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USD/CHF, USD/CAD and EUR/JPY on watch for me today.Good morning all, I hope that you're well, you have a great weekend and that you're feeling suitably recharged. So it looks like there could be some decent opportunities shaping up across the board this week, as always with some of them requiring a little patience and others looking a little closer to being ready. But where today is concerned USD/CHF is looking the closest to being ready where what I'll be looking for today is concerned. Is it the perfect setup? No. But we as traders aren't looking for perfection because the market is imperfect, we're simply looking for a setup which gives us an edge over the market and then we execute on that edge and let probabilities play out in our favour over a large enough sample size of trades. Below is my forecast and my entry requirements for today, have a great day and I'll speak to you again tomorrow. USD/CHF: • If price pushes up to and ideally just above our upper rayline and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If price only pushes up to and ideally just above our lower rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it but I'll be hiding my stop loss above our upper rayline for extra protection. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair. USD/CAD: • If price pushes up to and ideally just above our lower rayline and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair. EUR/JPY: • If price pushes down to and ideally just below our upper rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair.
by StewySongs
USD/CHF, USD/CAD and EUR/JPY on watch for me today.Good morning all, I hope that you're well, you have a great weekend and that you're feeling suitably recharged. So it looks like there could be some decent opportunities shaping up across the board this week, as always with some of them requiring a little patience and others looking a little closer to being ready. But where today is concerned USD/CHF is looking the closest to being ready where what I'll be looking for today is concerned. Is it the perfect setup? No. But we as traders aren't looking for perfection because the market is imperfect, we're simply looking for a setup which gives us an edge over the market and then we execute on that edge and let probabilities play out in our favour over a large enough sample size of trades. Below is my forecast and my entry requirements for today, have a great day and I'll speak to you again tomorrow. USD/CHF: • If price pushes up to and ideally just above our upper rayline and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If price only pushes up to and ideally just above our lower rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it but I'll be hiding my stop loss above our upper rayline for extra protection. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair. USD/CAD: • If price pushes up to and ideally just above our lower rayline and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair. EUR/JPY: • If price pushes down to and ideally just below our upper rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair.
by StewySongs
USD/CHF on watch for me today.Good morning one and all, I hope you're doing well. So the good news is that late last night I booked my train journey back home to Scotland. So on the 5th of October I'll now be returning home, meaning that from the evening of the 5th of October onwards I'll have access to a reliable internet connection again with a substantial amount of bandwidth. Meaning that from the 6th or the 7th of October onwards (depending on how quickly I can get myself set up) I'll be bringing you video forecasts again where I'll be able to talk you through my through process, instead of the image based ones which I've been sharing with you these past few weeks which I'm super excited about. Where today is concerned the market isn't looking quite as attractive as it was yesterday in my opinion and experience, at least in terms of how I trade. But what most traders don't understand is that the market moves in cycles and that said there are three pairs in particular which I've got my eye on for next week, those being EUR/AUD, USD/CAD and USD/JPY with EUR/AUD being my favourite of the bunch and it and USD/CAD looking like they might be ready the soonest with USD/JPY looking like it could shape up shortly afterwards. Whilst I was being taught to trade I was always taught to look for trading opportunities which "smack you in the face" and since I now trade professionally and I've backtested close to twenty five years worth of data since the 16th of August the only setup which "smacked" me "in the face last night whilst I was creating my Friday Forecast was the one which is potentially shaping up on USD/CHF. So the latter is all I have on watch today and below as always I've listed my entry requirements. Have a great day and a great weekend folks and I'll be back on Monday with another forecast. USD/CHF: • If price pushes up to and ideally just above our upper rayline and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If price only pushes up to and ideally just above our lower rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it but I'll be hiding my stop loss above our upper rayline for extra protection. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair.
Short
by StewySongs
NZD/USD, NZD/CHF and EUR/GBP on watch for me today.Good morning one and all. So I didn't place any trades yesterday to a large extent because there were some volatility spikes that occurred across the board yesterday and in my experience price will often come back up or down to fill such spikes before it can continue in my forecasted direction, which in some cases appears to be what's now happening. So once again I was happy to sit on the sidelines and wait for something which meets the requirements of my trading plan to present itself. Some of what I'm looking for today is going to need a little early London Session momentum for it to be ready before the end of today, but if I have to wait a little longer for what I'm looking for to shape up then so be it. Trading is about patience and trying to catch the investment opportunities which give you your edge over the market, it's not about trying to catch every conceivable investment opportunity. So below are my entry requirements for today as per usual for your viewing. Have a great day and I'll speak to you again tomorrow! NZD/USD: • If price pushes up to and ideally just above our lower rayline and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair. NZD/CHF: • If price pushes up to and ideally just above the upper trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If price only pushes up to and ideally just above our lower rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it but I'll be hiding my stop loss above our upper ascending trend line for extra protection. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair. EUR/GBP: • If price pushes up to and ideally just above the upper trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair.
Short
by StewySongs
4
NZD/USD, NZD/CHF and EUR/GBP on watch for me today.Good morning one and all. So I didn't place any trades yesterday to a large extent because there were some volatility spikes that occurred across the board yesterday and in my experience price will often come back up or down to fill such spikes before it can continue in my forecasted direction, which in some cases appears to be what's now happening. So once again I was happy to sit on the sidelines and wait for something which meets the requirements of my trading plan to present itself. Some of what I'm looking for today is going to need a little early London Session momentum for it to be ready before the end of today, but if I have to wait a little longer for what I'm looking for to shape up then so be it. Trading is about patience and trying to catch the investment opportunities which give you your edge over the market, it's not about trying to catch every conceivable investment opportunity. So below are my entry requirements for today as per usual for your viewing. Have a great day and I'll speak to you again tomorrow! NZD/USD: • If price pushes up to and ideally just above our lower rayline and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair. NZD/CHF: • If price pushes up to and ideally just above the upper trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If price only pushes up to and ideally just above our lower rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it but I'll be hiding my stop loss above our upper ascending trend line for extra protection. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair. EUR/GBP: • If price pushes up to and ideally just above the upper trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair.
Short
by StewySongs
NZD/USD, NZD/CHF and EUR/GBP on watch for me today.Good morning one and all. So I didn't place any trades yesterday to a large extent because there were some volatility spikes that occurred across the board yesterday and in my experience price will often come back up or down to fill such spikes before it can continue in my forecasted direction, which in some cases appears to be what's now happening. So once again I was happy to sit on the sidelines and wait for something which meets the requirements of my trading plan to present itself. Some of what I'm looking for today is going to need a little early London Session momentum for it to be ready before the end of today, but if I have to wait a little longer for what I'm looking for to shape up then so be it. Trading is about patience and trying to catch the investment opportunities which give you your edge over the market, it's not about trying to catch every conceivable investment opportunity. So below are my entry requirements for today as per usual for your viewing. Have a great day and I'll speak to you again tomorrow! NZD/USD: • If price pushes up to and ideally just above our lower rayline and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair. NZD/CHF: • If price pushes up to and ideally just above the upper trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If price only pushes up to and ideally just above our lower rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it but I'll be hiding my stop loss above our upper ascending trend line for extra protection. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair. EUR/GBP: • If price pushes up to and ideally just above the upper trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair.
Short
by StewySongs
XAUUSD Sell OutlookWe saw a large selllof from gold last week which was in line with our analysis. Last week i had a kind of expanding channel which i was for a gold sell on third touch which we got and now we inside another expanding structure for a continuation sell after our impulsive move to the downside. Entry1: How am going to enter this trade is to take a risk entry on the third touch of the expanding structure to the previous low Entry2 :wait for a third touch and then an impulsive move to the downside and then when we get a small flag on the 15 minutes chart ,put a sell order on the break of correction which we categorise as a reduced risk entry.
OANDA:XAUUSDShort
by Sphiwe23
SOYBN/USD and GBP/CHF on watch for me today.Good morning all, I hope that you had a great weekend and that you're feeling suitably refreshed and focused. On the subject of focus I missed the AUD/JPY trade on Friday which I said on here as early as Thursday morning might be ready by Friday, because my mum bought herself a new phone last week and I was busy transferring all of her details and data over from her old phone and unfortunately I allowed myself to be distracted when the market didn't initially give me the entry that I was anticipating and then I took my eye off of the ball and then of course the market provided me with my entry and had I not taken my eye off of the ball then this trade would currently be running at +4.50% which would in terms of unrealised profit would be one of my most profitable live trades ever. Was I annoyed by this? Yes, initially. But not because I'd missed the trade, these things happen in trading and once you're experienced enough to know what you're doing, to know that trading opportunities are like buses and to know that FOMO and trying to catch any and every trade is one of the biggest reasons why most traders blow their trading accounts you just dust yourself off, document and move on. In fact all I was annoyed about is that I'd allowed myself to be distracted, because not only is this only the fifth time in thirteen months that I've missed a trade, but it's the first time that I've ever missed a trade because I'd allowed myself to be distracted, with three of my other four missed trades being due to me being asleep and the remaining missed trade being due to the fact that I was snowed under with trading related work when I was far less experienced and less organised according to my 'Missed Trades' folder. But it is what it is. In my ASR (Advanced Self Review) which I completed as I always do on Saturday morning I made a note of the improvements that I need to make to ensure that I don't allow myself to be distracted again and now we simply move on to the next trading opportunity. Where this week is concerned I think NZD/USD is looking good for a potential short trade investment opportunity which I think might be ready by tomorrow. But where today is concerned below is what I'll be looking for from the market... Have a great day! SOYBN/USD: • If price pushes down to and ideally just below our lower rayline, then I'll be waiting for a convincing impulse back up followed by a tight one flag and then I'll be looking to get long either with a reduced risk entry on the break of the flag or a risk entry within it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair. GBP/CHF: • If price pushes up to and ideally just above the upper trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If price only pushes up to and ideally just above our upper rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it but I'll be hiding my stop loss above our upper ascending trend line for extra protection. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair.
by StewySongs
SOYBN/USD and GBP/CHF on watch for me today.Good morning all, I hope that you had a great weekend and that you're feeling suitably refreshed and focused. On the subject of focus I missed the AUD/JPY trade on Friday which I said on here as early as Thursday morning might be ready by Friday, because my mum bought herself a new phone last week and I was busy transferring all of her details and data over from her old phone and unfortunately I allowed myself to be distracted when the market didn't initially give me the entry that I was anticipating and then I took my eye off of the ball and then of course the market provided me with my entry and had I not taken my eye off of the ball then this trade would currently be running at +4.50% which would in terms of unrealised profit would be one of my most profitable live trades ever. Was I annoyed by this? Yes, initially. But not because I'd missed the trade, these things happen in trading and once you're experienced enough to know what you're doing, to know that trading opportunities are like buses and to know that FOMO and trying to catch any and every trade is one of the biggest reasons why most traders blow their trading accounts you just dust yourself off, document and move on. In fact all I was annoyed about is that I'd allowed myself to be distracted, because not only is this only the fifth time in thirteen months that I've missed a trade, but it's the first time that I've ever missed a trade because I'd allowed myself to be distracted, with three of my other four missed trades being due to me being asleep and the remaining missed trade being due to the fact that I was snowed under with trading related work when I was far less experienced and less organised according to my 'Missed Trades' folder. But it is what it is. In my ASR (Advanced Self Review) which I completed as I always do on Saturday morning I made a note of the improvements that I need to make to ensure that I don't allow myself to be distracted again and now we simply move on to the next trading opportunity. Where this week is concerned I think NZD/USD is looking good for a potential short trade investment opportunity which I think might be ready by tomorrow. But where today is concerned below is what I'll be looking for from the market... Have a great day! SOYBN/USD: • If price pushes down to and ideally just below our lower rayline, then I'll be waiting for a convincing impulse back up followed by a tight one flag and then I'll be looking to get long either with a reduced risk entry on the break of the flag or a risk entry within it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair. GBP/CHF: • If price pushes up to and ideally just above the upper trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If price only pushes up to and ideally just above our upper rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it but I'll be hiding my stop loss above our upper ascending trend line for extra protection. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair.
OANDA:SOYBNUSD
by StewySongs
AUD/JPY and NZD/CHF on watch for me today.Good morning guys and girls. I hope you're doing well. So AUD/JPY is doing what I suspected it might do whilst I was creating my Thursday Forecast and now it looks like it might be ready to give me a risk entry by the end of today. I also know from the testing that I've done that very corrective pairs such as NZD/CHF are also very reliable where risk entries from the edge of structure are concerned, so I'll also be looking for one of these from this pair which is now shaping up very nicely. As always my entry requirements I've listed below. I'll of course be back on Monday with another forecast after I've selected my Top 6 and my Wildcard list pairs for next week later this evening and created my Monday Forecast tomorrow morning. But in the meantime, have a great day, a great weekend! AUD/JPY: • If price pushes up to and ideally just above our rayline and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair. NZD/CHF: • If price pushes up to and ideally just above the upper trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If price only pushes up to and ideally just above our upper rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it but I'll be hiding my stop loss above our upper ascending trend line for extra protection. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair.
Short
by StewySongs
3
AUD/JPY and NZD/CHF on watch for me today.Good morning guys and girls. I hope you're doing well. So AUD/JPY is doing what I suspected it might do whilst I was creating my Thursday Forecast and now it looks like it might be ready to give me a risk entry by the end of today. I also know from the testing that I've done that very corrective pairs such as NZD/CHF are also very reliable where risk entries from the edge of structure are concerned, so I'll also be looking for one of these from this pair which is now shaping up very nicely. As always my entry requirements I've listed below. I'll of course be back on Monday with another forecast after I've selected my Top 6 and my Wildcard list pairs for next week later this evening and created my Monday Forecast tomorrow morning. But in the meantime, have a great day, a great weekend! AUD/JPY: • If price pushes up to and ideally just above our rayline and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair. NZD/CHF: • If price pushes up to and ideally just above the upper trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If price only pushes up to and ideally just above our upper rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it but I'll be hiding my stop loss above our upper ascending trend line for extra protection. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair.
Short
by StewySongs
1
Nothing on watch for me today.Good morning all, I hope you're doing well. So I was tagged out of my EUR/GBP trade for break even yesterday and now as I'd expected it would if I was tagged out price looks it might be pushing back down to the bottom of our higher time frame structure, so I'm very happy with how I placed and managed this trade and all we as traders have to do after a trade is document and journal it and then role the dice again and our let our edge over the market play out over a large enough sample size of trades just as a casino does when it comes to hands or spins. Where today is concerned I think the market once again looks like it needs a little development across the board where how I look to trade is concerned, so because I'm running my trading career like a business and I'm not looking to get rich quick I'm happy to watch from the touchline again as it were and wait for the market to show its hand. I think AUD/JPY could be a possible candidate for my Friday Forecast, but we shall see how this pair develops as today unfolds. Have a great day and remember that in trading just as in life, patience always pays!
Long
by StewySongs
WTICO/USD on watch for me today.Good morning all. I hope you're having a fantastic week so far. So I'm currently still in my EUR/GBP trade (for the moment at least). The momentum never really kicked in to the upside as I'd hoped and then price retraced very aggressively in true EUR/GBP style. On the balance of probability I thought at this point that I'd probably be tagged out for a loss simply because of the momentum that had come in to the downside. However I also saw what had preceded this move as a completed three touch pattern and I know from my testing how after a completed three touch pattern price will sometimes scoop back down to retest the third touch and then the momentum will kick in in our forecasted direction and that's exactly what happened and one of the reasons I thought that this might happen is because of what happened the last time a three touch structure broke below a daily double bottom which I've replicated for you in my last post using the Bars Pattern tool. Granted it doesn't look identical to what's happened this time around because one piece of price action never looks identical to another, but hopefully this shows you how it's possible for us to trade raw price action without us paying any attention to the news and that's because patterns repeat themselves because human beings repeat themselves. So that's me marginally in profit on this trade with my stop loss now at break even. I may well be tagged out for break even soon, but EUR/GBP is notorious for pulling back violently before it continues in the direction that it was headed so let's see what happens. But this is why we as traders always need to remain neutral and open-minded so that our bias doesn't cloud our judgment. My forecast for today I've posted below. Have a great day! WTICO/USD: • If price pushes up to and ideally just above the upper trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If price only pushes up to and ideally just above our upper rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it but I'll be hiding my stop loss above our upper ascending trend line for extra protection. • If price pushes up impulsively to and ideally just above our upper rayline, then I'll be waiting for a convincing impulse back down followed by a tight flag and then I'll be looking to get short either a reduced risk entry on the break of the flag or a risk entry within it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair.
OANDA:WTICOUSDShort
by StewySongs
1
WTICO/USD on watch for me today.Good morning all. I hope you're having a fantastic week so far. So I'm currently still in my EUR/GBP trade (for the moment at least). The momentum never really kicked in to the upside as I'd hoped and then price retraced very aggressively in true EUR/GBP style. On the balance of probability I thought at this point that I'd probably be tagged out for a loss simply because of the momentum that had come in to the downside. However I also saw what had preceded this move as a completed three touch pattern and I know from my testing how after a completed three touch pattern price will sometimes scoop back down to retest the third touch and then the momentum will kick in in our forecasted direction and that's exactly what happened and one of the reasons I thought that this might happen is because of what happened the last time a three touch structure broke below a daily double bottom which I've replicated for you using the Bars Pattern tool. Granted it doesn't look identical to what's happened this time around because one piece of price action never looks identical to another, but hopefully this shows you how it's possible for us to trade raw price action without us paying any attention to the news and that's because patterns repeat themselves because human beings repeat themselves. So that's me marginally in profit on this trade with my stop loss now at break even. I may well be tagged out for break even soon, but EUR/GBP is notorious for pulling back violently before it continues in the direction that it was headed so let's see what happens. But this is why we as traders always need to remain neutral and open-minded so that our bias doesn't cloud our judgment. My forecast for today I've posted below. Have a great day! WTICO/USD: • If price pushes up to and ideally just above the upper trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If price only pushes up to and ideally just above our upper rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it but I'll be hiding my stop loss above our upper ascending trend line for extra protection. • If price pushes up impulsively to and ideally just above our upper rayline, then I'll be waiting for a convincing impulse back down followed by a tight flag and then I'll be looking to get short either a reduced risk entry on the break of the flag or a risk entry within it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair.
Short
by StewySongs
Nothing on watch for me today.Hi guys and girls, I hope you're doing well. I'm not sure when I'll be returning home yet, but just to say that as soon as I have I'll be making some more videos for you all. As I mentioned previously the airwaves where I am regardless of whether I connect through the wifi or I tether via my mobile data seems to be so saturated now that my trading videos no longer upload, but back in Scotland the story is very different. So I look forward to bringing you more videos as soon as I can. The market at least how I look to trade looks like it needs a little more development at the moment, so I'm happy to sit on my hands until this evening when I create my Wednesday Forecast to give the market time to develop. But just to say that I got long on EUR/GBP yesterday with a risk entry after a one hour retrace, after a clear and obvious 1, 2, 3, touch structure break below a daily double bottom and ever since in typical EUR/GBP style price has just been trickling around my entry point. But we've since had a strong daily close, a strong four hour close and now it just looks price has formed an impulse, correction continuation to push higher and wash out all of the retail traders who sold below the most recent stand-out liquidity point believing that it now acts as resistance, but we shall see. Pictured above is the EUR/GBP trade which I'm currently still in. Have a great day!
Long
by StewySongs
AUD/NZD and EUR/GBP on watch for me today.Morning all, I hope that you had a fantastic weekend. So on Friday I placed my first ever risk entry within a tight flag on AUD/CAD and because I'd recently backtested this pair and I therefore had documented notes on how it behaves and I knew that it'is fairly reliable where one hour flags are concerned. So I therefore knew from my testing that taking a risk entry within a one hour flag was a risk worth taking. I also observed during my testing how this pair seems to pull back unexpectedly what with it being a somewhat corrective pair, so my notes also told me that I should move my stop loss to break even a little quicker than I normally would with many of the other pairs that I trade and since the market was winding down for the week this made even more sense given that many traders close their positions before the end of the trading week. So I moved my stop loss to break even and that's exactly what happened. So my AUD/CAD trade tagged me out for break even and that's now been documented and journalled and that's me still in profit for the last month. My forecast requirements for today I've listed below... Have a great day! AUD/NZD: • If price impulses up above our previous high, it does so in a convincing manner and a subsequent tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair. EUR/GBP: • If price pushes down to and ideally just below the lower trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from it. • If price only pushes down to and ideally just below our lower rayline and the last part of the move is corrective, then I'll again be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from it, but I'll be hiding my stop loss below the lower descending trend line of our most recent piece of structure for extra protection. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair.
Long
by StewySongs
1
AUD/NZD and EUR/GBP on watch for me today.Morning all, I hope that you had a fantastic weekend. So on Friday I placed my first ever risk entry within a tight flag on AUD/CAD and because I'd recently backtested this pair and I therefore had documented notes on how it behaves and I knew that it'is fairly reliable where one hour flags are concerned. So I therefore knew from my testing that taking a risk entry within a one hour flag was a risk worth taking. I also observed during my testing how this pair seems to pull back unexpectedly what with it being a somewhat corrective pair, so my notes also told me that I should move my stop loss to break even a little quicker than I normally would with many of the other pairs that I trade and since the market was winding down for the week this made even more sense given that many traders close their positions before the end of the trading week. So I moved my stop loss to break even and that's exactly what happened. So my AUD/CAD trade tagged me out for break even and that's now been documented and journalled and that's me still in profit for the last month. My forecast requirements for today I've listed below... Have a great day! AUD/NZD: • If price impulses up above our previous high, it does so in a convincing manner and a subsequent tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair. EUR/GBP: • If price pushes down to and ideally just below the lower trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from it. • If price only pushes down to and ideally just below our lower rayline and the last part of the move is corrective, then I'll again be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from it, but I'll be hiding my stop loss below the lower descending trend line of our most recent piece of structure for extra protection. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair.
Long
by StewySongs