Break-and-retest
GOLD - Break & Retest Waiting for GOLD to break one of the SR zones.
After breaking, we put a pending order to the outer edge of the zone.
Highly recommend to use Twin Trading, for bigger potential profit.
Stop Loss - I'm using max 40 pips stop loss. The most important is, to put it behind the SR zone. But it all depends on your strategy and RRR.
Take Profit - Put take profit at the next potential SR zone, but as i said before, highly recommending using Twin Trading (take profit for just one order, and at the second one just moving stop loss to the profit with market). At break&retest strategy even the smallest chance for one successful Twin trading can be highly profitable.
USDJPY Weekly Trendline Violated! Chance To Go LONG
The weekly long term trendline on this pair has been broken and a potential long opportunity is setting up.
I am currently waiting for the channel that is forming on the 4 hour chart to break and retest the 50 EMA on 4 hr chart. Stay tuned for any updates!
However i will only take this trade when i exit my other active USD position. I do not want to risk my capital buying 2 USD pair at the same time. Nevertheless its a good opportunity and if your analysis meets the criteria you can execute at your own risk!
Busy week continues, Retest of Rising Wedge, Long AUDUSDHi guys,
The busy week continues, I just put in a buy order on AUDUSD as shown on the chart. Price has broken out of a horizontal resistance/support zone aswell as a trendline which is part of a rising wedge, it has now rejected the top of the zone twice in the same day and decelerated.
I don't like the 50 EMA being in the way and getting rejected. I am also not satisfied with the lack of a deeper pullback. Significant MACD Divergence would've been great also. However this trade still has 5 confluence factors. Because I know my strike rate on those setups I know that I posses an edge over a great amount of trades. That is why it's crucial that I trade my plan regardless how I'm feeling about the trade.
Happy trading
USDCHF Long, Break & Retest PatternHi guys,
coming from a slow week last week we are now getting another setup. USDCHF is retesting the recent horizontal support zone with a lowtest, while also rejecting the major 0.5 Fibonacci retracement level. A 50 EMA retest would've been awesome, but this price action is enough for me to justify an entry. With 5 confluence factors this trade is a B in my category, and thus its fitting my trading plan.
The stop will be set below recent price action, the target is set at the recent highs and the next horizontal resistance level.
Happy trading
GBPAUD - Run out of steam?Shorted GBP/AUD based on the following reasons:
- Not able to break above 50 fib line on daily
- Beak and retest of 2.03 level
- Bearish engulfing on Daily
Caution: This might be a fake out and we could possibly just be re-testing the broken descending trendline in which this trade would be invalidated i.e. the trade would be closed if PA turns bullish.
