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Shorting EURCAD at important level and "Broken fang"The EURCAD has multiple times hit the important level of 1.463 (purple box) but has now finally broken through it. We look to short it when it retests this level as we then get what i call the "broken fang" setup meaning that price prints lower lows but equal highs. Our stops go above the resistance box and I'm hoping to catch a 1:3 on this one as price should come back down to at least 1.447. Moving my stops to breakeven when price hits 2/3 of profit. We can also see that we are currently in a downtrend (Lower highs and lows indicated by the blue lines). Good luck everyone and as usual, hold your thumbs!
Short
by TheSupportResistanceTrader
EURGBP: BAT (Great Rirsk/Reward)On FX:EURGBP , the price is in consolidation zone for last few days and there is no clear direction of a trend on 1H bars. There is a key zone area at 0.7341, because the price has reacted on that zone already few times; it getting close to that zone and it is more likely that that level would act as support at this case. In addition, Bat pattern appears which finishes its D leg close to key level (0.7341). This increases probability of this set-up. Also, this trading opportunity has really nice risk reward. T1. - 38.2% T.2 - 61.8%
Long
by Art_of_Trading
2 TARGETS EXPLAINED - POSITION SIZING - BANKING PROFITS Hi All, I recently have been asked to publish this diagram for executing a 2 target order. I have labeled the diagram with order sequence in a perfect world scenario. Steps below relate to numbers on chart I am not telling you this is how everyone does it and this is only based on the questions I have been asked, every strategy has its own order entries stops and targets. 1. Price action comes down to hit your Limit Order Entry/Entries - when we find the reason for entry in this case we have identified this as an advanced pattern. When price action has at least past the B leg and we anticipate that price will continue downwards towards our D completion and predict where the Market is most likely to go after this, we then decide on our entry type and execute the order - The most important thing is to know where your entry stops and targets go before the entry level is reached. We mark these area's out and place 2 Order Entries @ Half position size. So let's say you would like to buy 20k EURUSD and the spread was 2.3 pips with a pip cost of $1 per 10k (minilot) trade. The cost would be: 2.3 pips * $1 per minilot * 2 minilots = $4.60 Now let's say you bought 20k in EURUSD, but this time, you bought two separate minilots, 10k and 10k. The cost for this would be Position #1 - 2.3 pips * $1 per minilot * 1 minilot = $2.30 Position #2 - 2.3 pips * $1 per minilot * 1 minilot = $2.30 The 2nd scenario costs the same as the 1st but allows two different sets of stops and limits (one set per ticket). So now we have the Order in Place with your target 1 and 2 and only exposing you to a stop loss of your original 20k After D has completed you need to make sure to bring your targets down until D has completed. 2. Now you have your order filled, based on historical data and forward testing results in the most likely of places price will retrace to being the 38.2% for T1 and 61.8% for T2 - now in your testing results you may just take one position and use the 50.0% for your one target. Keep in mind this is just an example. We have already banked our target 1 with 43pips - Price can do 3 things Go up Sideways or down. We hope price would just continue to hit our T2 - in this case price will retrace when sellers have their orders in at the 38.2% 3. We then move our stops up for position 2 to break even. 4. Price action usually will retrace and can indeed come back down to stop you out for a break even trade on position 2 but this has already banked 43 pips at 10k Half Position. 5. Price action doesn't stop us out and we are looking for Target 2 to be acquired, when T2 is obtained we have completed a perfect trade. And target 2 has banked 69 pips You can also trail a stop when the price action hits T1 if you need to sleep or leave for some reason and don't want to leave the position exposed to loss if it turns in the wrong direction. You can take step number 4 after the retrace and use the LLLC candle wick and trail the stop 5 pips below or above the HHHC candle wick depending on bearish or bullish. Note: some brokers or platforms do have the feature to have two limits on the one order. Also note the dollar figure is great that's what we all want is to make money in the market, the most important thing though is to not go broke, protect capital, dont expose yourself to too much risk, bank profits and don't be greedy. Being a consistently profitable trader putting yourself in the highest probable trades, Like Warren Buffett Says The stock market is a device of transferring money from the impatient to the patient. Their are a million ways to make and lose money in Forex - good luck I hope this helps for all those who asked to post it
Education
by Oztrade
2
USDCAD: Huge profit / Low riskOn FX:USDCAD , there is a great opportunity for harmonic traders. Risk reward is great, structure great. Price found a support level at 1.3227, and it is more likely that it will act as support again and bounce the price. There is a potential Bat pattern, which adds probability of this set up. Harmonic pattern gives us set-up to manage SL, TP, and Entry. T1 - 38.2% T2 - 61.8% ----------------------------------------------------------------------------------------------------------------------------------------------------------- From now, Traders have an opportunity to directly copy and have access to ALL my Live trades. View my Live Account Profit curve. At traders’ tab search for – ‘Disciplined Trader1’ and Follow. By following my account, your trades will be managed professionally (Entry, Exit, TP, SL etc).
Long
by Art_of_Trading
1
USDJPY: Probability is HighOn FX:USDJPY Price is in consolidation zone and moves sideways last few days. There is no clear bias, who is in control of trend. There is significant level at 118.83; and it acts as support. Also, there is a potential Bat pattern, which will increase probability of this trade. Bat pattern gives us Entry, TP, and SL levels. T1 - 38.2% T2 - 61.8 % ------------------------------------------------------------------------------------------------------------------------------------------------------------ From now, Traders have an opportunity to directly copy and have access to ALL my Live trades. View my Live Account Profit curve. At traders’ tab search for – ‘Disciplined Trader1’ and Follow. By following my account, your trades will be managed professionally (Entry, Exit, TP, SL etc).
Long
by Art_of_Trading
USDCHF: Potential Bat pattern in Sideways MarketsOn FX:USDCHF , the price moves sideways; there is no clear bias, Who is in control Bears or Bulls?! However, it is possible to profit out of it. There is a structure level at 0.97804, which acts as resistance lately. Also, potential bat pattern appears, which increase probability of this set-up. Thus; T1: 38.2% T2: 61.8% PS: There is a strong bullish bar; In my opinion, it needs extra cautious, as momentum has to pass to feel comfortable entering this set-up.
Short
by Art_of_Trading
1
GBPJPY: Trend + ChannelOn FX:GBPJPY , there is a clear uptrend. Price makes higher high and higher low. Uptrend also well-confirmed by 2 Trendlines, which consider as a Channel in this set-up. Those trendlines are dynamic support and resistance. Price smoothly respecting trendlines, and it is more likely that it will do it again. It gives us a nice opportunity to go long. In my opinion, If price hist upper trendline again, it could be wise to lock the profit, but more aggresive traders could stay in trade, until price is in channel and making higher high and higher low.
Long
by Art_of_Trading