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Sloppy ABCD Pattern PotentialSo I am fairly new to forex trading, and technicial analysis in general. Here I spot what I call a sloppy AB:CD pattern forming. I call it sloppy because the BC move is not exactly a .618 retracement of the AB move. If I were actively trading, I'd go long to ride the CD leg up to pattern completion then turn around and short the pair. From what I see, we found some resistance at 1.14310, pulled back to find support at 1.14180, then broke through the resistance and found new resistance level at 1.14450. Previous resistance turned support, and I am thinking that this is a good time to get long with targets at 1.14882 and a stop losss at 1.14182. This gives us a nice risk reward ratio, and stops are at previous structure support. If we break through support at 1.14300 then our trade is invalidated and our stop will minimize our losses. What do you think of this? Agree or disagree?
Long
by jseymour84
USDJPY My first idea. All comments welcomed!I did this analyse with Fibonacci retracement tool and you can also see the trendline channel in this chart. TP calculated with Fibonacci extension. It feels like sellers can't get enough momentum to break this uptrend, which is why I decided to draw this. I also did similar drawings with other time frames and they support this idea. Also, Ichimoku indicator supports this idea (partially at least). Please comment. (I know I suck, really hard trying to learn :))
Long
by kamoflaaz
3
Gold Miners Trying to Hold it up! $GDX$GDX Looks to me like it is going through a 2 and half week to 3 week consolation cycle before continuing its rally, that started with a breakout and subsequent bull market end of January, start of February. (Which was right about when I got into trading more seriously.) I am unsure of which way to go here. This Brexit thing has been an incredible learning curve for me on my travels. But also rather hard to place any trades. In-fact, I have only been able to place minor scalps (not my strategy, I tend not to do this. Again, learning curve.) on FX markets and a couple of futures lost me some profit. I like Gold stocks for obvious reasons, (economy, safe havens. etc.) So the miners index is an interesting one. I would wager the long side long term. Short term? It needs a bit of a reality check before we see further upside. I expect other markets to retrace from their losses soon but not for long. So Gold will (maybe!?) continue it's uptrend for the rest of 2016. I am strapping in for a bumpy one.
AMEX:GDX
by Onions