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Bullish Gartley

EURUSD: A Look Ahead (Day 1)The response of last week's test of following a single pair throughout the entire week was FANTASTIC! I really enjoyed doing it, and a lot of you really enjoyed seeing how my analysis (IF/THEN Thought Process) changes throughout the week. Per request, this week I'll be following the EURUSD. Now Monday's are typically my non-trading day. I will place them if something comes up, but I'm not as actively engaged in the markets due to my educational obligations and because I like to give the market a full London & New York session to feel its way out. So I haven't done any long term analysis on the Euro as of yet, but I did notice two potential Gartley patterns that are setting up. One bullish and the other bearish. Which makes perfect sense if you think about it since this pair as been in consolidation and consolidation breeds pattern trading opportunities. I'll keep you guys updated each day this week on how my thought process had changed and if I ended up entering a position or not. Speaking of positions, your you guys that were following me last week with my GBPUSD analysis, i did end up entering long this morning down at 1.5810's. I'm looking for an initial bounce to 1.5850's and if we can continue to see GBPUSD strength after that, well let's say that I'll be a very happy camper. Talk to you guys throughout the week! Akil Stokes (@AkilStokesRTM) Chief Currency Analyst at www.TradeEmpowered.com You Can Check Out My Weekly Trading Videos Here: www.youtube.com
by Akil_Stokes
24
GBPUSD: The Week Ahead (Day 2)If you're new to following me, yesterday I decided to dedicate an entire week to keeping you guys updated on a single pair. Below is a link to the Day 1 chart if you missed it or just need a recap on what I was looking at. The cable was very bullish yesterday an nearly pushed up to our projected bat pattern completion. Since then we've retraced and are setting up another potential drive to that level. With all of the heavy news out of the way today and the markets waiting on tomorrows GBP news and the USDs FOMC statement, I'm not expecting too much movement so I'll mainly be looking intraday for my trading opportunities. Here on the hourly there are two places that i'm looking to get involved on GBPUSD. The first would be a structure play at the retest of the potential Gartley patterns "B" leg and the other would be the potential Gartley which would complete down at 1.5517s. Jason Stapleton just informed our Syndicate members that he got short this pair around the 1.56 even handle as well. My guess is a structure play as we've just tested a previous level, but I won't know for sure about his thought process on this trade until our War Room meeting at 8:30am NY. The response was GREAT yesterday and it seems as if you guys are very excited about me trying this "1 Pair A Week" thing out. So I'll keep this going and if it continues to work well maybe it'll be a regular occasion. See you guys in the Live Room! Also if you're interested in seeing where I go to get my fundamental data from, i wrote a blog post last night sharing mu top 3 sources: tradeempowered.com Akil Stokes Chief Currency Analyst at www.TradeEmpowered.com Akil@Tradeempowered.com Check out my FREE weekly trading videos www.youtube.com
Long
by Akil_Stokes
11
GBPAUD: BULLISH GARTLEY PATTERN @ 1.9338Hey gang! A we've been waiting for some bigger moves on this pair for a while now but have seen nothing but sideways action. Fortunately for pattern traders sideways action isn't always a bad thing as consolidation breeds pattern opportunities. The pattern we have on this pair is going to be a bullish Gartley pattern completing down at the 1.9328s level. Minimum stops should be 10pips below the X leg, but in my professional opinion (I don't use the 10pips rule) it's probably worth risking a few more pips to give yourself the safety of being below the even handle seeing how these psychological numbers often act very similar to structure. Although we have the bigger pattern on the horizon, i wouldn't assume that it's going to complete and would have no reason to get fancy with extended targets or trailing stops for bigger gains. We still haven't broken previous resistance (Bigger B leg) therefore structurally I have no reason to think continuation. For a look at last week's rollercoaster of a ride in the markets please check out my latest blog post "Trading Recap Week 17: Self Evaluation" Good luck this week traders!!! tradeempowered.com Akil Stokes Chief Currency Analyst www.TradeEmpowered.com
Long
by Akil_Stokes
21
AUDUSD showing confluence of technical buy signalsWhenever the chart shows a confluence (i.e. 2 or more) of technical indicators at about the same price zones, it is more likely to see a higher probability of a successful trade. For AUDUSD, i see a confluence of 2 technical buys. First, AUDUSD is trading within this green rising channel. This rising channel is a classic textbook pattern. Notice that AUDUSD very nicely touches 2 times the upper line of the rising channel. Furthermore, AUDUSD is approaching point 3 of the bottom of the rising channel. AUDUSD may do a significant bounce up from point 3. Second, there is a harmonic pattern embedded within this rising channel. Its a bullish gartley harmonic pattern. The PRZ (potential reversal zone) is at the 78.6% FIB retracement, which is about 0.7700. With these 2 technical patterns in play, i like this trade. Long AUDUSD 0.7690-0.7700 SL below 0.7650 TP 0.7900 ===== www.ForexPositive.com Twitter @ForexPositive =====
Long
by Forex_Positive