MARKET STRUCTURE IN US_500 (SP_500)The S&P 500 index is currently in a bullish trend, forming higher highs and higher lows. However, it recently created a series of equal highs, followed by a lower low. If the index breaks below the recent low, it could be an indication that the trend is turning bearish. On the other hand, if it breaks above the equal highs, the bullish trend is likely to continue. Traders should keep a close eye on these key levels and use them as potential points in their trades. Happy trading!
Structuretrades
GBPJPY Potential Shortwow, its been ages since I have posted here. Sorry guys, I have been very busy. But this morning I had a chance to breathe so I decided to show you what I am keeping an eye on. I am waiting for price to come back into previous support now turned resistance on the Hourly Timeframe AFTER it breaks that last level of support down at 138.000 even handle. We had a nice Gap down lower over the weekend so lets see if price wants to continue that direction. Like always, trade what your plan allows, don't just go for every trade that looks nice. Make sure you are trading with an edge.
Like always if you have any questions feel free to comment below !
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 !
NZDUSD Weekly Double Top Straight forward Double top, possiblity of a 2618 depending on how things progress.
But last weeks candle didnt close higher than the previous high, previous area of Resistance.
EURGBP 4 Hr Possible Breakout TradeI have a Long view on this pair up to the D point of the possible cypher.
Looking at how we may get there, as you can see the previous candle came all the way down to previous support and rejected this are and moved up. This current candle is in or around another are of previous support.
If we see the candle close above the trend line I feel we will see a move to the upside
EURJPY Double Bottom Forming Daily If the Daily candle doesnt close lower I feel we will see a rise from these levels.
Previous area of Support and has risen from here before
GBPUSD Double top on the Daily Double Top forming on the Daily, This ties in with my view that their is a possible Cypher formation happening
GBPUSD Possible Double Top on the 4hrFollowing on from my cypher idea on the 60 min chart, we have come back up into previous levels of resistance
If this candle closes in the highlighted area I feel we will see movement downwards as we are in the oversold area of the RSI
USDCAD Possible Cypher Near Completion 1 Hr ChartA Bearish Cypher is nearing completion on the 1 Hr chart
Couple of targets marked at the 382 and 618 levels, good RR
GBPUSD Short setup on a Bat patternThe pound have been on a very choppy ride sideways lately, but what means bad conditions for others, means good conditions for harmonic patterns, or fib structures.
So here we got a Bat pattern setup on the GBPUSD we had an Cypher earlier that got invalid, and turned in to this setup where we are going short at 1,43183 at our PRZ level, stops and targets are on the chart. RSI is moving into the oversold area so lets see what the market brings us. Remember if price retraces beyond the A leg, trade is invalid.
Kind Regards
Thomas Jeff
EURAUD 2618 on the Daily We have had our Double top and impulse leg down
if we see a retracement to the 618 I feel that pervious support could act as ressitance and see a move to the downside
USDCHF GOING SHORTHere on the 1hr chart we have a few different reasons to believe this pair may be headed lower. These reasons consist of a double top, RSI divergence and previous structure support that could now act as resistence. There was also a couple of fib levels that came in around this area aswell and we are very close to the even handle number of .99000 which will somtimes act as support and resistence.
If you enjoy my analysis then check out my youtube channel were i describe the strategies i use and a weekly review of its performance!
YOUTUBE link: www.youtube.com
cadjpy potential batpatternHello, traders. I'm for this bat pattern to complete to enter short in anticipation of the downtrend to continue)
GBPUSD 1hr Double BottomGBPUSD has put in a Double Bottom at Daily Support. RSI went Oversold on the 1st Test. On the 2nd Test the RSI was showing Bullish Divergence. Zoom in on a Lower Time Frame once Price reaches the Entry Zone and look for some sort of Reversal Pattern Such as a Hammer Candlestick, Doji, 3 Bar Reversal, etc... Stops go either 1 ATR or 10 Pips below the Double Bottom. Target #1 is a retest of the last High and Target #2 is another Important Level on this Pair. This trade hits about 55%-60% so plan accordingly.. Not the highest probability trade so make sure you get good Risk to Reward (Better than 1 to 1).
back into trend with bat patternhey, traders. If yo look at the chart you will notice priceaction trading within the last impulse's leg range. As we all know moves in trends. So, it's not a bad idea to look for a trend continuation. I'm looking for another impulse to the upside and i'm going to use this bat pattern to enter long. As usual stop needs below X. My target is 1,272 XA extention. This give me a 1 to 4,6 rik/reward ratio. If trading setups like this you don't need to be right every time. Moreover, you don't need to be right even 50 times of 100 to generate profits. Let's see how this particular trade works). Multiple examples are attached as related ideas links. Check them to find out how this kind of setups work. If you find the inormation useful - you are welcome to press "like". Don't want to miss my next ideas? Press "follow" button. Good luck.
eurgbp trend reversal signNotes on the chart. The reversal sign by itself is a very good reason to enter short. Here we have a gartley pattern also telling us of price more probably to go down. this gives us an edge. If this edge is repeated consistently - then the stream of our trades generates profits)
Back into the trend with HSNSI BAT patternBlue arrows = impulses, voilation or retest of previous move's range.
Red arrow = corrections, priceaction within previous move's range.
Trend = at least two impulses of same direction with a correction between them.
Consolidation = at least two impulses of same direction with an impulse of opposite direction between them.
Price moves in trends. A trend remains active untill it shows the sign of reversal.
Sign of reversal = violation of the initial point of the last trend's impulse.
EURUSD: The Next Potential Short on Euro, Bearish 2618As price action makes its way back up towards previous structure highs, we’ll reach what I like to call a “decision point” in the market. I call it that because it’s at this point where our “IF/THEN” thought process comes in today play in our decision of whether to go long or short.
Because we have yet to break structure, I won’t touch on the long option, but the short option is playing this current move as a 2618 trade. We have already entered the killzone starting at 1.1120’s and at this point I would be dialing down to your lower timeframes and looking for an entry reason.
IF this 2618 does complete and rollover, it would also be the “C” leg of a potential bullish bat pattern. You guys know how I feel about the “aggressive C” trade (BAD! BAD! BAD!) but this would be one that actually makes sense, only because you have a valid reason to enter.
I’m feeling horrible today as I’ve caught a cold from somewhere, but with A LOT on my trading radar (Syndicate members, take a look at the tradefloor this morning) I don’t want to miss what could be a day ripe with opportunity.
(If you’re unfamiliar with the 2618 trade, the free training is on our website under the “Learn to Trade” tab)
Akil Stokes
Chief Currency Analysis at Trade Empowered
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