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Resisitance

GBPJPY 1 Hour: Potential CTS Shortthis was a potential opportunity that I had on my radar yesterday, unfortunately the markets decided to do absolutely nothing but go sideways creating a channel. If we breakout of this channel to the upside I'll be looking at a third harmonic move setting up a potential selling opportunity as we come into previous structure resistance starting at the 187.40's level. Syndicate members, i just emailed out a video going over this one in a little more detail. Also Check out my latest Periscope Video "3 Questions From A Prospective Trader" www.youtube.com Akil Stokes Chief Currency Analyst & Trading Coach www.TradeEmpowered.com -------------------------------------------------------------- What's Stopping You From Success? Take Our Free Trader Assessment tradeempowered.com
Short
by Akil_Stokes
6
EURUSD: My FED Day OutlookAs many of you know today is FED day as the FOMC has its Interest rate Decision & Statement coming out today at 2pm (New York). The expectation is that there will be no changes made at this particular time so most of the “volatility” and “reaction” will be based off of the tone of the statement as trader hunt for any clues of when the rate hike may occur. This is one of those fundamental events that I stay away from as we can potentially see some massive moves and larger spreads during those moves. Ever been stopped out of a position without your stops actually being hit? Yup! Although I won’t be trading during it, I still like to perform my technical analysis and see if I can predict where price action may shoot too after all of the madness is said and done. After all I firmly believe that the technicals tell you where the market will go and the fundamentals just help push it there faster. To the bearish side I have a potential Gartley pattern on the daily along with a level of previous structure support which could prove to be a good holding area. While to the bullish side I’m still eying up the intermediate level of resistance that we were looking at in yesterday’s trading session. (Here’s the video in case you missed it www.youtube.com There’s more resistance to the upside but its way too far to be attacked today as it’s over 400pips away….but hey you never know, that’s why I don’t try and predict these things. Akil Stokes Chief Currency Analyst at Trade Empowered Click here for 20+ hours of FREE Training tradeempowered.com Click the link below to subscribe for more FOREX TRADING videos www.youtube.com Facebook: www.facebook.com Twitter: twitter.com
by Akil_Stokes
4
AUD/JPY BEARISH GARTLEY PLUS DOUBLE TOP OFF 0.382 RETRACE POTENTIAL COMPLETION OF XABCD PATTERN ON AUD/JPY, WITH THE COMPLETION LEG FINISHING ON THE 0.382 RETRACE OF LONG TERM SWING HIGH/SWING LOW. A BEARISH REVERSAL CANDLE ON 30M TIME FRAME MAY ADD TO FURTHER CONFIRMATION OF SHORT TERM SELLING, WITH THE 91.30 HANDLE ACTING AS STRONG STRUCTURE RESISTANCE. DAILY SUPPORT ACTS AS A NICE POTENTIAL PROFIT TAKING AREA, SHORT TERM SELLING CANNOT BE RULED OUT - RSI PIERCING THE OVERBOUGHT MEDIAN LINE ADDS FURTHER CONFIRMATION.
Short
by JoeNeilCarey
3
GBPAUD: Support Turns To Resistance (VIDEO LINK: www.youtube.com )GBPAUD has been a pair that I’ve swung and missed at all week with 2 losing trades & a trade that came half way to targets before getting stopped out for breakeven. The majority of the week has been focused around this same structure level & now that price action is trading below it, I may have my chance at a short opportunity. As one of my clients showed me yesterday there was a chance to get involved in the initial break of support & retest yesterday, but with us being in a heavily bullish trend on the higher time frames, I wanted to make sure that this wasn’t just a simple retracement of the bigger move. Now don’t get me wrong, this particular setup can easily be a complex pullback as well, but I do have a much better potential risk to reward setting up here if I can play my cards right. The presence of a new 3-legged bearish formation (SP-ISH-OR-NSL) gives me a little more confidence but I still want to be cautious and look for the right reason for entry. If we do continue bearish, I’m not expecting a full reversal, but with the trend looking as if it’s running out of steam on the daily, we may be in for a deeper retracement. See many of you in the Live Trading Room! Do me a favor, if you actually read the write ups that go along with my charts please let me know by either giving the like button a hit or leaving a comment beneath. I always want to be as efficient as possible with my time so I want to get an idea of who’s reading and who’s not. Akil Stokes Chief Currency Analyst www.TradeEmpowered.com Akil@Tradeempowered.com /@AkilStokesRTM / Forex Weekend Review Videos: www.youtube.com
Short
by Akil_Stokes
47