ButterflyHere we have a Butterfly pattern with Fib confluence completing at structure. If see bullish rejection at completion may provide a good opportunity to short.
Ctstrade
CADJPY: CTS Trade From This Morning's Training Lesson Each Monday I hold a private training lesson for our Transformation members and today the topic was the Combined Technical Scoring System (CTS)
During the lesson I talked to them about my personal journey & how I went from a very conservative CTS trader to someone who no longer requires a score. With that being said I've ingrained the process into my daily evaluation of a price chart & this was the example that I used to show them how I still use it without actually using it (if that makes sense)
Anyway, what we have above is a level of potential structure support that has been tested a few time is the recent past as both support & resistance. We also have an AB=CD patter, Fibonacci Ratio confluence & a potential advanced Bat Formation resting in that zone as well. This makes for a great example of taking the clues that the market provided with and putting them together in order to find quality trading opportunities.
Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com -The Premier Online Trading Education Company
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Benny Manieri pinpoints reversal area on EURGBPWe see that on the daily time frame, we are in some form of bearish rotation and the trend is down. You'll also noticed a head and shoulder's pattern just formed as well.
We see some neat resistance level around the 79 even handle. Should price reach this level again, an entry reason such as a double top with some divergence would be a strong reason to enter on my hourly trading time frame. Will this level hold price back again? Not sure, but I like it.
This is chambered to be a somewhat decent trade, that actually can be played in classic trend continuation fashion if one were so inclined.
Benny
USDJPY 1HR: Potential TCT & Pattern Formation ShortsSince breaking the 107.60's area, I've been waiting for some relief on the USDJPY and an opportunity to hop on a retracement and get short.
As the market slowly retraces back to previous structure resistance a few opportunities have developed on the chart including a basic CTS trade using an AB=CD pattern, structure and fibonacci confluence. As well as a potential advanced bat formation.
I doubt we'll see any of this occur seeing how tomorrow is Job's day, but it never hurts to do your analysis and I'd much rather be over prepared to catch an opportunity that under prepared and miss one.
Also if you haven't done so, make sure you head over to my Youtube channel and check out my latest videos. I'll be adding a new one demonstrating some techncial analysis later today, but I've recently done two answering questions about the benefits of using multiple brokers and talking about the biggest hurdle in my trading career and how I overcame it. ( goo.gl )
Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com -The Premier Online Trading Education Company
YouTube goo.gl
Facebook: goo.gl
Twitter: goo.gl
@AkilStokesRTM (Instagram, Periscope, Snap Chat & StockTwits)
Manieri: Combined technical score shows potential reversal zoneUsing the four hour chart as a higher time frame and a one hour as a trading time frame, a CTS score starts to build in the zone highlighted in yellow. If RSI goes oversold in this same zone, I think it could constitute a strong buying signal. We see confluence of both a larger retracement and extensions/inversions in the zone, as well as an ABCD pattern. As it stands, the score stands at a six.
1.618 inversion on the GBPUSDon the 1 hr chart we have a 1.618 inversion trade setting up with a couple of extra indications that the market may turn around at this level which include overbought RSI and previous structure looking left. The 1.618 inversion trade includes waiting for a market that is in trend (down trend in this case) to make a correction and break above a previous structure level (resistance in this case) then taking a fib extension from the swing low ( in yellow circle) to the most previous swing high ( in yellow circle ) to find what is called a 1.618 inversion. i put my targets previous resistance because it could become support and stops go above the previous structure highs. COMMENT AND LET ME KNOW WHAT YOU THINK!
if you like this kind of analysis and are interested in learning how to use this trading style and willing to work and backtest these strategies then check out my youtube channel for some free trading education!
LINK: www.youtube.com
USDJPY 60min Bear Trend Continuation (TCT) & Bear GartleyUSDJPY, like all JPY crosses have been declining in heavy trend. I'm looking to Short USDJPY on the 1hr using a variety of entry techniques that are all lining up in one area.
1. Trend Continuation Trade - I like to sell these pullbacks somewhere between the 61.8% & 78.6% Fib retracements. I like to see some sort of Reversal Pattern or Candle in that area before I pull the trigger.
2. We have a Bear Gartley Pattern that completes right in my "Sell Zone".
3. There is structure looking left.
4. Fib Inversion Trade - The 1.618% fib inversion of the pullback puts price right into my "Sell Zone"
5. ABCD Pattern - There is an ABCD Pattern that completes right in my "Sell Zone"
6. Higher Time Frame - HTF is supporting a down move to about 116.000 and is Trending down currently
7. Ratio Confluence - There is a "Fib Cluster" that all packs into my "Sell Zone"
Depending on how you score it using "Combined Technical Scoring" (CTS), its' at an 8 right now. If the RSI goes overbought then we will be up to 9!
- Stops need to go AT LEAST 1 ATR behind the Reversal Zone and tucked safely behind that 119.00 even level.
- Targets will be what ever your Trade Plan says. My Trade Plan has me placing Target #1 at the Previous lows of the trend and Target #2 at the 1.27% Fib ext.
EURUSD Trend Continuation Trade 60minEURUSD is currently in a bear trend. I'm looking to sell the rallies in this pair. This has a pretty good Combined Technical Score (CTS), depending on how you score it, I came up with a score of 7. Watching the RSI as Price pushes higher the RSI is making Lower Highs.
Reasons i went SHORT on the AUDJPYHere on the AUDJPY i have explained a few reasons why i am short this pair from the .786 retracement after the break and close below previous swing low. the rally that has followed in my opinion gives me a great opportunity to short with a small stop loss and good potential profits. If you are interested in seeing the way that i analyze the market and how i come up with trades like the .786 retracement strategy that i used to enter this trade then check out the video in the link below and my channel for more great FREE trading education and dont forget to follow me here on trading view!
video LINK: www.youtube.com
channel LINK: www.youtube.com
USDJPY trend continuationHere on the 1 hr chart on the USDJPY we have a possible shorting opportunity for a trend continuation trade using the combined technical score trade. I know that the rate decision comes out tomorrow and will probably destroy all of this technical analysis but in my trading i try my best to only focus on technical analysis and not the fundamental side of the market because during my backtesting i did not know when the rate decision came out but it is something that anyone trading this week needs to be aware of. Make sure to double check your stops and targets on all your trades and good luck!
Check me out on youtube to see how i analyze the market and a few tutorials on advanced pattern strategies and structure based strategies!
LINK: www.youtube.com
THANKS again and best of luck in these thin holiday markets!!
