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Head and Shoulders This seems to be forming a head and shoulders pattern. It would be smart to wait on this and then short for some good gains.On my last post I was looking at a long position and I was right on the money! Now we are still waiting for this to hit the TP to then take the short position.Shorting around 92.000 would be a good idea. Quote: “The goal of a successful trader is to make the best trades. Money is secondary.” – Alexander Elder Trader essential from Amazon 1. amzn.to -Tylenol Extra Strength Rapid Release (LOL) 2. amzn.to -Encyclopedia of Chart Patterns 3. amzn.to -Apple MacBook Pro 4. amzn.to -OLLY Goodbye Stress Gummy, 5. amzn.to - Lenovo Ideacentre AIO 520S 23-Inch Desktop Computer (Intel Core i5-7200U, 16GB DDR4, 1TB HDD, Intel HD Graphics 620, Windows 10), F0CU0001US 6. amzn.to Apple iMac (21.5" Retina 4K display, 3.0GHz quad-core Intel Core i5, 8GB RAM, 1TB) - Silver 7. amzn.to -Dell i5680-7813BLU-PUS Inspiron Gaming PC Desktop 5680, Intel Core i7-8700, 16GB DDR4 Memory, 128GB SSD+2TB SATA HDD, NVIDIA GeForce GTX 1060, Recon Blue, Windows 10 64-bit
BITFINEX:LTCUSDShort
by Red_Rock5
Why are you failing? Part 1I often think to myself how many traders are actually good and could make money? What if the main reason you're failing is because you use leverage the wrong way. I think every trader has made the mistake of over leveraging in a position when they think they see a really perfect trade. Now maybe they're right but as you know nothing is lined up 100% perfectly in trading.For example they may have saw a great support which they bought into ,but before moving up again the price drops more which resulted in a losing trade. If they have had the right position size it may have helped them be more patient. You often hear people say control your emotions when trading and I strongly believe that your position size will determine how your emotions will play in any given trade. Disclaimer: These are just thoughts and random charts. Quote of the day:“Throughout my financial career, I have continually witnessed examples of other people that I have known being ruined by a failure to respect risk. If you don’t take a hard look at risk, it will take you.” – Larry Hite Trader Essentials from Amazon 1. amzn.to -Tylenol Extra Strength Rapid Release (LOL) 2. amzn.to -Encyclopedia of Chart Patterns 3. amzn.to -Apple MacBook Pro 4. amzn.to -OLLY Goodbye Stress Gummy,
by Red_Rock5
GBPAUD - Amidst AUD Weakness, Can We Still See Bearish Movement?Today, I'll be starting on technicals and end off on various fundamental factors. So, starting on the 4HR timeframe, we've seen a range of lower lows and lower highs being created with our most recent lower low being formed around the 1.82600 price region. We are now of course, anticipating a lower high to be formed in continuation of the downtrend. The daily and the 4HR timeframes both have bearish EMA crossovers and this may be the slowdown of price on GBPAUD before a massive downside clearing out the prior lows. We did manage to spike below the monthly key level however we closed just above, technically labelling the key level as support and I am looking for a slight retracement higher. We are testing the prior daily high and reaching the 38.2% Fibonacci zone which may be a good reversal zone, but we must take into account, the descending trend line as well as the 61.8/78.6% zone marked up with the ellipse tool. Price has the potential to move +/-100 pips before this pair plummets so I will be vigilant and watch for a candlestick reversal pattern worth noting as well as a nice clean rejection from resistance or the Fibonacci levels. This setup is still shaping itself and I feel we need more confluence to trade this pair. Due to the EMAs being broken to the upside, which we were previously trending below, I'd like to see the closure of the next 4HR candle as well as the opening of the London session to see more liquidity and direction in the market as currently price just seems to be breathing above the monthly key level. Looking at the fundamentals, we have lots of volatility to be seen around 9:30 GMT, regarding the GBP as we see monthly GDP and Manufacturing data being released with a forecast of slightly negative figures compared to the previous month. The are also various data releases from the RBA ( Reserve Bank Of Australia ), however GBP will be in the spotlight as we saw PM May rushing to Berlin yesterday in an attempt to gain another extension till the 30th of June, however if Labour support her, we can see an exit by the 22nd of May. Thursday we should receive the outcome and Friday the UK could leave the EU with no deal if the EU refuse yet another extension of Article 50. Our next expected volatile news for the AUD is the Monetary Policy Meeting Minutes early Tuesday morning next week so manage your trades in the correct manner and execute trades with reasonable risk management. Have a great week further traders !
Short
by KeownArcher
Possible AUD/CHF Short position!!SMP TRADING SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe 4 - 16hrs Actions on - A – Activating Event Market will meet resistance in zone @0.711 - .... and fall to the 0.705. In order to enter, the pair MUST be in line with my Entry Procedure.... B – Beliefs Market move towards the first Target 1 level @ 0.705 FX:AUDCHF Trade Management Entered @ ..... Stop Loss @ ..... Target 1 @ 0.705 Target 2 @ .... Risk/Reward @ 2.5.1 Happy trading :) Follow your Trading plan, remain disciplined and keep learning !! Please Follow, Like,Comment & Follow This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Short
by SMPTrader
NZDUSD - Retracement Before More Downside MovementWith the DXY in a crucial area laying in line with the 78.6 % Fibonacci level as well as a potential head & shoulder pattern, we may see this pair shoot to the upside. However, we have breached the descending trend line and closed above. This may be a false breakout or we will see a break & retest to push price higher for the USD. If the latter occurs, we should see NZDUSD plummet. Looking at the daily timeframe on NZDUSD, we saw a fakeout spiking 70 pips above the descending trend line, however we saw previous resistance met, looking left, and saw a sharp decline to the downside. We then came up to test resistance which we then rejected, ( this was also a 38.2% Fibonacci retracement. If you drop down to the 4HR timeframe, you will be able to see a double spinning top / doji formation off this zone showing price exhaustion and a potential reversal. At the time of writing this article, we are currently respecting the ascending trend line and a minor support level. I have the 61.8%/78.6% Fibonacci marked up in blue as my desired entry to short this pair. Being in a pennant, we are currently consolidating and we can expect a breakout. I favour short, however I will look for a break & retest of the descending trend line incase DXY weakens which will then allow us to short USD pairs as well as buy Gold. The EMA's have also recently crossed over as well as dropping down to the 4HR, we can see they are touching each other now and we can expect a new downside leg. The creation of a new range of lower lows and lower highs, rejection of trend line and resistance as well as the Fibonacci retracement are all used for confluence or more confirmation. I will remain patient and look for a high probability , high risk/reward trade. Psychology and risk management is key to being consistent and profitable. Have a great week !
Short
by KeownArcher
2
AUDNZD - Some Retracing To Do Before The Long After seeing price in a clear bear trend since late January, we have finally seen a break & retest of the descending trend line, pushing price close to the daily resistance of 1.04500, creating a new higher high which of course should follow with a higher low. I have hi-lighted the triple spinning tops as this indicates price exhaustion and a reversal / retracement is due. I favour a 38.2% Fibonacci retracement as there is strong support here and it is just above the monthly key level. If price however breaks the monthly key, I have the 61.8/78.6 zones hi-lighted for a further retracement and better entry but this move may be invalid by then, so I will be keeping a close eye on this pair. Once the daily resistance is broken, I see our target regions being met with further upside potential as I favour AUD long all-round. There is expected NZD weakness so this also gives me more reason for a bullish AUD move, however be sure to use correct risk and money management as well as to watch out for certain volatile news events and the times as we can expect volatility this week with plentiful AUD news.
Long
by KeownArcher