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USD/TRY D1 Perspective I had a request from a friend to analyze USD/TRY: On daily perspective I saw a nice classical Elliot Wave with double zigzag till point E correction waves. Before starting the analyze I want you to eliminate the harmonic pattern that I draw there; First we start with trends and the potential of opening trade. PA (Price Action) creates trend and trends give us opportunity to open a position trade by its steep. On S2 line we had 2 potential of Buy and why we do not Sell on R1.2 is because of its upward steep and we will never Sell on upward trend and never do amateurish scalping and we do not close our deal until either S2 breaks or we see a PA TP Signal which we had it on the top and Also a good Sell Signal at the same time. Remember as a good trader how we open Sell Position is not when ever we see double top just sell on it. Even though we have seen a bearish PA on the top we still should wait ti S 1.1 trend to break and then we can open Sell position with SL of above R 1 + Spread. Since price follows our expectation we will sell any time if price touches the R1.1 with SL of above it. (Remember you must first observe that does the price are going to touch and pull back or it will breaks the trend. You never Sell if your trend is broke out. You follow the price till you reach the Future Expected Price A (FEPA) and if price does not change direction; you will follow the same strategy till you reach FEPB. (If R 1.1 dose not break). Since we have S 2 Trend line seems to be stronger than R1.1 you also can expect an uptrend around that area. If we see S 2 Breaks R 1.1 we get ready to see a harmonic pattern in future. Our expected Patterns and Elliot are not our signal, it's just a map and idea that we can look at them some time. We trade based on your best friend (trend) and PA. Any time if the harmonic pattern is completed you can expect for a bullish movement. Remember you will close all the sell position if R 1.1 breaks and will not open any position till you reach on 1 safe trend. Hold is also an option. FEP are found by Orbits strategy that I have explained in many of my previous perspective. If you are new to it please read my previous analysis and if still you have problem with it feel free and email me at farsi.masoud@gmail.com
by mspdash
1
USDJPY: Rising Wedge Into Previous Structure (read description)I’m looking at a rising wedge type of pattern forming here on the USDJPY that is working it’s way toward a pretty significant level of structure (look left). We typically see a breakout to the downside with this type of setup as it represents the market losing steam after a high volume move. I’ll be looking for short opportunities on this pair in the Live Trading Room, but we might want to keep out eyes on the 8:15 ADP number as we are still looking at a very bullish dollar. This is my last active trading day for the week as I’m headed out of town but I didn want to leave you guys with a short video titled “How to Grow Your Trading Account” Here’s the link Here's the link to my youtube video "How To Grow Your Trading Account" here’s the link. www.youtube.com Hitting the LIKE button, leaving a comment and sharing on my youtube page would be a BIG HELP! -------------------------------------------- -------------------------------------------- Akil Stokes Chief Currency Analysis at Trade Empowered Click Here for 20+ hours of FREE Training tradeempowered.com Facebook: www.facebook.com Twitter: twitter.com
Short
by Akil_Stokes
35
continiuation trade after consolidating a breakout of the trendupdate : broke out of consolidation lets look for a .618 retracement for a long position --------------------------------------------------------------------------------------------------------------------------------- Good day to you traders, Just saw the 2nd breakout last night so i looked for a trading oppertunnity. I have been waiting for a consolidation above the trendline because, after a second breakout, i think this is a pretty good confirmation that the price will go higher after a very long down trend. IF the price breaks out ABOVE the consolidation THEN i think this is a pretty good oppertunity to long this pair. IF the price retraced .618 THEN i will long till previous structure @ 0.67410. Stop loss will be @ 0.66423 just under the consolidation. edit: RSI isnt overbought yet ------------------------------------------------------------------------------------------------------------------------------------------------------------- These are my trading plans its on your own risks to follow me.
Long
by TimBrent
2
AUDUSD: Structure Long with Hidden DivergenceSorry for being quiet this week trading view but I've been running things on the road. Also the markets have been pretty quiet this week so there just hasn't been a lot to share. Today seems to be a little bit better and I wanted to bring a potential buying opportunity on AUDUSD to your attention. I'm already long this pair from earlier in the week. My position has been doing absolutely nothing but sitting there, but with our recent movement in price action another opportunity has appeared as well. This structure based opportunity can be looked at like a 2618. Price action has come down to previous structure support and held, followed by a HHHC and is now retracing. The HHHC gives us a bullish rotation and the present retracement is a perfect chance to hop aboard. Also the fact that the RSI is showing us hidden divergence gives me some added confidence and potentially added points for those of you that trade the Combined Technical Scoring System (CTS). The risk reward looks good on this trade no matter where you look to get long, so the only question left is "How Can I Get Long?" And the answer to that should be simple. What does your trading plan say are your rules for entry on this type of trade? "But Akil, what if I don't have a rule for this in my trading plan?" Well I'm sorry but you shouldn't be taking the trade then. With structure being at the core of my trading philosophy I'd be looking for targets at resistance & stops below support. Best of luck if you do get involved and until next time. "Plan Your Trade, Trade Your Plan" Akil Stokes www.Tradeempowered.com
Long
by Akil_Stokes
25
GER30: Potential Bullish Bat Pattern (Could this be 4 in a row?)If you missed the initial analysis here's a video where I go over it. I think it starts at about the 20 minute mark, but you might as well watch the entire thing ;-) Weekend Review: "The Most Important thing You Can Do Is..." www.youtube.com We've been tracking this index for the past few weeks in the Live Room and so far we've been spot on with our predictions. A move into structure rolled over into a Gartley pattern, our Gartley pattern shot back up into a Cypher and our CYpher is now looking to complete a Bat pattern....potentially of course. If you missed the initial analysis here's a video where I go over it. I think it starts at about the 20 minute mark, but you might as well watch the entire thing ;-) Wishing you best of luck in the markets this week traders!!! Aki
FX:GER30Long
by Akil_Stokes
7
AUDUSD: 1hr Potential Bullish Bat PatternI'm looking at a potential bullish Gartley pattern here on the AUDUSD hourly chart completing at the 88.6 (0.7553). If the gartley were to complete I'd expect a move back into our 38.2 fibonacci retracement locate at 0.7605. With that level being so close to the 76 even handle it's probably worth front running your targets a little more. Do be aware that we have Retail Sales news out tonight at 9:30pm and Cash Rate due out at 12:30am NY which should push these thin Asia-session markets, but when the smoke clears, if the pattern is still available it looks pretty appetizing. If you're a trader that can't actively watch the charts during this time period, it may be worth playing the sidelines. Also for those of you who attended today, I'd love to hear your opinion on how things went. I mentioned the "Kaizen" philosophy in my trading, well i also use that same philosophy in life as well so all comments are welcomed so that day 2 can be even better. Akil
Long
by Akil_Stokes
32
EURAUD: Reviewing The Tape (Education not a trade idea)I've already written my "Trading Recap" blog post for today but I wanted to share something with you guys. For you guys that have been following along with my blog you know that I've been working on an article looking at professional athletes and professional traders. One of my main comparisons is the amount of preparation and review that both do. Just like Peyton Manning or Tom Brady do after every game, after each trading day I review the tape, meaning that I go back through my trading day and critique myself. After all, in this industry we are our own bosses so if we don't do it who will? Last night I posted a trade looking for a potential breakout to the upside on EURAUD, although we did test the highs of our previous structure level we never got the break that I was looking for and it ended up being a scratch trade (breakeven). This morning in our Warroom meeting Jason Stapleton fired off 2618 idea for this same pair. (I'll attach a link to the FREE 2618 training at the bottom of this post). In the live room we ended up finding a bearish Cypher at the same level and ended up getting short as well. After banking some good pips, I spend the rest of our session going through the rest of my portfolio and basically but this pair on the back burner. BIG MISTAKE, if only i would have paid more attention to it, i would have seen that IF our 2618 setup were to rally to 2nd targets THEN we'd also have a Bat pattern completion which we plant a stop & reverse at. So yeah I left a few pips on the board today but the important part is that I was able to identify my mistake and turn it into a learning experience. For those who don't take the time to review their day, well that mistake may continue to be a future mistake. Thanks for taking the time to read this and I'll see you next week at the Technical Trader Workshop!!! FREE 2618 Training Lesson: www.youtube.com 2015 FREE Technical Trader Workshop: promos.tradeempowered.com
Education
by Akil_Stokes
10
Rough day in Crude oil - not every day can be peaches & creamToday was not a good day for me day trading Crude Oil. I find it very helpful when i write up these publications as it helps me see where I made my mistakes and hopefully I correct poor behavior. So indulge me here as I walk you through how I ended up losing $330 on the day (sim). .Because of the holiday atmosphere (and roll issues relating to May contract expiry) I did not trade my combine today but rather just put trades on in my practice account. Regardless of sim vs. live, I consider every trade I do 'live' so when I fail in my practice account I consider it a fail. Now on to the trades. I woke late (not a good sign in itself) and saw I missed the first BoT long setup off the double bottom registered through the Globex session. In classic FOMO fashion I took the first BoT setup that came on a greater than 33% correction in price. I, of course, assumed the bull market would go on endlessly. The setup was poor (at best) and I later realized it was on a bear momentum divergence (holy rookie mistake batman!).That long represented way too much risk (23 ticks) and I simply could never consider taking that amount of risk on a 'live' trade why I thought it was ok to do in the practice account eludes me. In hindsight one can see why we shouldn't take that amount of risk on any one trade. Anyway, that stop was hit and now I was 23 ticks in the hole. I must admit, I hastily stalked another setup to get revenge (another bad sign) and took the first BoT short that came along shortly thereafter. Again, looking back in hindsight, momentum itself was on the upswing when I put the short on and later did 'top' out - well after I was stopped out. So now 0/2 and down 32 ticks on the day. Even though it is just a practice account, I resigned myself to the fact that I just wasn't seeing the market correctly today and shut down operations. Sadder too, I see now a respectable BoT long setup working that I just simply could not consider taking. Hopefully while you read this you see similar trading mistakes made on your own part and can learn from a 'veteran' that we all make them. No matter how long you have done this, nor how 'rich' you are, a trader is always prone to making mistakes. How we learn/grow from those mistakes is what separates the pro's from the amateurs. Cheers, Brian aka CRInvestor
FX:USOIL
by CRInvestor
1