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H1

EURGBP - H1 - Short OpportunityFollowing on from successful short and a big move down after breaking through the neckline of a H&S pattern up at the recent highs, I'm still favouring a little more movement to the downside on this pair when the recent fundamentals are also taken into account. After the most recent move down, we have been consolidating in this sideways market for a few days. We seem to have broken and closed below the lows of the consolidation 'range' this morning and I would take this as a sign to get Short this pair upon a retest of that resistance line. Pretty much at market at the time of typing this up, and will likely be entering at the close of this hourly candle (provided we don't close back up above the line - seems unlikely though). For targets, I'd initially be looking to hit that zone of Fib confluence down with a 127.2%, 161.8% and bigger 127.2% extension all lining up in a similar area - I'll be shooting for a touch of the 0.8700 flat handle before closing half of the position. My second target will be a little lower down around the 0.8575 - 0.8600 level which is around the 161.8% extension of the same move we are using above, and also an area of relatively high activity looking left back through the charts. Let's see whether or not this plays out over the coming days!
Short
by bmck1
Potential H1 2618 setting up on CableOverall I'm looking for some relief on this pair given the recent rally. One potential opportunity to get involved on the short side of this pair could be a 2618 trade entry as shown on the chart. Definitely not the cleanest double top here, but matched with the bearish RSI divergence could be setting up a nice 2618 short. If price can come back up into that 61.8% retracement then I would be looking to sell for multiple targets. Initially, target 1 would be a retest of the break below close below of the double top, but will also be interested in holding the second half of the position even lower towards the 38.2% & 61.8% levels of the recent move to the upside. Let's see whether or not this plays out over the coming days!
Short
by bmck1
GBPUSD - H1 - Elliot WaveWe have seen quite a rally recently on GBPUSD with various fundamental changes spurring the explosive move upwards. Elliot Wave is something I have not really used before but am starting to look into it with more of an interest as it seems to be quite a powerful tool when the time comes. From my basic understanding of it, we might have just completed the 5th leg of this move up on the hourly chart. If so, we could be in for an ABC correction (complex pullback), which given the velocity of the recent rally, could likely be welcome. If we do indeed start to pullback, I would ultimately be looking for a potential reason for a long entry around the 61.8% retracement of the bigger move.
Long
by bmck1
USDJPY bullish cypher as entry reason for structure base tradeUSDJPY bullish cypher as entry reason for structure base trade USDJY is giving at market a long opportunity with this bullish cypher. Looking at D1 and H4, is can be seen as an entry reason for a longer term long entry Entry @ 108.55 SL @ 108.11 If you decide to take Cypher's traditional TPs: TP1 @ 108.80 TP2 @ 109.00 If you decide to take longer term TPs: TP1 @ 109.33 TP2 @ 110.22 As always, comments are welcome --------------------------------------------- "Build a plan, follow it consistently" Regards Rafael
Long
by rafo05
EURCHF - Rounding top, Fib confluence & AB=CD possibly underwayLooking for a Short trade here on the EURCHF - H1 chart. We've recently been tracing out a sort of rounded top formation which I feel may be an indication that we might be headed lower here on this pair. If we measure out the larger Fib retracement of the previous move up, and a Fib extension of the initial move down that followed, we can see that the 61.8% & 127.2% levels are pretty much at the same area of the chart giving a nice little bit of confirmation. We can also measure out an equal measured move (AB=CD) from the high of the move up and you can see that the AB=CD would also end up completing around that same level. Could potentially be a nice R:R trade down to an area where we may see renewed buying pressure.
Short
by bmck1
USDJPY - H1 - Bearish Bat & 2618 - Double whammy?Patterns have been good in the last few days on the USDJPY -0.10% and it looks like we might have another forming as we speak. Aside from the advanced patterns, we have recently put in a double bottom with RSI divergence at this lower level, price has now broken and closed above the 'V' of the double bottom and looks to be taking some relief at the moment. This gives us a potential 2618 long setup should price action come right back down into that 61.8% level. If that were to happen first (rather than price just rallying up into the Bat entry area without a pullback), then we would potentially also have an almost perfect AB=CD measured move up into the Bat entry level as well. Which way will it go and in which order, could we see a double whammy and hit the 2618 into the bearish Bat pattern back down? Either way lots of potential action at the moment on this pair!
Short
by bmck1