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Countertrendline

Trades for today: EURUSD, EURGBP & USDCHFApologies for not posting prior to entry but as I've had a couple of bad EU trades posted, I didn't want to distract in case the price action didn't go as expected. EU: Finally got my short for EU. I entered last night and nearly stopped out. And then scaled in before going to sleep. Looking to scale in again after a clear break and retest of 1.2 level. USDCHF: Expecting a correction on this pair. As the price was accumulating nearing the trendline, I was expecting a counter trend trade. I took a high-risk entry prior to the breakout. EURGBP: After multiple breaks of structure, I entered a short following the consolidation. All trades are trending in the right direction. And expecting continuation as DXY is finally showing strength. Expecting DXY to break the trendline and continue up. Watching cautiously as it is approaching. I was also looking at AUDUSD & NZDUSD for shorts but as both currencies are quite strong against the dollar, decided to pass on them. Luckily I didn't enter as both of those pairs have gone up even with the DXY strength. Let me know your thoughts. Trade Safe! HEET
by AfterlifeTrading
Potential NZDCHF Long Opportunity I'd been looking for NZDCHF to bottom out and start to break up. It created some structure and had a small impulse up. It is still below the HTF trendline but I suspect this is a fakeout as I was expecting it to pop up any day now based on the previous wave pattern. My indicator showed a rebound entry from the lows but I didn't catch the high-risk entry. Instead, I set an alarm on the trendline and took an entry here, after a small break and retest. For this particular trade, I will manage it aggressively with a small SL and potentially close it early if I don't like the price action. But once it reaches the first resistance zone, I will set break-even and let it ride. Let me know your thoughts. Trade Safe! HEET
Long
by AfterlifeTrading
Potential USDCHF BreakoutI haven't been watching this pair all day but I got an alert for this pair to go long on another indicator I use to detect momentum shifts. While reviewing the chart, I see that my indicator also triggered an entry a few hours ago. In addition, I see that that the bearish structure has been broken with momentum showing strength. CHF is currently showing weakness while USD has been strong all Asian session. COT data shows a decrease in net positions while USD is relatively flat (decrease in both Longs & Shorts). CHF moves quickly so if it breaks up, it could be a quick jump up. Just a disclaimer, this indicator can produce false positives. And DXY is currently a little choppy. Also, as I am in another trade I won't add any extra risk during the Asia session. Let me know your thoughts. Trade Safe! HEET
Long
by AfterlifeTrading
Potential Short for USDJPY USDJPY has shown weakness throughout the Asia session. It is breaking down from a double top created last week. It has broken the LTF Bullish structure and is currently retesting it. This also coincides with a strong Key Level. If history repeats, we could see a fast and furious drop back down to the support zone. Just a disclaimer, I am not trading this. My EJ trade will benefit from this move if it happens but at the same time, I don't want to double the risk if it doesn't play out as I am expecting. Trade Safe! HEET
Short
by AfterlifeTrading
EURJPY Short Term Potential Sell IdeaIt looks like EURJPY is topping out from a momentum and money flow point of view. There is a chance that it starts its descent down from here. Looking for a break and retest of the LTF bullish structure to push down to .5 or .618 fib. Support for this idea: Supply zone has been very strong since mid-March My indicator showing slow stoch topping out and a potential medium stoch rebound which could trigger a downward move Money flow is showing signs of exhaustion Previous COT data shows a decrease of EUR and an increase in JPY net positions. Let me know your thoughts. Trade Safe! HEET
Short
by AfterlifeTrading
2
Small Scalp for BTCUSD to DownsideI'm testing a new indicator that I was coding all night. It triggered a signal using an Extreme Opposite Stoch strategy to enter a short. There is some confluence as it appears to be a potential countertrend trade as well. If it plays out, it will be a 2.5 RR trade. It's funny as I was looking for long entries as it bounced off a key level until my signal triggered. Let's see if this script works as intended or not. Really happy to have a chance to test this on a low-risk BTC trade before I start using it on Forex pairs next week.
BITSTAMP:BTCUSDShort
by AfterlifeTrading
4
Medium term view of USDCAD to the upside Last weekend, I was projecting an upside move for USDCAD (linked below). If the bottom of the right shoulder was caught, then that trade is still valid for potentially 300 pips. Unfortunately I missed that entry. This weekend, I zoomed out and forcasting a larger move from the daily & monthly point of view. Although USDCAD is consolidating within a descending wedge, my idea assumes that it will break out of it. According to my analysis, I am expecting a breakout to complete the smaller inverted H&S pattern. And then a retest of the support level to create the right shoulder of the larger inverted H&S pattern. Thereafter, the sellers will tire out once again and then a strong push to the upside to complete the pattern(s) and retrace to the .382 fib. The idea has extra confluence as the structure is supported by a monthly bullish structure. As well as the strengthening USD, which will heavily influence this idea. But one more concern is that I am also expecting Oil to gain strength and if that happens, it could also impact the result of this idea. If this idea plays out, there will be multiple opportunities to profit off this move. The one I am currently looking for, is the upward move to complete the smaller right shoulder (linked below). Although it won't initially reach the target, it can still provide 200 pips. From here, there is the possibility to look for the downside move (but it is more risky as it may not happen and at this point and you will be trading against the trend). Thereafter I will look for a retest back to the support level that creates the larger right shoulder for the next big push up. This will be the more interesting move as it can provde from 380 pips to 650 pips. A quick reminder, only enter after confirmation that will allow you to break even if the trade goes against you. And price action is key and the most important thing to follow as things can change at any moment. Let me know your thoughts. Trade Safe! HEET ps. I generally post alot of updates as the idea/trade evolves. If you want to stay updated, please click the "Follow this idea" button.
Long
by AfterlifeTrading
4
DXY moving up in the coming week(s)Most of my trading these days are either USD pairs or JPY pairs. As such, I keep a very close eye on DXY at all times. Although I was bearish on DXY a couple weeks back, I am now bullish. DXY has broken out of the the Bearish Structure. And as we all know, Descending Wedges are a bullish signal following a breakout. As clearly seen from this chart, not only has DXY broken out of the wedge but it has also retested it. From here it should continue upwards. It appears a new structure is already starting to form. I am guessing, we may see a correction around this level as it recently hit a key level but expect a push up to the next order block following a little consolidation within this order block. It is very important to follow and understand DXY movements as it will have a huge impact on USD pairs. As such, I am expecting USDCAD to extend further to upside (Analysis linked below). As well as GU & EU to melt down further. Again to summarize, I am expecting a small correction and then a move to the the upside. I will do a review and follow-up next weekend after the coming week's price action. Let me know your thoughts. Trade Safe! HEET ps. I generally post alot of updates as the idea/trade evolves. If you want to stay updated, please click the "Follow this idea" button.
TVC:DXYLong
by AfterlifeTrading
2
[Intraday Trade] USDCAD to upsideA few minutes back, I entered a USDCAD trade. It hit my first target and then came back down and got stopped out break-even. I am trying to re-enter as I think this is the point where it will start going up. This is a risky trade as we just had the NFP with a huge DXY jump followed by a massive retrace. And since, DXY has been very choppy. But the result was good so normally we should see continuation after things settle down. Also, a strong support zone has been created so hoping I can catch the bottom and ride this trade up, assuming it goes up. To reduce my risk, I lowered my lot size as well, just in case. Anyway, this aligns with my analysis from last weekend. And I've been looking for entries as I keep missing them as I'd been focused on other pairs all week. I've linked my analysis below in case you are interested to see why I am looking for USDCAD longs. Let me know your thoughts. Trade Safe! HEET ps. I generally post alot of updates as the idea/trade evolves. If you want to stay updated, please click the "Follow this idea" button.
Long
by AfterlifeTrading
USDJPY Potential break of structure to downsideI normally don't trade UJ but just screening my watchlist and saw this structure being created for potential countertrend shorts. Based on the previous structure break, that could bring it down nearly 80 pips. JPY is strong today and USD is losing strength. And I am expecting USD to continue bearish today. COT data shows an increase of shorts and decrease of longs. Let me know your thoughts. Trade Safe! HEET ps. I generally post alot of updates as the idea/trade evolves. If you wanted to stay updated, please click the "Follow this idea" button. pss. As I don't normally trade UJ, very unlikely I enter a trade for this pair. Although I could change my mind if it breaks below 105.4.
Short
by AfterlifeTrading
1
BTC Correction or New ATHs? BTC has broke the trendline support as well as broke the current structure on lower timeframes. This could be the start of a correction to the bottom of the channel. But considering BTC is bullish on higher timeframes, this could just be a fakeout & consolidation that pushes to new ATHs. Similar to the last push up last week. As of right now, I am slightly bearish on lower timeframes but waiting for more confirmation before entering any trades. I will look for shorts upon a clear break of the next support around 18275 and then look for longs around 16.5k. If we get a strong impulse to the upside, I will only look for longs.
BITSTAMP:BTCUSD
by AfterlifeTrading
USDCHF Short Trade SetupFrom wave (x) high on the chart, USDCHF decline in an overlapping five waves sequence in wave "a" - knows as a leading diagonal in Elliot Wave. Leading diagonal points in the direction of a larger trend; which means that we could expect the price to move lower after the correction. The correction in wave b seems completed and also retest the trendline channel for the third time. The price also made a divergence on the M30 chart before it breaks out of the corrective structure. Target below wave "a" low is plausible for the bears.
Short
by Veejahbee