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Structurebreakout

Medium term view of USDCAD to the upside Last weekend, I was projecting an upside move for USDCAD (linked below). If the bottom of the right shoulder was caught, then that trade is still valid for potentially 300 pips. Unfortunately I missed that entry. This weekend, I zoomed out and forcasting a larger move from the daily & monthly point of view. Although USDCAD is consolidating within a descending wedge, my idea assumes that it will break out of it. According to my analysis, I am expecting a breakout to complete the smaller inverted H&S pattern. And then a retest of the support level to create the right shoulder of the larger inverted H&S pattern. Thereafter, the sellers will tire out once again and then a strong push to the upside to complete the pattern(s) and retrace to the .382 fib. The idea has extra confluence as the structure is supported by a monthly bullish structure. As well as the strengthening USD, which will heavily influence this idea. But one more concern is that I am also expecting Oil to gain strength and if that happens, it could also impact the result of this idea. If this idea plays out, there will be multiple opportunities to profit off this move. The one I am currently looking for, is the upward move to complete the smaller right shoulder (linked below). Although it won't initially reach the target, it can still provide 200 pips. From here, there is the possibility to look for the downside move (but it is more risky as it may not happen and at this point and you will be trading against the trend). Thereafter I will look for a retest back to the support level that creates the larger right shoulder for the next big push up. This will be the more interesting move as it can provde from 380 pips to 650 pips. A quick reminder, only enter after confirmation that will allow you to break even if the trade goes against you. And price action is key and the most important thing to follow as things can change at any moment. Let me know your thoughts. Trade Safe! HEET ps. I generally post alot of updates as the idea/trade evolves. If you want to stay updated, please click the "Follow this idea" button.
Long
by AfterlifeTrading
4
THE STAKES FOR SHARP ENTRY ARE TOO HIGH!!!OANDA:XAUUSD I took total of 4 trades on Gold in the last 2 weeks. All of them hit my target TP. Do I aim for sharp entry? Well I don't. Not anymore. I used to chase sharp entry before, but now all I want is profit. Not perfect entry. The stakes for sharp entry are too high. Also, you need to stay focus all the time and mainly use limit orders to place your order. You might get stopped out multiple times before you finally catch the reversal edge or you might missed out some good trades as well. As you can see all my past trades on gold are based on structure breakout. I do not aim for sharp entry, but I'm looking for confirmation. I wait for confirmation (aka structure breakout) then only I place my order at the market price. Is waiting for confirmation performs better than trying to get sharp entry? Don't be surprised, IT IS WAY BETTER! Of course there are some opportunity costs waiting for confirmation. My SL is larger, my risk to reward ratio is lower (1 to 1 if I really have high confidence). But I'm still able to make 1:2, 1:3, or even 1:4 RRR. Another opportunity cost will be my entries are late.I do not catch the earliest reversal, I enter the market only after the momentum is picking up. Another cool part trading with confirmation (my confirmation is structure breakout) is that I have more time to do other stuff. As I'm trading the 4H chart, I'm reducing my screen time and only look at the chart every 4hour and it took me less than 1 minute each pair to make market decision. In summary, structure breakout is my confirmation & entry at the market after confirmation give me higher win rate while still able to maintain my RRR. I got more time to other stuff and really enjoy my life as a trader. I'm not that adventurous anymore to chase for sharp entry. Entry late, but still profit. So my advice, make yourself wait a little bit longer when you want to trade. Be patience and wait for confirmation might be a short cut for you to become a profitable trader. :) Hope you learn something from this article. Enjoy, follow me & share this if you like it.
OANDA:XAUUSDEducation
by BarryAllen_Thee