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GBPUSD: High Probability Double Top?Hey gang! Found quite a high probability Double Top right here on the Daily Chart! 1.46664 Major Resistance level has held and a bearish bar has come! What influenced my decision: 1) Weekly chart shows a downtrend I will only take trades that follow the general trend. 2) Price retracement has reached the previous low of the impulse wave on the Weekly Chart (1.46664) This represents a strong resistance level 3) Major Resistance level held at the same level, creating a double top formation. NOTE: Guys, please, wait for the price to break through the neckline first. Many traders always seem to trade before it breaks due to greed and end up losing. A Double Top formation only has about a 35% chance to break through the neckline. When a Double Top breaks through, it results in a 73% success rate. Which is better? I think its pretty obvious. Good luck guys! May the pips be with you!
Short
by GenesisCTY
3
XAUUSD - EXPECTING 1200 AND LOWERAfter bouncing from a major weekly trendline with bearish divergence,we're only looking to go short on this market.If you missed the first opportunity which was the breakout of that previous correction, another place to enter the sell would be in the breakout of this next corrective structure.This may be a deeper correction so don't rush and be careful. After breakout price may stall a bit before going lower but if it does, it may hit 1200's and lower.Trade your plan,plan your trade. Look in the comment section where weekly and daily chart is shown.
FX:XAUUSDShort
by drin
2
Pennies to Thousands IWV ETF Where We Get Our CandidatesAs you can see all the major indexes are an important resistance. On weekly: it has resistance at the 50 day. All our indicators have turned neutral or slightly down. We will probably have a consolidation or a pullback of a Fibonacci ratio, probably to an important moving average or the cloud. During these periods we still may have candidates but you will have less of them. We deal with this on our book ( Pennies to Thousands ) on the chapters of: Money Management and Putting It All Together. Also,on our Youtube videos ( Pennies to Thousands ). We will soon have a website for the special traders community looking for low price growth stocks that can become a multi bagger. We recommend you join for the fellowship of other traders, for our good ideas with entry and exit rules, for our video and audio tapes, to help with the psychology of trading and for our daily market commons like you are reading here.
AMEX:IWV
by penniestothousands
EUR/JPY Decision TimeThis pair has had one of the largest moves of the day. Currently pushing into the major psychological at 138. It is also pressing into a resistance point that has rejected it twice. Could be a triple top leading to a horizontal channel. If it breaks and closes above 138 then I see a little more upside before a pull back and a continued move north. Happy Trading! ------------------------------------------------------------------------- Website: www.fxtradersclassroom.com Email: zach@fxtradersclassroom.com Twitter: @fxtradersclass Youtube: www.youtube.com -------------------------------------------------------------------------
by TradersClassroom
2
EURUSD MAJOR TURNING POINT. MARKET MUST CHOOSE. LONG OR SHORT?EURUSD is at a very important level. Based on historical price patterns, the 1.3450 area is a major point in terms of this pair continuing it's bearish momentum or not. The major support zone between 1,3512 and 1.3450 area has been compromised BUT price is just hanging onto the lower part of the zone. If price can stabilize, meaning it spends the next day or so in this area, I will interpret this as a lack of weakness and look for bullish validations on this 4 hour time frame for a swing trade long. I will place my stop just below 1.3450, and set my target at 1.3550 area. This trade can take days to unfold so patience is required. If price closes below 1.3450 with conviction, meaning it closes on the low of a large 4 hour bar, then I will take this as a sign of further weakness. In order to get short, I will then need to see a retracement back to the 1.3450 area for a short possibility. The nearest target that I can estimate on a swing trading basis is the 1.3330 area. Again because of the time frame, it can take days to reach this target once in the trade. Remember this trading methodology requires entry criteria to be met. I am posting this analysis to provide a reference in order to better anticipate where the entry criteria may appear (this is my validation process). Stops also need to be determined at the time of entry. Consistency in trading is the key to success as a professional. How do you reach this level? You reach it with constant guidance, support and methodology that puts you in a situation where you are ahead of the market. You can read my article about the 3 most important elements of being consistent here: www.unconventionaltrader.com
by MarcPMarkets