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Confluence

AUDJPY Wave Count: Upcoming Rally Toward Bat CompletionHey traders! AUDJPY has moved sideways since the last update, and the wave count has been updated to a combination correction from an ABC simple zig-zag. I like a short from bat completion levels toward the completion of the 3-wave ((e)) at the completion of the final leg of the triangle. If the triangle completes, I will be looking for an aggressive long position toward trendline resistance. Updates to come as the tide rolls, happy trading
Short
by glennmercer
1
EURAUD Long: Posible Triangle Breakout & EW CountHey Traders! We have a potential completion of the sideways correction on EURAUD. That means we'll be looking for big gains on the long side unless the invalidation level is violated. If price drops below the invalidation level, I'll be expecting further bearish movement to complete ((E)). Otherwise, this pair could have legs throughout the next couple of weeks. Stay tuned. I like this trade soon after market open and I'll be posting if I take a position.
Long
by glennmercer
1
Head & Shoulders/Butterfly C-D leg ConfluencesThese are some of my favorite trades. Trades with tons of confluence if you do not know what confluence is, its basically extra confirmation. My first reason to take this trade was based on a head and shoulders pattern on the daily chart. On the last leg of the head and shoulders it retraced to the 61.8 which is a major fib level for an AB=CD trade. And it formed a double top at that 61.8 level. And on top of that confluence it is the end of a B-C leg of a Bullish butterfly. My entry will be at current market value. Also this trade gives us a great risk reward. These are the trades i put heavy lot sizes on. With that being said good luck and good trading.
Short
by Armaniii
NZDUSD Potential 2618 TradeThe double top at the top of the chart has in fact finally reversed price as bears took control of the market The neckline has been broken Will now wait to see a retest of previous structure levels in the potential reversal zone (green rectangle) Look at price action for shorting opportunities here The 618 retracement would be most ideal, but it was a pretty strong impulse move, we might only make it to the 382 neckline/trendline level. Of course there exists the possibility that this impulse move is not done yet, in which case this entire setup is invalid. The move could be consolidating right now for a small flag, and then continue to push down. Wait for the perfect moment to place your orders, patience is key. Happy trading to all.
Short
by NickofJupiter
2