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NZDUSD LONG swing trade with 3 confluences List of confluences: 1: Weekly chart breakout and chart in market structure. 2: Weekly and daily Chart short to medium term trendline breakout. 3: Potential Head and shoulder formation on daily chart Summary: When we look on the weekly time frame, we can see a clear bullish market structure change and breakout. Usually after such a strong breakout we tend to see a very strong pull back which lasted just over two weeks in this case and is visible on the daily time frame as well. Most the traders who took this setup right after the weekly candle breakout had a strong potential of getting stopped out so its advise to wait a few days before looking for entries. When looking at the weekly and daily chart, we can see a breakout of a short to medium term trendline. After the breakout we can see a very strong pull back as stated above. Lastly we can see the potential formation of a head and shoulders pattern which further confirms out long basis on the NZDUSD pair. This trade will be left to run for about 2 to 3 week or until the target is reached, which ever comes first. Targets are set using Fibonacci. Lets see how this plays out.
Long
by NDOBObanks
GBPAUD for a sell opportunityPrice rejected the top at 1.82000 area with a breakout of the trendline. The price is forming a nice correction that possibly can break to the downside. You can enter at the break of the correction or wait for more confirmations as to how did the structure break (impulsively or correctively) This is a nice setup if the correction breaks to the downside. The market can also test the top again at 1.82 and then continue to the downside. If the market breaks up with a bullish candle the setup is invalid. Good luck and use proper risk management :) Any comments are welcomed
Short
by solonas96
EURCAD PRICE TRAP 1HR tfNZDJPY Price Trap - (BUY/SELL) BUY Entry: If price break and closes above alert price on the 1hr tf, enter on the break or the retest Alert: 1.49176 TP1: 1.49571 (40 pips) TP2: 1.49908 (73 pips) TP3: 1.50294 (112 pips) TP4: 1.50590 (142 pips) SL: 1.48470 (30 pips) If it breaks TP1, or is considerably in profit, move your stop into profit or close in profits SELL Entry: If price break and closes below alert price on the 1hr tf, enter on the break or the retest Alert: 1.48076 TP1: 1.47836 (24 pips) TP2: 1.47554 (52 pips) TP3: 1.47358 (72 pips) SL: 1.48373 (30 pips) If it breaks TP1, or is considerably in profit, move your stop into profit or close in profits THESE ARE N.O.T. PENDING ORDERS MUST WAIT FOR THE BREAK & CLOSE
by faithintrade
AUDCAD Short with 3 confluences (Zero Indicators) H & SConfluences: 1.Head and Should pattern formation on daily chart . (Not textbook style Head and Shoulders ) 2. Daily chart long term trendline breakout and close. 3. Price is trending lower with the formation of a new low. Entry: Too soon to enter at the moment even though setup looks really great, We will be waiting for the CAD interest rate decision today before looking for an entries. Will be looking to hold trade for about 4 - 5 days or until take profit is reached (Whichever comes first)
Short
by NDOBObanks
GOLD Short with 3 Confluences (Zero Indicators)Confluence: 1. Weekly Chart Trendline breakout. 2. Price is trending bearish with lower highs and new Lows being created. 3: Key low has been broken in the region of 1787 and 1765. Entry: We will be waiting for a lower high to get formed before looking for any entries on Gold. We are expecting some dollar weakness into the start of this week. With that being said, we are expecting a pull back before we see price settle towards the end of the week and then we should see a push to the downside. This will as well give us time to reassess the risk reward of the trade and to determine whether or not the setup is still valid.
OANDA:XAUUSDShort
by NDOBObanks
4
USDCHF Long with 2 confluences (Zero Indicators)Confluences: 1: Weekly chart trendline breakout. 2. Trend is bullish with price making Higher Lows and New Highs. Entry: Price is over extended at this point in time. This creates the risk of price pulling back to retest the previous high or the trendline while at the same time creating new higher low. This when we can start looking for entries and reassess the risk reward ratio for this particular trade. Will be looking to take entries later next week if the setup is till valid. Will be looking to holf this position for 3-4 week or until target is reached (Which ever comes first)
Long
by NDOBObanks
USDJPY Long with 2 confluences (Zero Indicators)Confluences: 1: Weekly Chart trendline breakout 2: Trend is bullish as price seems to be making Higher Lows and New Highs on the Weekly Time Frame Entry: We will be looking to enter this trade towards the middle of next week. As we can see by looking at the weekly chart, this is a fresh breakout. There is the risk that price may pull back towards the low of the current week, retest the trendline before continuing bullish. Lets see how the first half of next week plays out. This will give us a chance to reassess the trade as well as the risk reward ratio. Note that the pair is extremely extended so its best to wait for a Higher Low to form before we can start looking for entries.
Long
by NDOBObanks
EURUSD Short with 3 Listed Confluences (Naked Charts)Confluence: 1. Weekly Chart Trendline breakout and close. 2. Weekly Chart Double Top pattern formation (Not textbook style double top pattern). Price seems to have failed to create a new high. 3. Trend is bearish as price is making Lower Highs and New Lows. Entry: The way the market is positioned on the weekly chart shows this is a fresh breakout. 70-80% of the time, traders who enter straight after a breakout pattern occurs are likely to get stopped out. We will be looking to take the trade towards the middle of next week (Wednesday) as price might push back up to retest the trendline so it is important to wait and see how the price moves after the breakout. This will also give us a chance to reassess the risk reward ratio of the trade. Will be holding this trade between 3 - 4 week or until take profit is reached (Whichever comes first).
Short
by NDOBObanks
1
EURUSD Short with 3 Listed Confluences (Naked Chart)Confluence: 1: Price Broke out and closed below previous weeks low on the daily time frame. 2: Trendline breakout out and close on daily time frame. 3: Price failed to break a significant Lower high on the daily time frame. creating double top pattern. Entry: Wait for price to test the area around the high of the current week which should take place later in the week, creating a lower high before continuing to the target of 1.18815 early next week
Short
by NDOBObanks
2