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Update: Priceline Breakthrough!The price line has been breached! If we see consolidation under the price line, that could indicate that price will continue down, further into profit. Look for big rejections under the price line, to confirm the move to the downside. I'm not going to make the same mistake I made yesterday. I'm going to wait until price reaches demand, and take profit then look to get back in at supply. I'll know more about where that will be when it happens. I actually went ahead and took 30 pips off the table already and used the last spike as my supply entry back into this trade! I did this twice, I'm just trying to keep things consistent on the charts. I'll let you know when my next take profit happens! Check out my previous post for a play by play on this trade, the goal of this little series is to show you guys how I approach these moves, and manage my positions while the trade is active. I hope this helps! Have a good day!
Short
by NeoDaNomad
2
TRADE OF THE WEEK | Profitable Scalping Session💰 Hey traders, This week, due to an activity of the market, I decided to share with you a scalping trade that I took on EURAUD: The market was approaching a solid rising trend line on 4H. Our confirmation to buy from it was a double bottom formation on 1H time frame. Long position was opened on a retest. The market quite quickly retested the broken neckline. The price bounced then, giving us 77 pips of a pure profit! Did you catch this trade? ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
Long
by VasilyTrader
5
Gold could drop 500 pipsSince 21th of July's low, Gold has risen more than 1000 pips in a clear uptrend. However, the rise from the 1755 low is drawing a rising wedge pattern, and also the price action from this week has put an H&S on our chart. A new attempt to conquer 1800 failed yesterday, giving us the right shoulder and the idea that bulls may very well be done. At the time of writing Gold is trading under ascending trend line support (also confirmed by yesterday's high) and exactly in the horizontal support A break here could lead to a steep drop to important 1740 support. Interim support is at 1755 (horizontal support and rising wedge's target) and this bearish outlook is negated by a daily close above 1800. Sell rallies remains my preferred strategy
OANDA:XAUUSDShort
by Mihai_Iacob
28
Update: Managing Risk, Waiting for BreakoutThis trade has gone from over 50 pips in profit overnight to about 10 pips down during this London session. But that's the nature of trading reversals. In my second update I mentioned that a rally, was the most realistic scenario to expect today, and that's because you can see price found support at my first entry. That's really it for the negatives, no stop outs just yet, we're still in it. So...What are the pro's to justify staying in? 1. There's a breakout pattern at play, so even if price does go against me here, it will have to come down and consolidate just above or on the price line that it's been oscillating around since Monday. If it breaks below the price line then this trade will be comfortably back in profit. These breakout patterns are also my highest win rate set ups as well. Right around 80%. So I remain confident. 2. Price is sitting still. The market has failed to make a new high, which makes this a prime candidate for a double top, which favors a bearish reversal. The fact that price has stopped below my second entry gives me confidence advancing my stop loss. My exposure for this trade will now only be 1%, making this trade 6:1, if it hits my TP 3. New York sessions are often characterized by short term trend reversals. If price was going to break below the price line, it's going to happen between 8 am and noon. So that's something to look forward to! We'll see what happens!
Short
by NeoDaNomad
Update: Priceline Reached, Waiting for Break & Self AnalysisSo things are going to plan, so far, we saw the rally, the market failed to break yesterday's high. And price has followed the breakout pattern and returned back to the price line. A break through would put this move comfortably back in profit like I mentioned in my last update. These are all positives. But I can't help but thinking about the fact that I could have been 80 pips up on this move instead of 15. I usually wake around 12:30 am to check the charts and get ready for the London open. But this morning I actually didn't wake until 7:00 am, which cost me because had I woke up, I would have managed this trade slightly different, and I thought this would be a good opportunity to critique this position, in hopes that you guys can learn from my mistakes. 1. My first entry wasn't good...both of my orders were designed for different scenarios, you can see in my original post for this trade that I was speculating about two reversal points, but I couldn't be sure which one it would be until it played out. In order to avoid losses, I placed the stoploss for my first entry above my second entry. The downside to this, was that my average fill was still too low to be safe from price going against me. You can see that my second entry came within 10 pips of the highest high we've seen these past couple days SO...if that had been my only entry, I could have run a much tighter stop and made a lot more money. 2. My biggest mistake was not taking profit when price got back down to my first entry. This would have freed me from that first entry and given me an opportunity to get back in at supply with a tighter stop and better RR. If you're wondering how I find these supply zones, I use the fib tool and I look for a spike with the open and close within a 31% ratio (like the one in the top left corner). Keep in mind, a spike can last more than one candle. So a candle that gets engulfed by another can also be considered a valid spike, so long as the open of the first candle and the close of the engulfing candle lie within a 0 - 31% ratio. For a bullish spike, take the fib tool from the lowest point and drag up to the highest point. Do the opposite for bearish spikes. A bullish spike must be followed by a bullish candle to be considered valid, and a bearish spike must be followed by a bearish candle to be considered valid. Spikes should only be used to mark supply and demand zones if they happen in an area of value, or POI. I also use the distance between (highest highs and the next highest close) or (lowest lows and the next lowest close) as supply and demand zones as well. 3. You can see that had I done this I would have been able to get back in, and be over 30 pips up now this second time around, putting me at around 80 pips taken these past two days. I should have done that. If I felt like a rally was coming then it would have been wisest to exit my position at demand and get back in at supply. I hope you guys can apply this to your trades and avoid this mistake in the future!
Education
by NeoDaNomad
Gold- Time for correction?In my yesterday's comment I said that Gold could rise above 1800 and, indeed, the price spiked up. However, bulls were unable to keep the price elevated and the market closed with the price under this important figure. From a technical point of view, the rise since the beginning of August is in a rising wedge and the support of this pattern is now broken down. A correction could follow from this point on and, in my opinion, rallies should be sold. I'm bearish on Gold as long as yesterday's high is intact.
OANDA:XAUUSDShort
by Mihai_Iacob
2
Update: Entry #2 triggered! 20 pips so far!I was anticipating strong resistance @ 1.036 and it came! Price has now fallen over 50 pips from my second entry. I ran a tighter stop on entry #2 so I ran a slightly higher lot size That brings my average fill up to around 1.03235 putting this trade over 20 pips in profit so far. My best case for tonight is that price continues to fall, but I think a more realistic scenario is that we see a brief rally, and a H&S pattern completed by London. Either way, I feel very good about this trade so far!
Short
by NeoDaNomad
5
Update: First short entry triggered!The first of my two short entries got triggered last period! I have another entry with a much tighter stop on stand by should this move continue up to 1.036 I'm targeting parity, this trade is a little over 2:1 RR because I didn't really have the best entry, but one of these entries, I'm confident will pay me by Friday at the latest. Check out my original posts about this move below! Also if you're curious about how I find my setups I made a EURUSD guide and linked it as well!
Short
by NeoDaNomad
2
Gold- Do we have a valid break?On Monday I've written about the importance of the 1780-1790 zone and yesterday the yellow metal managed to close above this zone. Although we do not have a strong move up above this level bulls seem in control at this moment and today's NFP could be the trigger for more upside and a rise above the important 1800 physiological figure. Zooming in to H1: As I said yesterday, a break above the short-term consolidation between 1755 and 1770, would expose the previous 1786 high, but more importantly, would give us a perspective for the next few days. That being said, my outlook is now bullish and I will look to buy dips. Medium-term traders can target the 1850 zone for their buy trades with negation under this week's low. Also here is my yesterday's outlook:
OANDA:XAUUSDLong
by Mihai_Iacob
9
EurJpy- Where to sell?After the 144 top, EurJpy took a dive and dropped to 138 zone support. The pair reversed but was unable to pass above the previous high and dropped again from 142 and even dropped under 138 zone support to the next level of support around 133. At this moment we have a lower high and a lower low in place and we can expect a continuation to the downside. The best place to sell and join this newly formed downtrend is between 137 and 138 with a target of 133 and negation above 140
Short
by Mihai_Iacob
5
DXY remains very bullish in medium-termSince the 109 high, DXY corrected and dropped to 104 trend line support. Two days ago, the index found strong bids and reversed strongly leaving a large bullish engulfing on our daily chart and suggesting the correction is over. The index is trading comfortably higher above 2017 and 2020 highs which are offering now strong support and I expect a new high towards 110 in the weeks to come. As a consequence, I'm looking to sell EurUsd, GbpUsd, AudUsd and NzdUsd
CAPITALCOM:DXYLong
by Mihai_Iacob
1
GbpUsd- Looking for selling opportunitiesOn my 21 of July GbpUsd analysis, I said that the pair can rise to the 1.24 zone , drawing attention to the falling wedge formation. Indeed, the pair broke above the falling trend line resistance just under 1.23 and reversed. The long-term trend is bearish and the rise from the recent 1.1750 bottom is corrective in nature. Yesterday's reversal can be the first sign of the end of this correction and the pair can be ready to resume its long-term trend. That being said I will look to sell rallies in search of a good R: R, considering negation above 1.24
Short
by Mihai_Iacob
16
EurUsd to resume its downtrendAs I expected and said multiple times, EurUsd reached parity and after the short-lived dip under in mid-July, the pair has started to reverse. However, this rise is corrective in nature and now the pair is facing a strong confluence resistance given by the downwards channel's resistance and the horizontal one. I remain very bearish on this pair and still expect a clear drop under parity. Sell rallies in this resistance is my strategy
Short
by Mihai_Iacob
16