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Counter-trend

ASX to new highs, or fakeout in the making?The ASX 200 futures chart reached a record high on Wednesday, and momentarily traded above 8400. Yet repeatedly we see the market hold above this level (also note the weekly R3 pivot is within the area). A bearish divergence is forming on the 1-hour chart, so the bias is for a false break of the highs and retracement lower ahead of its next sustained record high. Bears could seek a move towards the 20-hour or 50-hour EMA, or bulls could wait for such a level to be respected as support before rejoining the bullish trend. *Take note that AU employment data is released in just over 1hr* MS
ASX24:AP1!Short
by CityIndex
Countertrend then Continuation to upside after 2Day OrderBlock If you missed getting in short, here's a 2nd opportunity for a longer run. Speculating price will reject 0.86890 to take out SSL below at 0.86115 (2 Daily OB mitigation). Then this would be a great entry for long (swing trade). If willing to participate on this short idea, suggestion is to do so at a reduced risk (lower lot size) on the shorting (0.86890) to the 2 Day OrderBlock mitigation. Then enter at a regular risk (whatever your risk appetite is) on the continuation long.
Short
by RunwayFX
AUDCAD: Buyers back testing the trend. Today's focus: AUDCAD Pattern – Reversal Support – .8665 - .8625 Resistance – .8765 - .8790 • AUDCAD has posted four positive sessions in a row. • Could this be the start of a new longer rally or just a counter-trend? Hi, and thanks for checking out today’s analysis. Today, our focus is on the AUDCAD as price continues to rally after posting a failed low at an area of demand. Since that test, we have seen 1.09% added as buyers continue to drive a counter-rally. From here, we would like to see price maintain its buyer momentum. If we do see a new retracement, we would like it to stay around the 50% point of the current rally. A move back to support could be a worry about buyer strength. A move back up to test or break resistance would be positive, but for any new tests, we want to see HL and HH breaks to show trend strength. It’s not the first time we have seen a pattern like this, so pattern of trend is rather important to tell us if this is actually anything more than a deep counter-trend. Have a great day and good trading.
Long
by Eightcap
AUDJPY Long (Counter Daily Bias)I don’t normally trade this pair but I thought the setup looked nice. Overall, on the Daily TF, order flow is bearish. 4H also confirmed this bearish continuation with the market shift last week. Now price has retraced to the 0.618 fib level ready for a bearish push to target the potentially weak Swing Low. However, current market structure in the Lower TimeFrames is bullish. We have just had a sweep of liquidity followed by a break of structure on the 15M. Stacked liquidity below can be taken as fuel for another push up to the 4H Point of Interest. Looking for short term long if price dips into the 15M Point of interest and shows bullish intentions.
Long
by jayblack6
1
The Psychological DANGER of Counter-Trend TradingI see many traders consistently trying to fade the trend, but be careful. In this post, I will explain the psychological problem that can arise from it. Every time you get something that you want in life or that is pleasurable, you get positive reinforcement, and your brain says "I want more of that stuff" and then the brain says: "Keep doing what you are doing" ---> Behavior is learned. (Your neurons in your brain got linked together). Once the behavior is learned, and the neurons linked, it is very hard (near impossible according to behavioral science) to extinguish this learned behavior! Old habits die hard. Thus, the trader keeps doing the behavior that over the long run will generate losses. WHY? because reversal points are momentary while trends are prolonged and if the trader is trying to constantly make money out of the market, he continues to do the learned behavior, hoping that "NOW there must be a big correction", even though a correction can be many months in the future. So now you are probably asking: "ok Mr. Ph.D. in psychology, what is your solution? I already learned the wrong behavior, am I doomed?" According to science, there is hope, instead of trying to extinguish the behavior, you need to re-write it with the new behavior (replace it with a new behavior). What does it mean in a trading context? That means that if you are in the past got burned from counter-trend trading, it is recommended to join the trend --> you will generate profits ---> positive reinforcement ---> newly learned behavior ---> ah-ha moment
NASDAQ:AAPLEducation
by ZoharCho
1
Anty buy set-up if breaks yesterday high... With the ANTY set up - oversold on modified Stochastic, and new up sloping slow line, possible buystop entry if breaks above Friday's high. Expect a 'pop' with short covering of at least 90 pips... stoploss below recent low -65 pips. This potentially could form a 2nd higher low on daily charts, which ceases to be strongly bearish and attracts buyers. OIL looks to be topping at new highs and forming a lower high threatens a correction....this would be negative for CAD. Lots of IF's here, so only entering if market strengthens, otherwise kill order tomorrow if sustains downtrend and look for a new 20 day low that reverses sharply ( Turtle soup)....
Long
by Aussie-scalper
80-20 strategy from Street Smarts ; Short NZDUSD This is a strategy from the book, 'Streetsmarts' developed by Taylor and adopted by Larry Connors For sell signals on NZDUSD: 1. Y'days high is signal for short when market opened in bottom 20% daily range and closed in upper 20% range ( Fri) 2. Today the market must trade at least 5-15 pips higher than yesterday's high 3. An entry sell stop is placed at 2 ticks below yesterdays high, with stop above todays high for a lo risk trade ( but low probability = respecting trader's equation that low probability corresponds with low risk trades) 4. trail stop loss as moves into profit, This is a day trade only....
Short
by Aussie-scalper