EUR/CHF, SUGAR/USD and EUR/NZD on watch for me today.Good morning guys and girls,
I hope that you had a great weekend.
I've got quite a lot to get through this morning.
So I was tagged out of my EUR/CAD trade on Friday for a nice little profit of +1.94%. As price broke below our daily double bottom area I was keen to start locking in profit even more aggressively just above it and when price printed a one hour retrace at this double bottom area that's exactly what I did and then I was taken out by volatility shortly afterwards. It was touch and go whether I had this pair on watch again today for a potential buy, but I think what's looking more likely now is that price will push back up before it pushes back down to potentially given us an even better setup by way of a 1, 2, 3 touch structure which breaks below our daily low and then I will be most definitely looking to get long. But I think that this if this does happen it might take until tomorrow to do so and to give me the setup that I'll be looking for, so I'm happy to sit on my hands until then where this potential trading opportunity is concerned.
I placed another trade last night which was a short trade on NZD/JPY. It ticked all of the boxes and more and shortly after I placed my order I was triggered in and a lot of momentum came into the market in in my forecasted direction almost immediately and then I went to bed. However during the night price retraced aggressively and it took me out for a -1.00% loss. A lot of people question themselves when they take a loss, but I've been in this game long enough to know that if I took this trade 100 times it would make me money and therefore I don't think when such setups present themselves, I execute because through repetition and experience I've acquired a probabilistic mindset, which is vital to our success as traders. As I've said before we just roll the dice as traders and if we have an edge of the market as I do then that edge will play out over a large enough sample size of trades. Once again I considered having this pair on watch again today as I think just as with EUR/CAD price might be giving as an expanding pattern at structure which we can potentially capitlise on, however just as with EUR/CAD I think that this trade setup will likely not be ready until tomorrow. So once again I'm happy to sit on my hands until it does (if indeed it does).
Listed below is what I'll be looking for today and posted as separate screenshots this morning are both trade recaps and all three forecasts.
Have a great day!
EUR/CHF:
• If price corrects and a tight one hour flag forms, then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
SUGAR/USD:
• If price impulses down further, it does so in a convincing manner and a subsequent tight flag forms, then I'll be looking to get short with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
EUR/NZD:
• If price pushes down to and ideally just below our rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour rejection from it.
• If price pushes down to and ideally just below our rayline and the last part of the move is impulsive, then I'll be waiting for a convincing impulse back up followed by a tight flag and then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
SUGARUSD trade ideas
CHF/JPY, SUGAR/USD, EUR/CAD and CAD/JPY on watch for me today.Good morning guys and girls,
I hope you're well.
Before I explain what I'll be looking for today let me just say before I forget that I made a slight mistake with my forecasting yesterday morning. By that I mean that what I said I'd be looking for from each pair beside the bullet points which I list beneath each currency pair subheading in my forecast description was actually what I said I'd be looking for from the pairs which I had on watch the previous day, which is why you might have noticed that what I said I was looking for was at odds with what I said I'd be looking for in the callout bubble descriptions on my screenshots. As you may or may not have guessed I use a template for the text in my forecast descriptions and I changed the currency pair subheadings to reflect the pairs that I was looking for yesterday, but I forgot to change the bullet points beneath them before pasting them over to TradingView, hence why the latter were my entry requirements for the pairs which I had on watch the previous day. Thankfully there will be no such problems this morning.
Moving on and I'm currently running at just over +1.5% profit with my EUR/CAD trade. Whereas I would normally lock in profit above the highs I locked in profit more aggressively just above our most recent swing low as price approached the bottom of structure where a reversal is much more likely and although it does look like a tight bull flag has formed to push back up it's important to note that price never quite broke our previous low on the daily chart and that the bull flag is becoming very wide relative to the impulse up which preceded it, making perhaps a slow trickle down to this liquidity point more likely. So I have EUR/CAD on watch again today for this reasons for a potential buy if price does break our stand out daily low. If it does and we got a strong one hour close below it I will lock in profit just above the daily low and then be ready to flip my bias if I'm tagged out for around +2% profit in anticipation of a subsequent tight bull flag back above it which I'll be looking to get long on the break of and of course if that doesn't happen and we either slowly or quickly start to push lower then with a bit of luck and if I manage it well then I'll still be in the short trade which I'm currently in and this is why I constantly talk about the importance of remaining neutral in trading so that you don't become too attached to a bias.
With regards to my potential long trade on CAD/JPY I'm just being a little bit careful where the tight one hour bull flag that's formed is concerned. a) Because there have been two subsequent one hour corrections since the move up which broke and retraced back above our previous daily low and b) Because the Canadian dollar is trickling up against several currency pairs across the board making some kind of sell off more likely which would make it more likely that I could be tagged in and tagged out of this trade. So what I'll be doing is waiting to see if price will give us an ever so slightly flatter bull flag, that it so say one where the gradient of the highs at the top of it doesn't have quite as much of a descent to it before I look to get long on the break of it, especially since it's also starting to become wider and wider relative to the impulse up which preceded it.
But without further ado today's forecast is listed below.
Have a great day and a great weekend and I'll be back on Monday morning with another one of these forecasts!
CHF/JPY:
• If price pushes up to and ideally just above our rayline, then regardless of how it does so I'll be waiting for a convincing impulse back down followed by a tight flag and then I'll be looking to get short with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
SUGAR/USD:
• If price pushes up to and ideally just above our rayline, then regardless of how it does so I'll be waiting for a convincing impulse back down followed by a tight flag and then I'll be looking to get short with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
EUR/CAD:
• If price pushes down to and ideally just below our rayline, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight flag and then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
CAD/JPY:
• If price impulses up, it does so in a convincing manner and a tight one hour flag forms, then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If price only pushes up to and ideally just above our rayline, then regardless of how it does so I'll again be waiting for a convincing impulse back down followed by a tight flag and then I'll again be looking to get short with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
SUGAR/USD on watch for me today.SUGAR/USD:
• If price corrects and a tight flag forms, or it impulses down still further, it does so in a convincing manner and a subsequent tight flag forms, then I'll be looking to get short with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
SUGARUSD channelDue to the price hitting the upper ceiling of the ascending channel channel, we expect a correction in the first stage and in the second stage, we expect to hit the lower ceiling of the channel.
Our target area for correction of the price range is 0.17845 because:
1 is located at the intersection of 0.50 and our resistance area
2 is an important area of resistance to which prices have reacted many times
3 is a rand number
4 is also in the 0.5 level of our ab = cd pattern
Thank you dear ones for reading our analysis. Please leave us your opinion
SUGARUSD EMA 10 EMA 20 Pin Bar TradeAfter a break out, wait for the right moment to enter. Don't be in a rush to enter the market. Wait for confirmation of the trade set up. If trade signal does not occur, then do not enter the market.
For SUGARUSD, the confirmation signal occurred on February 4, 2021. See Pin Bar located at the EMA 10 EMA 20. After price breaks a horizontal key level, wait for the trade signal. Price may bounce around the horizontal support resistance key level. The signal may not fall neatly on support resistance level. Remember support resistance levels are areas. Be patient and wait for a signal to form in the area.
Sugar breakout at 18300 into a 4 year high. Next stop 19000.Sugar has resumed its tear upward after a dip last month. It has now surpassed highs not seen for 4 years and is encountering some resistance from old levels around 18500. Should it surpass this, then 19000 and 20000 are in sight. Soft commodities also benefiting from dollar weakness and inflation.
Will sugar bounce from the support?Sugar has climb already a 100% from May 2020. However, it has been experiencing a correction for the last 11 days. Will it end on the 0.164 or will it keep falling until the 0.146 support?
The next days are crucial for decision making!
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USD/CAD, WTICO/USD, EUR/USD and SUGAR/USD on watch for me today.USD/CAD:
• If price pushes down to and ideally just below the lower trend line of our most recent piece of structure, then regardless of how it does so I'll be waiting for a convincing push back up followed by a tight flag and then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If this setup doesn't present itself then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place this trade.
WTICO/USD:
• If price corrects and a clear one hour flag forms then I'll be looking to get short with a reduced risk entry on the break of the flag.
• If this setup doesn't present itself then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place this trade.
EUR/USD:
• If price pushes up impulsively above the corrective, it does so in a convincing manner and a subsequent tight flag forms, then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If this setup doesn't present itself then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place this trade.
SUGAR/USD:
• If price pushes up to and ideally just above our rayline and the last part of the move is corrective, then I'll be looking to get short with a risk entry after a phase line break on either the one hour or the fifteen minute chart.
• If price pushes up to and ideally just above our rayline and it does so impulsively, then I'll be waiting for a convincing impulse back down below it followed by a tight flag and then I'll be looking to get short with a reduced risk entry on the break of the flag.
• If neither of these setups present themselves then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place either of these trades.