Counter-trend
EURUSD potential Bullish Gartley pattern counter trend at supporPotential counter trend Gartley at a good structure area, remember its strong counter trend so half position size is advised. Entry is just under horizontal support and stop at good structure area. RSI is reaching oversold so it looks like a verifiable buy but be careful. Entry, stop and target is as you know them.
Kind Regard
Thomas Jeff
EURUSD: Counter Trend @ 1.12s or TCT In Anticipation of the moveA lot of my radar today going around my trading portfolio including the EURUSD. After being stopped out for a loss on yesterday’s bullish Bat pattern, we re-did our IPDE process and started making predictions for our next opportunities. I still don’t see a structure level that I’m a fan of on this pair that is until/unless we get down to the 1.1000 area, but the next potential speed bump may come around the 1.1200 even handle number.
Aside from it being a psychological number, we have multiple harmonic moves setting up in that area, some Fibonacci extensions, and most importantly, looking left we’ve got structure leaving clues.
As discussed in yesterday’s live session, the question just isn’t “where will we go?” but “how will we get there?” And this offers yet another trend continuation (TCT) opportunity if the market were to retrace in anticipation on that 1.1200 level being hit. Of course counter trend (CT) traders, this makes no difference to you as you’re only waiting for the next structure level.
We’ve got the Jackson Hole Symposium going on today which may provide some movement along with Pre-GDP and our normal Thursday Unemployment Claims out at 8:30am & Pending Home Sales at 10:00am. I don’t even try to pretend that I can predict the outcome of these events, but keep those in mind while trading today. We’ll be keeping an eye out for this one in our live trading room today along with potential trades on the GBPUSD, EURJPY, GBPJPY & USDCAD which are all high on my radar.
Also it’s THURSDAY so make sure you check out my Youtube page later for my weekly Forex Trading Video www.youtube.com
Have a great day of trading gang!
Akil Stokes
Chief Currency Analysis at Trade Empowered
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XAUUSD: Bullish Bat Pattern w. Multiple Ways To Trade It Bullish Bat Pattern here on XAUUSD that's looking to be putting in a double bottom at the completion point. (You may hav eone already on the LTF). I say looking because on this 4hr timeframe the current candle won't close for another 2 hours or so and as we all know the close is very important to the story that the market is telling us.
If you take a look at the "A" leg for a second you'll notice that Gold has recently been in consolidation since the end of March and with the recent HHHC, there's certainly the chance that we could see a breakout of this sideways action.
Yes the USD is very strong and any bit of positive or "as expected" news is going to strengthen it even more. But the technicals are the technicals. With a light news day today, we may see enough relief to hit our small counter-trend targets before Thursday's & Friday's big releases come out.
Akil
www.TradeEmpowered.com
GBPCAD 4 HOUR LONGPRICE AT AN IMPORTANT KEY LEVEL AND JUST BOUNCED OFF THE RESISTANCE TURNED SUPPORT FORMING A DOUBLE BOTTOM. ALSO THIS KEY LEVEL IS IN CONFLUENCE WITH THE 0.5 FIB LEVEL. GBP AVERAGE HOURLY EARNINGS IS EXPECTED TO COME OUT BETTER AT 2.2% AND THE REASON WHY THIS IS IMPORTANT IS BECAUSE THE BOE (BANK OF ENGLAND) SAID THEY'LL BE MONITORING HOURLY EARNINGS DATA. IF THIS DATA DOES COME OUT GOOD WE SHOULD SEE SOME DECENT STRENGTH IN THE POUND. A BREAK OF THE COUNTER TRENDLINE WE COULD EASILY REACH TO THE SWING HIGHS AS I BELIEVE THE UPTREND IS STILL VERY MUCH IN TACT.
EURUSD Potential capitulation longThe current move in EURUSD feels like exaggerated / capitulation move.
Time to try a long for a retracement.
RISK management is #1
Trade reasons:
EURUSD pushing past daily S2 - 1.2715
EURUSD pushing past weekly S2 - 1.2710
EURUSD pushing past monthly S3 - 1.2713
EURUSD is -9.30% in less than 2 month without any significant retracement.
1.2743 low was taken out, opening the door to either 1.2660 low or a potential retracement.
Trade parameters:
Entry: 1.2716
Stop: 1.2695-
Target 1 : 1.2804 (38.2% of the last swing)
Target 2 : 1.2917
This trade being against a well defined trend should be size against the low and no complacency given if it start to fail, as an 1.2660 test could happen rather quickly.
Now let's have the market do its stuff...