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Gold looks prime for BIG September Historical data of gold shows that September has always been a very significant gain month for this particular commodity. Using this we can create some confluence and frame what is going on right now. From just a raw price action standpoint gold looks to have created a local bottom, with a nice double bottom formation, having the 2nd low being higher than the first. On the daily we have two candles around the support forming a BELT HOLD candlestick pattern, that would be confirmed by a third, engulfing candle stick. Assuming this level holds we could see some major upswings, as gold retests the daily fibos of its current lower move. DOLLAR STRENGTH, could potentially impact any gold gains however with the risk off environment being so strong and everyone looking forward to the impending recession of the US economy, its not difficult to form a hypothesis that includes both the USDX hitting new highs and gold returning to new highs as well. This analysis is for a BUY SWING, that would involve a pretty substantial Stop loss of at least 250 pips if entering the trade now, however with GOLD, upswings can come very rapidly. This creates the potential for an 1800+ pip retracement, so this pair is sure to reward any PATIENT traders this month, if these current levels hold. I dont use RSI, MACD, or other technical indicators when considering my analysis.
GLong
by NakedTrading4U
CADCHF BUY with X2 Confluences By looking at the chart, we can see the pair has been moving in a bearish direction for several day. We are starting to see sign that we might have a reversal on our hands. We see a breakout of our key level which also signals a change in market structure from bearish to bullish. If we look around the low of June we can see a inverse head and shoulder pattern has formed together with the breakout of the neckline area. This could also pass a triple bottom pattern formation at the low of the previous month. List of confluences: 1: Head and shoulders 2: Triple bottom The risk reward for this trade currently stands at 1 to 6.7 with our target around the high of June. The entry is at the test of the key level as indicated by the arrows on the chart. Never risk more that 2% of you account on any single trade.
Long
by NDOBObanks
USDCAD Short With 2 Confluences. As we can see the price has been moving in a bullish direction for several days. We are starting to see signs of potential market exhaustion which could signal a potential reversal. There has been a change in market structure from bullish to bearish as we can see from the breakout of the key level. The entry for this trade was at the test of the key level and the target is set around the low of June. Risk reward currently stands at 1 to 5.8. Never risk more than 2% of your account on any single trade. Confluences: 1: Double Top Pattern Formation 2: Key Level Breakout
Short
by NDOBObanks
🐻AUD/USD SHORTAUD/USD has been bearish for the most part but has been stuck in consolidation which could be identified as a correction. The price has formed an expanding pattern which in this context is a continuation pattern. There is a smaller expanding pattern with in the previously mentioned one which in its own context signifies a reversal, adding confluence for a sell. The dollar has recently been strengthening and this will likely lead to the continuation of this bearish move. Price has also broken structure to the downside, forming a lower low, bearish structure. OANDA:AUDUSD
Short
by WAR_ON_FOREX
1
Price Action Trading Signals with Volume CheckerI'm offering a tool I just tweaked up with On Chart signals. It's a very simple tool that you could customize within the code if needed. You will see Price Action bars being highlighted that can be toggled on or off and custom colorization to your choosing. The code uses simple checks of a two-bar pattern and sometimes three. You will see the code will check volume to filter out the noise by looking for engulfing volume pattern to confirm the price bar action. :) Trading Naked is quite simple and powerful. Keep those charts clean and trade as close to real time as possible. If you want to filter through the volume checks even more, just add a tweak to the code that will look back one bar (volume ) or two (volume ) and go with something like "volume > 10000". This will be security and timeframe dependent. Use this tool to find price action patterns near your trading levels for entries and exits. Ideally, I would like to see this script get modified to auto plot horizontal rays where I normally have to manually drop my price action levels for breakouts, breakdowns, high volume bars, etc. Hope the community finds this helpful. Excellent for Supply and Demand, Order Blocks trading. Some charts will have the script "Order Blocks", offered to the community by Sonarlab. Thanks for sharing #Sonarlab Happy Trading! Coondawg71 aka cooney.s
NYMEX:CL1!
by cooney_s
1
GBPJPY Entries + Exits The 1on1 video is currently out, if you would like it in order to understand how to play my analysis FULLY, please let me know privately. All likes/comments and feedback are very much appreciated! How to play my chart: Buy at support, sell at resistance. When you open this chart you'll see a green entry and a red entry. When the candlestick hits the green entry, you place a buy. If however that support buy doesn't go into profit and goes negative -35 or -60 pips (depending if it was a fast break/or if the break landed on a minute 15 zone), if it breaks you would then exit your buy and immediately enter the sell. You would then ride that sell down to green TP1, or you could then repeat and play the buy/break there. The same exact thing goes for resistance sell/break plays!
by ExclusivelyFX
1