USDJPY BUYBreak of structure on lower timeframe to catch counter-trend. Looking to buy at the institutional candle that swept double bottoms. Target close to imbalance area and around last bullish candles.
Breakofstructure
GBPCHF SELL TO BUYGBPCHF Sell to Buy.
BOS from downtrend into uptrend. Selling in institutional candle that took liquidity & broke the Lower High.
Update on Long NZDCADPrice pulled back and tested the break of structure, which correlated with the neckline of the double bottom, and the 61.98 fib level (if you drew a fib from the new low to the new high on the 4hr timeframe.)
I am expecting price to to ultimately test the previous higher low, which also correlates with the daily resistance and the 61.8 fib level.
Take a look at the original analysis
Shorting NZDJPY I am looking to short NZDJPY.
Originally price was making a higher highs and higher lows.
Price then entered the monthly/weekly resistance supply zone.
Price than formed what appears to be a double top, and price has been unable to break through.
Also a double top at the end of an uptrend can serve as a bearish reversal pattern. That along with price respecting the supply zone is a strong
confluence.
Price made a bearish move out of the monthly/weekly supply zone and formed a new low. This is known as a break of structure, price is expected to reverse it's trend.
When a break of structure occurs, price is expected to retrace to at least the 50.0 fib level to confirm this break of structure. Price ended up retracing to the 61.8 fib level and formed a doji candlestick (this also signals a possible reversal), ultimately forming a Lower high.
Now I am price to make another move to the downside.
Analysis NAS100Hello trader, would wait for a re entry and then take a sell..once the Nas100 finished retrace then continue with the buy after the sell. I will keep you guys updated. I see divergence higher timeframe. And hug GAPS and many more evidence . Thanks for Reading!
$ETH - Bullish Buy Entry Since Break Of Structure (1496)Since the most recent low of 1293, we have surpassed an intermediate high signifying a break of structure, hopefully turning a bit more bullish although I fully expect ETH to go sideways for quite some time due to gas fees and Cardano and PolkaDot taking up market share. Nevertheless, Etheereum is still in a class of it's own. I am expecting a pull back below current sell-side liquidity points but not lower than the bounce at 1420 or else that would shift the market structure bearish again in which you should be out of the trade anyway. Exit strategy would be to aim for equal highs where there are around 1605, 1677, and the last spike up around 1715. The third target is at the 162% extension which is a great confluence with this trade. These are my take profit zones.
Checking on the 4 hour time frame is where I derived most of this idea. However there is a small gap that it could reach if it does get past the stop loss. 1398 -1413 is the "NO, But if Yes Entry" Zone. I don't want to see it get here but if it does I will reluctantly enter a trade once it EXITS this zone, not while it is entering it as it could drive down even further.
Let me know your thought's. And Good Luck!
EURGBP Buy Trade SetupTaking a buy here on EG based on this 30min order block and break of structure. Risky counter-trend trade.
Backtesting retest Break of Market Structure on Multi TimeframeStrategy
Create a zone from the order block which created break of market structure on 1D timeframe
Wait for it to be tested on 4H timezone => which will create new 4H order block
Trade the retest of that 4H order block
Color coding & icon use
Green boxes : 1D order block zone
Yellow boxes : 4H order block zone
Tick icon : Trade won on 4H
Cross icon : Trade lost on 4H
Circle with cross icon : Trade in breakeven
Win / loss assumptions
Win : 3R movement without breaking -1R
Loss : -1R movement
Breakeven : 1R movement, followed by -1R movement
Risk Management
50% TP @ 1R
25% TP @ 2R
25% TP / Trade closure @ 3R
RR achieved = 3R
Net R achieved = 1.75R
Strategy results
Testing duration : Jan 2020 - Jan 2021
Wins = 16
Loss = 7
Breakeven = 4
Non-losers = 74%
Absolute Winners = 59%
Net RR = 21
Avg R/Win = 1.31R
Avg R/Trade = 0.78R
$ETH - Be Wary - One Final "Drop" May Happen Before the Big PushI'm Bullish on Ethereum all the way. Now yesterday I made a call and so far we're still in profit from that call. However, there was a drop in the middle of the night (London session) That made me take a step back and look at it from another perspective. One thing I do is I usually don't measure wicks on the fib for entries to trades. However, this could be a different scenario to where that may play out. Why? Because there are equal lows right around 1152 that happened on January 15-16 GMT .
Just below that is a Bullish Order Block. I jumped into the 5 min Chart to find this one. It's in the red Elipse just below the Liquidity/Support Level.
Which is also right at the 70.5% of the retracement from that deep low to the current high.
Also if you look at It from a 4HR view, There are no bearish 4 hr candles, possibly suggesting this is the overall correct fib.
Keep in mind there has been a break of structure that happened yesterday which is suggesting that the price will most likely be going higher. This of course will be nullified if the price breaks and stays below a significant low. But instead, I think we may see something like this to where it get's close but it will just wipe out the liquidity resting near that 1152 level and hit somewhere between 1133 and 1142 before it bounces back up and we see a new high again.
I pulled from another exchange for these prices and the equal low/liquidity level ended up being the same (1152), the Bullish order block ended up being the same (1133 - 1142) But the biggest difference was the spike down where we would draw the fib low or 100% level. The one in the examples low is 1072. The low in the Coinbase level was 1065. But of a difference there, which is why I said I don't like using wicks to measure these things. So just be wry of those price levels and don't be so worried about the Fibonacci entry.
Good Luck and Happy Trading
Gold overall target to 1805 area Price is at an important daily support level overall on the Weekly, Daily, and 4-hour time frame we have been very bearish. Looking for a break of this area and a retest to enter for shorts to the 1805.00 targets.
AUDCAD - 4H is finally making a move for a possible LL.4H - its been a week that ACAD is looking to form LH and we are at major zone where it could reject the heavy volume of buyer. Our first sign of sellers is on 15m.
15m-Double top + Breakout of the trendline + Break of structure making a LL. Right now waiting for the LL to LH move and take a short.
Follow us for more ideas and setups.
Sam
Determine Trend Reversal Using RSI Indicator With Price Action1. Price created lower low and RSI higher low (tight divergence - oversold).
2. Reversed on demand zone with candlestick pattern.
3. Broke down trend structure with retest as confirmation.
4. Price went above 200 EMA and used it as support.
Sell set up. Our analysis on USDCHF. Add this to your watch list. We suggest you trade this pair only if it satisfies your strategy.
USD/CAD LONG Looking for a intraday/swing to the projection of 134.800. It is NFP week so markets tend to bounce however it wants to bounce. We haven't broken structure to the change the sentiment of the overall trend as of yet so this would be my counter. Project lines up with a QP and resistance area on the daily chart.
EURAUD - BEARISHA break of this mini support level will validate a continuation towards the downside
CJ trade idea on daily chartCj trade idea... waiting to see how price action reacts to the broken support
there are two possiblities on audnzd there are two posiblties i think there is wyckoff pattern forming and once the level is broken to take the long
USD/JPY - Are the Bulls Back?Today was a significant day for the USD/JPY pair as we finally broke out of the 12-day period of consolidation. It is noteworthy that the consolidation phase was very tight giving us a 30-40 pip trading range for the whole period except some attempts to push upwards and downwards. While this period wasn't the best for trading as the price action was choppy and indecisive, that apparently formed us a descending trend-channel.
The macroeconomic data out of the US has recently shown that the economy is currently performing well better than its major counterpart European. That has been clearly seen in the top currency pairs in the past few days. So given the current USD strength, the area around the 112.846 level seems to be the next target for bulls. Although, the Yen might soon become more favorable if the Bank of Japan keeps its monetary policy unchanged.
The reasons for the continuation of the uptrend:
1. break of round nr - 112.000
2. the continuation of the smaller uptrend from 25th of March on the 1D timeframe (a continuation of higher highs and higher lows)
3. the price is above the 50, 100 and 200 EMA on the 1D timeframe
4. break of the 0.618 Fibonacci level
There will be important macroeconomic data out of the US and Japan on Thursday and Friday so you should keep an eye on that as well. There remains a slight bearish case to the downside.
This is my first post so let me know what do think of it.
Cheers
