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Hourly

GBP/JPY Double bottom 1 HOURLooking at a possible double bottom formation near the lows set back after the Brexit vote (marked by the Daily Support). A nice trend this month has brought us down to this level and it has accelerated this week. I will be looking for a break of the most recent trend line with targets back to the longer TF trend line. 1/2 position will be taken on the initial break with expectations that price moves above the most recent swing highs. A pull back to the trend line break would also be expected where I will place the other 1/2 of the trade to the long side. All of that being said, it is really possible that the double bottom does not hold. Not enough room to the Daily support to take a short here, so if this occurs I will wait to see if it honored or broken. STAY TUNED! All trades can be watched and discussed live at www.twitch.tv or on youtube with the same name. Usually live from 5:00 CST to 11:00 CST.
Long
by ghostdigg
XMRBTC: Correction ContinuesWith my update yesterday, everything started well then things started to run out of steam. As I mentioned in my update yesterday, if we cannot reach at least 0.0220 by the time that the hourly RSI rolls over then we'd need to re-evaluate. We got close, reaching 0.0219 but then we ran out of steam and momentum rolled over. Hopefully everyone followed my advice and was able to get out before the larger drop. I closed at 0.0215. If you did not get out then you are in luck... The primary pattern now appears to be a WXY correction with X forming an ABCDE triangle. Wave D's low should hold at 0.0190 as it bounced nicely off the the triangle's bottom trendline. I now expect prices to rise shortly to hit the top of the trendline (or slightly overshoot it) to complete Wave E at which point prices should fall violently down in Wave Y. If you were not able to get out of your LONG, prices should get back into the 0.0208 - 0.0212 range therefore I would hold and get out then. If you want to be aggressive, enter a short position in the 0.0208 - 0.0212 range (red box) with a stop at 0.020 (top of Wave C). If you want to be more conservative, enter a SHORT position on an hourly candle close outside of the bottom triangle trendline. Wave Y targets range from 0.0162768 (50% of W) to 0.01122678 (100% of W). Better Wave Y targets will be discussed once the ABCDE triangle completes and the bottom of the triangle trendline is broken.
Short
by Volatile_Victory
2
XMRBTC: Correction Over?All signs point to the XMRBTC correction being over: 1. Notice the ABC wave correction. 2. Wave C is equal to Wave A which is a common length of a Wave C to Wave A. 3. Wave C retraced back 61.8% of the previous impulsive leg up. 4. The Wave C trendline was broken on Sept 7th at 03:00 UTC (23:00 EST on graph). 5. The Wave C trendline, after being broken, held as resistance at 12:00 UTC (08:00 EST on graph) All of those signals point to the last move off the ATH as being a temporary correction and that we can expect another move higher. I would go LONG XMRBTC and place a stop at 0.0180. If when the next hourly RSI is rolling over and we have not significantly pushed past at least 0.0220 then I would be concerned that another pattern may be playing out instead of an immediate push to a new ATH.
Long
by Volatile_Victory
4
USD/JPY 1 Hour Learning to identify good entry pointsI watched price stall at a resistance level ~102.586, unfortunately missed a move I was contemplating on trading down to a previous strong support level ~ 101.00. However, now that price is in this, what I think a very strong support zone, I'm going to wait and watch where price goes. There are 3 possible set ups I would look for, and all 3 are a bounce off a "minor" or "major" resistance level My plan is to wait and see: If support level holds up against price If it holds and price starts to pull back up I'd like to see it find resistance. Play the bounce off resistance with first target back at support ~101.00 unless price actually moves all the way back up to ~102.586 then I would move my target higher up This is my first publish chart, so any feedback/tips would be greatly appreciated. I am also a very novice trader, no financial background, self-educating and eager to master my analysis. If I'm identifying indicators badly or missing something like the "big picture" please point it out to me. Thanks in advance
Short
by psyd3fx
THE CONTINUATION OF AUDCAD's DOWNTRENDAUDCAD is having some trouble with the bears. Nothing to worry about because being in a trend can give some very profitable opportunities. Like this one if it continues to move downward. We all don't know if it's gonna happen but we can get a high probability out of it. Having a flag pattern or a pendant formation gives you enough information that there's a strong move to the direction of the pole. After that, the flag or pendant starts to occur. Which is mostly a 'slightly moving against the trend'-move which we will name the break or quick rest. In most cases it happen to move further in the overal moving direction. I have also put the EMA's in it, just to look at what most people think. 'Lower than the EMA's? Ah then it will go down lower.' Third point is the resistance area that I have blacklighted. So I built an entry 3 cases strong. A flag pattern alone could have give me enough potential, but I want more to see. Getting that mental encouragement that you will need while trading!
by Chartist