Simplepatterns
USDJPY Bear Flag Set upCurrently short the USDJPY from 114.60 but have my stop loss placed above this bear flag set up for 100 pips of profit so far, looking for a break down back to the lows of consolidation on the higher time frames. This is a purely technical trade, fundamentally it would make more sense to be long the dollar.
Broken Flag on USDCADHi guys,
lately you've been seeing me posting lots of flags but that's due to the big impulses we've had after the Fed release on Wednesday. So when we have such kind of markets (heavily trending) i like to seek for simple patterns in order to catch the trend.
As you can see above, on USDCAD looking left we have no structure stopping from price going lower, and therefore i want to get on board as soon as i can.
The flag pattern that you see here has been broken right now and you can either sell at the break and then put targets at the extension or wait for a retracement back to the trendline and then sell with a better risk to reward ratio and the possibility of playing it conservatively putting target1 at the retest of the lows, and target2 at the next structure level near 1,3220.
I'm taking the second one.
If you want to share your viewpoint or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Flag Pattern on AUDNZDHi guys,
here on AUDNZD we have no structure looking left on the higher timeframe. In cases like this i start looking for simple pattern formations, like flags, triangles and wedges in the trend direction.
On the chart above you have what could be considered a flag pattern that's been broken to the upside. Price is now retracing back and giving us a better risk to reward ratio.
Stops below the previous lows, target1 at the retest of the highs, target2 to be determined (could go very far).
If you want to share your viewpoint or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Flag pattern on AUDNZDHi guys,
here on AUDNZD we have no structure looking left on the higher timeframe. In cases like this i start looking for simple pattern formations, like flags, triangles and wedges in the trend direction.
On the chart above you have what could be considered a flag pattern that's been broken to the upside. Price is now retracing back and giving us a better risk to reward ratio.
Stops below the previous lows, target1 at the retest of the highs, target2 to be determined (could go very far).
If you want to share your viewpoint or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Flag pattern on AUDJPYHey guys,
just wanted to show you how top down analysis can create day trading opportunities. I fully explained in my previous idea (attached beneath) why i'm expecting price to reach 85,50 level (reversal zone) so i can go with the trend assuming it will stop there.
Here we have a simple pattern formation that usually occurs in trending markets, formed by an impulse leg and then a small period of retracement in a shape of a flag.
You can trade the break and close, or you can wait for a little retracement and then sell at market, in order to have a better risk to reward ratio (that's what i would do).
First target should be put at the most previous lows, second target with my bigger perspective, should be put at 85,50.
Let's see.
If you want to ask questions or share your standpoint, feel free to comment below.
Otherwise, see you in the next chart!
Flag pattern on AUDJPYHey guys,
just wanted to show you how top down analysis can create day trading opportunities. I fully explained in my previous idea (attached beneath) why i'm expecting price to reach 85,50 level (reversal zone) so i can go with the trend assuming it will stop there.
Here we have a simple pattern formation that usually occurs in trending markets, formed by an impulse leg and then a small period of retracement in a shape of a flag.
You can trade the break and close, or you can wait for a little retracement and then sell at market, in order to have a better risk to reward ratio (that's what i would do).
First target should be put at the most previous lows, second target with my bigger perspective, should be put at 85,50.
Let's see.
If you want to ask questions or share your standpoint, feel free to comment below.
Otherwise, see you in the next chart!
Descending wedge pattern on GBPAUDNot much in the markets for me today, but I have been following this pair for a while, and I am currently backtesting it. I wanted to show you guys a set up that caught my attention. We just made a huge move up, breaking structure. Just after that, the price put a beautiful descending wedge.
Now, what is the story that I get from this? : I see that the price is desperately trying to go down but it is unable to do so and it is consistently being punched in the face. Therefore, I expect that the bears will get tired of being punched and will just give up.
Flag pattern on EURGBPHey guys,
another simple pattern on my radar today. This time i'm right on time because the break has just happened. You can see the big impulsive leg that broke multiple structure levels on the 4hr chart. Like i said on the previous idea usually after impulses like this price put brief form of consolidation like flag, triangles and pennants.
You can trade in two different ways: the first is to sell the close of the breaking candle, but in this case in order to have a better than 1:1 RR you have to set your target1 below structure (maybe lining up with 1.27 extension), the other way (the one i'm using) is to wait for a pullback and then sell as soon as you get a 1:1 RR at the retest of the lows. And then maybe you can split your position and take target2 at the extension.
It's up to you.
Feel free to comment below if you want to share your viewpoint or ask some questions.
See you in the next chart!
Flag pattern on USDCHFHey guys,
this analysis may come too late but i want to share it anyway for i think it could be educational. On this pair price has recently created lower low, both on the 4HR chart and in the daily. Being the case, i'm expecting a bearish continuation. After a big impulse leg as in this chart we usually see brief form of consolidation like flags and triangles.
Here we can see a nice flag pattern that has been broken to the downside.
Price has already pulled back giving traders a chance to hop on the trend in a better position.
I'm always conservative therefore i want to set my first target at the retest of the lows, just in case i'm wrong.
The levels above are my entry, stop and target levels.
If you have any question, don't hesitate to ask.
Otherwise, see you in the next chart!
GBPJPY Longer term outlookHey Traders !
Feels like its been forever since I posted, markets have been providing me with little opportunity so there hasn't been much to post, and If I posted ever idea that I had, then this would be a signal service instead educational content.
Today I want to give you guys a look at GBPJPY. So I have been following this pair for quite a bit now and its been on a strong bullish move along with EURJPY and USDJPY. The reason I never thought of a short trade was because we were not at a major level of S/R. We were in the middle of no mans land and this is something that I talked about in our latest Forex Insider View Click here to check it out on youtube. So in the video I go over how I use specific candlestick formations to give me my reason for entry ONLY when we are pressing up against major S/R and how its important to be able to identify the difference.
The good thing about GBPJPY right now is that we are just starting to press up against a level of support now turned resistance, on top of that we have the 61.8 retracement in confluence with the 1.272 Inverted Extension, So now that we are pressing up, I can start looking for reasons to get in short, now keep in mind this would be a Counter trend Short without extended targets. It would only be a push down lower till we reach support and then continue onto new equity highs. Its possible you might see a double top on the daily so be careful for that as well, EURJPY just double topped and then made a move higher.
Keep in mind, these are IF/THEN predictions. Meaning, I am not predicting what the market will do, I am preparing myself for whatever the market decides to do. So I will not rationalize a short just because I think it might give us some temporary relief, I will only enter IF the trade hits all the checklists.
Hope this helps , Like always if you have any questions feel free to comment below !
Structure Trade Idea EURGBP H1 ShortHey Traders,
So I have been giving you guys a bunch of patterns and every now and then its good to show you some structure trades we take inside of Forex TV . This one is simple yet it can look a little bit indimidating to the new trader so if that's how you feel, don't worry, I will go over it right now and hopefully you will get a better understanding.
The first thing that is needed to understand why we are taking this trade is to take a look at this pair on the daily timeframe. We are in the middle of a longer term pullback, but in that pullback, we have a lot of bearish momentum, and this last bullish move on the H1 is a relief rally of the downward move we have been having with EURGBP.
Once we understand that, we can start looking for bearish opportunities on the lower timeframes, like we have here. So now that we have our bias, the next step is to identify where is the best place for me to enter this trade. The way that I do that is by identifying the levels of major support and resistance because in the past, these had been the major decision points.
In this chart, we can see the channel price stayed in before going to the upside and finally breaking down low. My goal is to see IF price can give me a reason for entry at the level of major resistance. That's the most probable place price might go, and it has higher probabilities to go down than up since we are coming up against resistance rather than support. All I have to do is wait for price to confirm and the RSI to confirm. That is how simple it is. If you like this type of trading, I would highly recommend joining Forex TV, we do this every single day.
Like always if you have any questions , feel free to comment below
Back to Back: Another flag pattern on EURUSDHi traders,
i won't be long in this explanation for the background of this trading opportunity is the same of my previouos eurusd analysis.
The bottom line is that we are now looking for simple patterns to go short.
This flag pattern for my view has been broken right now. The last red candle had closed below an important psychological number (1,0400).
My position would be divided in two parts as shown on the chart above.
If you have any comment or suggestion, please fill the comment section below.
Otherwise, see you in the next chart!
Flag pattern on EURUSDHey traders,
on EURUSD we finally exited a 2year consolidation period. Price chose to go lower and we want to hop on the trend as soon as we can. Right now price has no structure on the left and so there's a potential for a huge move.
In this scenario trend is usually very strong and doesn't give long retracements to go short.
But we can find small consolidation patterns that give us an edge to play with.
Here we broke to the downside the flag just created and i was away from my computer when this breaking happened. So the only way i could enter the trade short is to wait for a pullback and then sell the .618.
Stops would go above the highs, first target at 1:1 RR, second target near 1,03 assuming that the move will be over after an equal measured move.
I'll let you know if i get short.
If you have any question or suggestions, please fill the comment section below.
Otherwise, see you in the next chart!
Triangle formation on EURNZDHi traders,
on EURNZD we recently broke into new lows (since mid2015). The next level of daily structure is way down at 145.00 flat. In this case we can see price "free falling" downward, so there's no space for big retracements that allow us to enter the market at good levels. We can see though some simple pattern formations that let the price breathe and give us reasons for entry like this.
This is called a triange formation, it is made up of higher lows with no higher highs. This kind of formations usually continue on the impulse leg's direction. You can trade them entering as soon as price close below the trend line, or you can wait for a better risk to reward and then enter short.
In any case, the nice part of this setup is that second position we can keep for longer targets, such as 145 flat.
I'll wait for a retracement and then sell the market.
If you have any questions, please comment below.
Otherwise, see you in the next chart!
Flag pattern on AUDNZDHi traders,
this time i want to show you a flag pattern that is forming up in 1hr chart on AUDNZD. Here we recently broke and closed below an important structure level (black line), so we expect price to continue lower.
It is very usual to see consolidation patterns after impulse legs like this, and the likelihood is that market continues on the impulse leg's direction, even more so in this scenario where price action is free falling.
Given the conditions above, flag pattern can be traded two ways: you can sell the market as soon as price close below the flag's bottom line, or you can wait for a retracement and then sell with a better risk to reward. I would personally choose the second option. I would also leave a part of the position for further target.
If you have any question, fill the section below.
Otherwise, see you in the next chart!
SILVER: Head & Shoulders Pattern Setting UpSilver is setting up a potential head & shoulders pattern here on the 4 hour timeframe. I tend to group this type of simple pattern into the "trend continuation" category since That's how I prefer to trade them, waiting for the break & retest of previous structure.
Not too much room for expansion seeing how the trend is opposite to this pattern, but I do think we can reach the $17.20's level if we indeed break the neckline.
EURGBP BAT Pattern Short Hey Traders,
Good morning and welcome to what I hope to be a GREAT trading week. Why? I don't know, I'm just feeling in that type of mood, so lets hope the market agrees and doesn't fight me on this one LOL. Anyways, Today we don't have much on the radar, just this pattern on EURGBP which is giving us a potential set up, we would just need price to continue going up to our completion.
Longer term, we are currently in the dip of a TCT on the Daily timeframe so technically it's expected to keep shooting up, however for the same reason I did not take the long on the lower timeframe, is the reason I'm not too worried about shorting. AND patterns get priority over my other strategies. Besides that, there's not much I am looking at, but if there is, I will shoot it through here, so make sure to click follow!
Like always if you have any questions feel free to comment below! Good luck and good trading
GBPNZD Bear Gartley Hey Traders,
So my portfolio has been super quiet recently, with the exception of a few trades. Today we have a bear gartley on the H1 chart of GBPNZD. It actually gives an aggressive order to a conservative entry on a double top/ re test. Something we already made some $$ on the way down. So this will be a great opportunity to get in short again, hopefully with a win not a loss :D Deep Gartley gives great RR so make sure to place your stops accordingly. One small piece of advice to all harmonic pattern traders is make SURE you are using a consistent way of measuring your stops. Using different stops every time changes your strategy so dramatically. That's why I don't use the 1.113 extension as a stop loss anymore, my testing showed me I needed a slightly wider stop loss. What's your testing telling you?
Like always if you have any questions, feel free to send me an email anytime or check out the site for more info.
USDJPY Pennant Pattern BreakoutSyndicate members there will be a video coming out on this shortly, but I wanted to share with you guys a potential breakout trade that I have on my radar this Tuesday Morning.
If you're unsure on the different ways to trade these types of simple consolidation pattern you can check out the video I posted 2 weeks ago titled "How To Trade Breakouts"
But there is a lot of potential upside on this trade especially when you consider the levels of structure that we have just broken & the next levels of potential resistance that lie on the daily around the 111 even handle.
GBPJPY Structure ShortHey Traders,
Again, Not much on the charts, but taking a look, we do have some potential trading opportunities setting themselves up. Keep in mind, I will be FLAT until Wednesday as much as I would love to enter the market. After having experienced slippage first hand, I never want to put myself in the situation where I am in a position and I get slipped 50-100 pips on top of my stop loss. Sounds crazy right? Well, welcome to volatility.
Today on the charts, we have a descending triangle that we don't trade, however if you notice, we set up a decent level of support, which is now being re tested. From what we understand of the markets, support becomes resistance, so if there was any place to be looking for a short, it would be in this zone. Now, If I were to enter this trade, I wouldn't do it aggressively. I would be more conservative and wait for a candlestick formation to set up on the lower timeframes to help me enter. Targets 1 are set on a re test of structure, you can shoot for confluence of structure and Fibonacci extension for targets 2. Stops would have to be above the previous highs.
Hope you have a safe day of trading, If you have any crazy trading stories of past events, leave a comment below, I would love to hear about it.
