Structured
AUDUSD 4 Hr breakout / harmonic move I still think we have more downside to come.
Looks to me like an outside return and now a possible breakout into a harmonic move like we just had.
This also puts us in the area of a D Completion leg for a Bullish Bat on the Daily and a area of support which saw the pair move to recent highs
Looking on the monthly chart its still looking like a bear flag formation imo
Eur/Jpy Short Eur/Jpy has broken overall uptrend structure on higher timeframes so dropping to the 2 hour time frame and measuring key levels with fibs isnt a bad idea. This past week the 114.000 level has been holding firm as a resistance point for this structure which happens to be our 50% retracement level for our last swing high.
* Weekly resistance still stands firm at 115.000
* We can have a potential ABCD pattern if our fib key levels hold. My target is the 27% extention level as monthly support holds just below and the 161.8 extention level. Major confluence!
HAPPY TRADING
AUDUSD Possible Bearish Cypher on the 4hr couple of thoughts on this pair.
I first saw a possible Double Top as we have come back up to the area of the previous highest wick and we could see a drop back from these levels as before. Also looking at the movements a pbeasigh cypher is almost complete.
Also we have had this recent impulse leg up which if we saw an outside return it could co inside with 382 and 618 targets of a cypher.
USDJPY long flag breakoutAfter todays breakout out of the bullish flag (in d1 chart too), we generate a bullish buying opportunity, which follows the general upwards trend of the USD/JPY.
Since we are currently in a lightly overbought market (RSI close to 70) and after many big bullish candles in the last hours, we will be waiting for a small pullback to the level of about 122,85 which gives us support by previous lows and the upper band of the flag. Furthermore this gives us a high Risk Reward Ratio of 2,1!
Target 1 is set at previous highs, you can decide wether to sell a part of your position to realize first profits or going all out for target 2.
One could also enter the long position right now, but this would minimize our Risk Reward Ratio.
GER30/DAX short, reaching upper edge of flagDue to the insecure overall political situation in Europe, plunging chinese stocks and industrial metals, the testing of the upper channel edge and a relatively oversold market , we may see another breakdown at least to previous structure level of at least 10700. Another support zone at around 10600 marked with the thin green line may also indicate a potential reversal zone at around 10600 to 10700.
As always, Stop-Loss is set right about previous structure highs, giving us a nice Risk Reward Ratio of 2,9.
In long term view a decrease down to about the 10000 level is the maximum imaginable to me, because of huge resistance levels marked with the long green rectangle. This would theoretically give us an RRR of 5,17 but is not easy to predict in this by politics driven stock markets
GBPAUD 1H BEAR GARTLEY at X@2.05067 with Stops and Targets1. If price reaches the completion of this GARTLEY pattern I will sell. There are three structure highs close to the completion point of the pattern.
2. Stops will be placed above the highest point which is also the A point of the potential BULL BAT pattern. When several highs are close together the highest point often gets tested.
3. Target 1 is slightly above the A point of the GARTLEY pattern.
4. Target 2 is slightly above the 1.618 XA extension. This area had acted as resistance and support in the past.
5. Both stops are moved to breakeven at the 0.618 CD retracement . Target 2 stops are trailed using the DNC indicator once moved to breakeven.
AUDJPY / 4HR / POTENTIAL GARTLEY + BAT (VIDEO)VIDEO: www.youtube.com
Good morning traders, Philip Stewart here. Today we're looking
at some structures and patterns, as well as the AUS RBA
opportunities that were presented to us.
Please watch the video above for more details about what we're
looking at in our trading today.
Star Prosper
Philip Stewart
Bat and Cypher patterns and structured based tradeThis is my first Publish Idea this would be a cypher and a bat pattern ( I set thouse patterns based on my own rules )
but before that there is a structured based trading oportunity, so with any luck we could get 2 consecutive trades with STOP AND REVERSE
NOTE: I Know my english sucks so don't bother leting me know that xD