EURJPY: Harmonic MovesHere on FX:EURJPY we have a very nice harmonic moves inside the channel. This is so called 3-drives pattern and we have a very nice trade setup to go short. The structure and harmonic moves gives us the clear opportunity to sell. Our target is the next support level @ 134.72 with the confluence of fibs 50.0, and stops go above previous lower high. Note, that we are in a bear market right now.
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Resist
GBPUSD: Trade of the DayHello traders.
Today on FX:GBPUSD we have a very nice shorting opportunity. The price has made perfect double top @1.5470 at very strong structure resistance level. For more confluence look left or switch to daily or 4h timeframe to see it better. Then price broke the neckline and went back @fibs 61.8 which gives us a 2618 setup and very nice shorting opportunity.
Our targets are next support @1.5372 and the second target 1.5348 with the confluence of fibs extension 1.272.
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NZDUSD: Structure is a Big MagnetGood Monday traders.
Here is the first setup of the week. We have a pure structure based shorting setup on FX:NZDUSD . The market is moving in the wedge currently and I am waiting the price to enter the Red Zone and fall all the way down.
The reversal zone is between the structure resist and the fibs 61.8 with the confluence of look left structure. We should wait the price to enter the red zone, retest the wedge and then go short. Our targets will be next support levels: Target 1 @0.6284 and target 2 @0.62547.
Also note that we are still in a bearish market.
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EURUSD: The best pair to tradeOn FX:EURUSD we have very nice structure based setup, which is in my radar today.
Currently I wait for the price to retest the structure support @1.1244. We have a nice confluence of Fibs 38.2 right at the support level. So I look the price should finish the correction in the red zone and then rally up to the next structure level @1.13518, where we have fibs confluence of 1.272.
So, look left and see the structure for more confluence and the bearish divergence with OB
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EURJPY: Must Short SetupToday on FX:EURJPY we have a very nice shorting opportunity with good R/R.
First of all we have very strong structure resistance @136.45 with the confluence of fibs 61.8 and daily R1.
Our target is the next structure support with the confluence of fibs 38.2 @134.99
Besides we have a bearish divergence and all these gives us a good chance to go short today.
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USDJPY: Wake up, and go shortI wake up, did some analyses and found out this perfect opportunity on FX_IDC:USDJMD
Completed Bat pattern at the PRZ zone with the confluence of:
1. Fibs 61.8
2. Structure resist
3. Daily R1
We have very nice R/R targets: Target 1 with 1/1.95 RR and Target 2 with 1/3.4 RR.
I want to mention that X leg is located in very strong resist zone, which gives us more confidence to get involved.
So traders, look through your edge and get in accordingly.
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EURUSD: 2 profitable movesToday on FX:EURUSD we have a shorting opportunity at the edge of potential channel with the confluence of fibs 61.8 and the structure resistance.
I think the price will come back to previous structure support -which will be the good opportunity to get involved and go long.
1. IF price breaks the channel and the resist than we should be looking our targets to be @1.1317.
2. IF price could not break the structure and makes double top, the price we fall down to the previous support @1.1180, which means that market has to decide there to go next.
EURUSD: Price is in HarmonyON FX:EURUSD daily chart we have strong channel and harmonic moves inside the channel.
So I am looking the price to enter the red zone and then rally up to the channel resistance. we have very nice R/R of 3.44.
This is a perfect technical opportunity to monitor for the next week.
Have a nice day
NZDUSD: Get ready for mondaySo, here on FX:NZDUSD there is a very good trend following opportunity that should be monitored during the next trading week.
I am looking the market to do the following moves:
As we are in a bear market right now I look for the retest structure, price should enter the reversal zone and then fall down. As you see we have fibs confluence of 38.2 right at the resist level and 61.8 little bit higher which is a critical reversal level.
If price does these moves we should be looking for the short entry and potential ABCD pattern formation, due to we have no structure below, we should use fibs extension tool and form ABCD pattern for your profit targets, depending the pullback is at 38.2 or 61.8.
Target 1 is the least aggressive setup.
Rite Aid's PullbackRite Aid and I have a long history going back to a buy when it was well less than a dollar. We've recently seen a steady bullish move until the recent news that competitor Walgreen Company was looking to buy the remaining 55% of Alliance Books putting them into international markets for the first time which would potentially allow them to undercut Rite Aid.
For those looking to hop on the bullish trend this pullback into previous structure seems like the right place to do so. Add that to fact that the symbol has also completed a bat pattern in that same area.
As a trader I strictly follow the technicals. "Trade What You See" However when I put on my investors hat, I like to create a confirmation bias based on the bigger bigger and then use the technicals to gauge my entries and exits.