolidation : EURUSD is consolidating within a defined range on the weekly chart. - Bottom of Range : Price is at the lower boundary of the consolidation, suggesting potential buying opportunities. Key Levels on 1-Hourly Chart: - Shorting Opportunity : 1.0739 is my preferred level for considering short positions. - Buying Opportunity : 1.0668 is my preferred level for considering long positions. Strategy: - Monitor Key Levels : Watch the price action around 1.0739 for shorting and 1.0668 for buying opportunities. - Confirmation : Look for confirmation signals on the 1-hourly chart before entering trades. Discussion: Potential for Parity: The question of whether EURUSD might hit parity again is intriguing. While the current consolidation phase doesn't indicate an immediate move to parity, significant macroeconomic events or shifts in market sentiment could drive the pair towards parity. It’s essential to stay updated on fundamental factors and market news that could impact EURUSD. Note: This analysis is based on my trading experience. Always conduct your own research and analysis before making any trading decisions. What’s your take on EURUSD? Do you see the potential for it to hit parity again? Share your thoughts!
Short
by RaynLim
EURUSD Bearish Trend and Bearish Bat Pattern CompletionEURUSD Bearish Trend and Bearish Bat Pattern Completion Instrument: EUR/USD Timeframe: 1-Hourly Chart Current Direction: Bearish Analysis: EUR/USD is currently exhibiting a bearish trend. While the impulse to short immediately is strong, my preferred entry level is at 169.54. This price point aligns with the completion of a bearish bat pattern on the 1-hourly chart. Key Points: - Bearish Trend: The overall trend for EUR/USD is downwards. - Bearish Bat Pattern: Completion level at 169.54, which offers a high-probability short setup. - Entry Level: 169.54 - Chart Pattern: Bearish Bat Pattern - Timeframe: 1-Hourly Chart Strategy: - Wait for Price to Reach 169.54: Monitor the price action and wait for it to approach the 169.54 level. - Confirmation: Look for bearish confirmation signals around this level to enter a short position. Stay tuned for updates and trade wisely!
Short
by RaynLim
1
Bearish Deep Gartley Pattern w BOJ DecisionFor those who favor counter-trend trades or believe in a potential BOJ intervention, the Bearish Deep Gartley Pattern on the 1-hourly chart is worth your attention. 1-Hourly Chart: - Key Level: This pattern provides an excellent risk-reward ratio for shorting opportunities. Reminder: - Don’t overtrade. - Always conduct your own analysis and avoid blindly following others. What's your trade plan for USDJPY? Comment down below and share your insights! Happy trading!
Short
by RaynLim
6
AUDUSD Analysis: Shorting Opportunities Amid RetracementFor those eyeing AUDUSD, here's my take: While some might be tempted to buy, anticipating a retracement (UP) due to the recent price action, I'm not focused on buying opportunities. Instead, I have more strategic shorting setups in mind. 4-Hourly Chart: - Resistance Levels : Waiting for a retest at 0.6638 or a retest of the channel for shorting opportunities. 1-Hourly Chart: - Resistance Levels : 0.6595, 0.6613, and 0.6636. - Preferred Entry : 0.6636 is my ideal shorting price, as it aligns with the key resistance level . What's your trade plan for AUDUSD? Comment down below and share your insights! Happy trading!
Short
by RaynLim
2
USDJPY Analysis: Opportunities for Shorting EnthusiastsUSDJPY is still pretty bullish, but for those looking to short, here's what I'm watching: Daily Chart: - Signal : Retest of the broken trendline - Entry : Wait for MCC 1-Hourly Chart : - Bearish Deep Gartley Pattern at 157.33 - Conservative Entry : Wait for MCC, preferably a retest on the PRZ (Potential Reversal Zone) with RSI Divergence What's your trade plan for USDJPY? Comment down below and share your thoughts! Happy trading!
Short
by RaynLim
EURUSD Analysis: Multi-Timeframe Shorting OpportunityHere’s a detailed look at the EURUSD across multiple timeframes: Weekly Chart: - The market is in a sideways consolidation phase. - The upper trendline has been respected, indicating a potential downside movement. Daily Chart: - Watch for a retest of the Fib-3 Bat Pattern, which could offer a prime shorting opportunity. 1-Hourly Chart: - I’m eyeing a retest of the resistance at 1.0863 for a shorting opportunity. What’s your trade plan for EURUSD? Comment down below and share your insights! Happy trading!
Short
by RaynLim
USDJPY - 2nd chance sharing opportunityI believe the BOJ conducted its second FX intervention yesterday. As the market retested the sell zone, I shorted this pair and placed Stops at 156.82, which is a good 58 pips of initial risk. Once the market reaches 155.78, I'll shift my stops to the entry-level. This would prevent any losses incurred by hectic volatile movement. If all goes well, my 1st target would be at 154.85 and I'll keep my second target open. What are your thoughts on this?
Short
by RaynLim
2
GBPAUD Trade Setup: Bearish ChannelGBPAUD has piqued my interest from a mid to long-term perspective. I'm looking at two potential shorting opportunities: Key Levels: - Short Entry on Resistance Retest: 1.9212 - Bearish Channel Indication: As long as this channel isn't violated, it strengthens the bearish bias. I'll be looking for shorting opportunities on both the 4-hourly and 1-hourly charts based on these indications. What's your trade plan for GBPAUD? Comment down below and share your thoughts! Happy trading!
Short
by RaynLim
AUDUSD Long Opportunity: Leveraging Bullish Patterns for StrateHello, fellow traders! AUDUSD presents an enticing opportunity for long positions, backed by the confirmation of a Bullish Fib-3 Bat Pattern on the 4-hour chart and a Bullish Wedge Breakout on the 1-hour chart. Let's explore three effective ways to engage this trade: 1. Retest on Support Line at 0.6613 (1-Hour Chart) - Strategy : Wait for a retest of the support line at 0.6613 on the 1-hour chart and enter a long position upon confirmation of support. - Rationale : This support level offers a favorable risk-reward setup, providing a low-risk entry point for bullish trades. 2. Retest of the 1st Trend Line (1-Hour Chart) - Strategy : Look for a retest of the first trend line on the 1-hour chart and initiate a long position if the price bounces off this trend line. - Rationale : A successful retest of the trend line validates the bullish momentum, offering an opportunity to enter the trade with confidence. 3. Retest of the Fib-3 Bat Pattern at 0.6600 (4-Hour Chart) - Strategy : Enter a long position at the 0.6600 level, which corresponds to the Fib-3 Bat pattern and serves as a significant price-action level. - Rationale : The confluence of the Fib-3 Bat pattern and the key price-action level enhances the reliability of this entry point. Risk Management - Set appropriate stop-loss levels for each entry strategy to manage risk effectively. - Consider position sizing based on your risk tolerance and overall trading strategy. - Monitor the trade closely and adjust your strategy if market conditions change. Final Thoughts With a Bullish Fib-3 Bat Pattern and a Bullish Wedge Breakout in play, AUDUSD offers multiple opportunities for long positions. By strategically entering the trade using any of the outlined methods, traders can capitalize on the bullish momentum with confidence. Happy trading, and may the markets be in your favour!
Long
by RaynLim
USDJPY Short Opportunity: Key Factors and Strategic EntryHello, traders! I’m on standby to short the USDJPY, and here's why this setup is compelling. This analysis covers two crucial parts, providing context and strategic entry points. Part One: Macro Fundamentals 1. China’s Treasury Offload : - China sold $53.3 billion of Treasuries and agency bonds in Q1 2024. This reduction in US dollar assets can impact USDJPY negatively. 2. BRICS Currency Moves : - BRICS countries are trading $4 billion in local currencies, sidelining the US dollar. This shift decreases demand for USD, potentially weakening USDJPY. Part Two: BOJ Interventions 1. Recent BOJ Action : - The Bank of Japan intervened in the FX market on April 29, 2024, but the attempt seemed to fail. Our community was alerted on April 26, 2024, giving us an early advantage. 2. Potential Future Intervention : - BOJ might intervene again, but this could upset G7 partners. If intervention fails or doesn’t happen, USDJPY could fall sharply. Trading Strategy: Bearish Patterns Confluence Key Levels and Patterns: - Entry Point : Short USDJPY at 159.27. - Confluence : This level aligns with a Bearish Bat Pattern and an ABCD Pattern, strengthening the case for a short position. Final Thoughts Considering the macro fundamentals and recent BOJ actions, the stage is set for a potential sharp fall in USDJPY. The bearish patterns at 159.27 provide a technical basis for entry, adding to the conviction. Stay vigilant and manage risk carefully. Happy trading!
Short
by RaynLim
GBPUSD - A Bullish Trend with a Cautionary NoteHey traders! Let's dive into the EUR/USD market analysis. While many are eyeing a shorting opportunity at 1.2743, leveraging RSI Divergence, it's crucial to acknowledge the overarching bullish trend on both daily and weekly charts. Currently, the market is hovering around a critical support level at 1.2723. A 20-pip move might not be substantial, but it can be a telling sign. Here's what to watch out for: If the market bounces from this support level, it could indicate a continued bullish trend. A breakdown below 1.2723 might attract more sellers, potentially leading to a short-term correction. Keep in mind that the bullish trend on higher time frames still holds sway. Let's monitor the market's reaction at this support level before making a move. Stay vigilant, and let's trade wisely!
by RaynLim
EURUSD Analysis: Strategic Approach in Volatility PhaseOn the Weekly Chart, this looks like a regular day strolling down the road of simple support and resistance trading. This is when new traders got it all wrong! On the Weekly Chart, sideway consolidation occurred. When sideway consolidation happens, market expansion, known as a volatility increase phase, will definitely follow. From what we had, at this moment, I'll be more inclined to take a buying opportunity at 1.0842 on the 1-hourly chart than to short at 1.0852. Of course, this is not a sure thing; always plan and follow your trade plan.
Long
by RaynLim