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Chartmaster

AUDUSD Trade IdeaLooking to trade the bounce off the major support (marked the false breakout with a yellow box) Now that the impulse move has shown a retracement pinning the 61.8 Fib level making it good for a buy with a strong risk to reward ratio... I am buying at market price @ 0.70628 and TP @ 0.71601 (resistance) and SL below the low @ 0.70454 The market offers no guarantees but with a risk of only 17 pips and 98 pip reward it certainly makes this setup worth looking at. Dont bet the farm, as usual always exercise good risk management!
Long
by Cmasterza
Bears possibly setting up on goldWhen checking the weekly time frame you can notice the higher lows and equal (more or less) highs which provides the emerging ascending triangle pattern. Price is now around the resistance area on the weekly time frame so I will be looking on H4 for a good entry to short this instrument (1000 pip potential) HOWEVER price is currently in an up trend when checking trend bias using the top down method - its not favorable to sell in an up trend so we would need a convincing quality setup to swing down with the bears to around the 1247 level... More details to follow - please check details below for access to Forex Bootcamp and the online training portal. Happy trading :)
FOREXCOM:XAUUSD
by Cmasterza
USDCHF trade ideaUSDCHF has been battling to break those highs on the higher time frames so this is an indication that the bulls may be losing control.... Note the following: 1. Trend line broken to the down side 2. Support re tested as resistance and the candle popped a wick to the up side (clue) 3. 50 ema broken... I am shorting at market price @ 1.000281 with TP provisionally at first support @ 0.99890 and SL just above the resistance level @ 1.00580 Don't bet the farm and always exercise healthy risk management
Short
by Cmasterza
USDJPY Short FX:USDJPY Welcome back to a new trading week :) Following some bullish trade ideas from last week and the week before, long orders were closed with little profit as the charts slowed down on the bulls and started to bring signs of bearish price action to the charts... I have applied the top down method in analysing to find on W1 and D1 time frame corresponding with my H4 view. Here we can see a short term trend line broken to the down side around a key level. On D1 I have noted that Friday's candle has pinned the 21 ema which is a great indicator to get in on a short of the trend is generally down. Sell order opened @ market price 109.328 with SL above the recent highs @ 110.272 and TP around the swing low on the left @ 106.988 On this trade I am rising 95 pips for 235 on the reward end BUT if you check the recent swing low on W1 you will find that this trade has a 500 pip potential. Don't bet the farm and always exercise healthy risk management!
Short
by Cmasterza
AUDUSD Bullish trade ideaFX:AUDUSD After the massive wick I have been looking for a decent entry to go long. (I use the wicks as indicators - spike to the low, price goes up - spike the high, price goes down) Now checking on H4 I see a clear opportunity with great up side potential. 1. Trend line broken on H4 2. Bullish engulfing pattern printed on D1 (on support) 3. Hammer printed for lest weeks weekly candle I have opened a buy order at market price @0.71938 with SL below the trend line @ 0.70978 (also placed below 200ema on H4 intentionally as the 200ema is a good trend indicator here) and TP provisionally at resistance @ 0.73010 IF price breaks above the 0.72998 resistance level this trade can pay out exponentially. Don't bet the farm and always exercise good risk management
Long
by Cmasterza
Trade idea for AUDUSDFX:AUDUSD What a beautiful drop after the double top formed at the resistance level - power! Price has reached the support level I marked up and the current candle is printing as a hammer (still needs to close as such) - I am getting ready to go long should: 1. The current candle close to complete the candle as a hammer (buy signal) 2. It would be ideal for the buy signal to be confirmed by a bullish candle but I will be weary of large candles that could spoil the risk to reward ratio of the setup Concerns: 1. This is the 3rd time price is visiting the support 2. Price has just fallen below the 200ema Irrespective of my opinions I will trade what I see, not what I feel. Like the post to receive updates :) Don't bet the farm, always exercise good risk management
Long
by Cmasterza
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