Break or bounce - thats the question ! GBP /JPY has had a nice correction against the long term trend, and has just come into some resistance. I belive this resistance will either drive the price down to new lows, or break out and maybe reverse the trend. Either way there are some pips to be made :)
Ilovetrading
USDCAD: Rising Wedge On My RadarI've got a few pairs on my radar this morning heading into our Live Trading Session and the $USDCAD is one of them looking at this rising wedge iinto fibonacci confluence and previous structure resistance.
Other include $EURJPY & $AUDUSD while I still have current trades in progress on $EURUSD & $NZDUSD
Good luck in your trading this week gang.
Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com -The Premier Online Trading Education Company
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$EURUSD: Potential Bearish Advanced Bat Formation I'm still involved in a $EURUSD short from last week, so I'm secretly wishing that this doesn't complete. But IF we break & close above previous structure THEN my next shorting opportunity on the $EURUSD will be a Bearish Advanced Bat Formation completing at a previous level of structure. (Look Left, Structure Leaves Clues)
I've gotten a lot of new followers since this originally came out, but if you haven't read it already here's a link to an article that I recently wrote for Forex Trader Magazine titled "Take Control of Your Trading" Feedback as welcomed as I'm rather new to the writing world (aside from personal blogging). I had a lot of fun writing it and if the you guys like my style, I'd love to create some more content
content.yudu.com
Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com -The Premier Online Trading Education Company
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EURJPY Bullish Advanced Butterfly & Gartley FormationsA potential bullish advanced Butterfly & Gartley Formation setting up on the EURJPY
Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com -The Premier Online Trading Education Company
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USDJPY: Bull Pattern In Bear Market (Part II)Traditionally there are 3 ways to trade a breakout all depending on your level of aggression as a trader. The before the breakout and actual break has already completed which means waiting for the retest is the only option left for those looking to get involved.
I'm saving it for my Weekend Review, but I've been recording the analysis of this trade as well for those who learn better from seeing and not just reading. I'm not sure if I'm going to use it or not (it all depends on what lessons we discuss in the live Trading Room this week) but keep an eye out for it on my YouTube page.
Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com -The Premier Online Trading Education Company
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AUDUSD Long on the hourly chartInspired by #SkyrEk mentioned of AUDUSD on my post. Amazing you detected your AUDUSD post back in Jan 2016
On the hourly chart, AUDUSD completed the bullish Bat pattern and is already moving out of the PRZ. I am not in this trade as I saw this late. I will probably let this go since I am late on this, unless it comes back to the PRZ again tomorrow.
My USD weakness play : Short USDCADThe pair completed a bearish Shark pattern last week and I missed that trade.
This week it has came back for a Type 2 retest. As I was preparing my midweek analysis of the market on our HarmonicForex.com website, I might have missed this trade AGAIN. Apologise for this late idea. Lets see if it comes up to retest 1.2980/1.3000 levels again
GBPJPY: Potential Bearish Advanced Bat FormationWhile the EURJPY has about 4 Gartley formations on the horizon, the GBPJPY is nice and simple with a single advanced bat formation set for completion at the 161.70's level.
Make sure this trade meets your risk profile as the stop may be larger than it seems because of the pairs ATR.
Also here's a link to the periscope video that I did this afternoon for the FOMC minutes were releases discussing trading and news events. it will expire on Thursday at 1pm (NY) and I won't be uploading it to youtube .
www.periscope.tv
Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com -The Premier Online Trading Education Company
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Still believe in the USD Weakness to come, this is why.I have not used the MACD indicator for quite sometime, but this afternoon's discussion with a fellow trader made me look at MACD again today.
The USDollar Index is approaching the resistance trend line and at the same time, the MACD is showing us a bearish divergence. Price made a higher high, but the MACD made a lower high. As what all indicators do, they give us a probable indication of what is to come (remember nothing is certain).
Hence I am looking for trades with USD weakness
EurUsd Bullish BiasEurUsd market at this stage is looking biased for Bulls atleast for the short term or intraday trading. At this time as I publish this one liquidity is not enough in Asian session tomorrow as the liquidity picks up we might achieve our targets. I don't know much about findamentals but technically market is gathering for a bull move may be after FOMC minutes tomorrow. If we don,t get our target before FOMC then its gonna go up big time right after FOMC minutes release.
USDJPY: Bull Pattern in a Bear MarketFollowing up on a topic we covered in last week's Monday session. Here's a perfect example of how you can have a trading opportunity that is both Counter Trend & Trend Continuation at the same time.
Remember gang, the market moves in fractals, meaning there are moves within moves and trend withing trends, within trends.
Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com -The Premier Online Trading Education Company
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GBPJPY: Advanced Bat Formation Near CompletionPotential Bearish Bat Formation near completion on the GBPJPY with a "D" completion at 157.18
Akil Stokes
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www.TradeEmpowered.com -The Premier Online Trading Education Company
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EURJPY to continue the uptrend ?? Smaller TF telling me soHad a good ride up and took profits on the EURJPY since last week.
Now looking to re-enter the long position based on a smaller time frame trigger
(Word of caution : Smaller TF trigger will be killed if the pair decides to do a larger retracement)
Prefer to enter long around the 123.60 levels
USD rally potentially coming to an end - USDCAD ShortThe USD really for the past week has been amazing. We caught a nice short on the NZDUSD from the highs of 0.7020 taking profits of +220pips at .6800.
Now I see this USD rally potentially stalling, USDCAD just completed a Bearish Shark Pattern. Looking for price to react at around the 1.2990/1.3010 levels. Expecting RSI to move up to test the OB zone once more before the big drop.