GBP.JPY - Short Opportunity The GBP.JPY is one pair on my watchlist into this evening.
Price broke and closed below the pennant formation on the 24.02.2014
Today we have seen price push and reject the Daily EMA, 141.00 level and retest the pennant formation.
I will be updating this post on the 1hr and 4hr TF once an order has been placed.
Ukforexsignals
EUR.USD - BULLISH CYPHER SETUP - 1.0580On the EUR.USD 1hr chart we have a potential long opportunity at the D leg completion of bullish Cypher setup.
The price reversal zone on this pair is between 1.0580 & 1.0526
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets back into 1.0788
Stop loss would be placed below X leg structure support.
Target 1 - 1.0658
Target 2 - 1.0707
EUR.USD - Bullish Bat Setup + TP & SLOn the EUR.USD Monthly chart we have a potential long opportunity's at the D leg completion of bullish Bat setup.
The price reversal zone on this pair is between .9077 & .8218
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Bat setup placed at the .382% and .618% retracement of the A to D move.
There is also an opportunity to look for extended targets at 1.4500
Stop loss would be placed below X leg structure support .
Target 1 - 1.1737
Target 2 - 1.3374
USD.CHF - Bearish Cypher Setup - 1.0146On the USD.CHF 1hr chart we have a potential short opportunity at the D leg completion of bearish Cypher setup.
The price reversal zone on this pair is between 1.0146 & 1.0169
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets at around 1.0070
Stop loss would be placed above X leg structure resistance.
Target 1 - 1.0113
Target 2 - 1.0092
EUR.CAD - Bearish Cypher Setup - 1.4330On the EUR.CAD 15min chart we have a potential short opportunity at the D leg completion of bearish Cypher setup.
The price reversal zone on this pair is between 1.4330 & 1.4353
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets at around 1.4255
Stop loss would be placed above X leg structure resistance.
Target 1 - 1.4296
Target 2 - 1.4274
USD.JPY - Long & Short Opportunity 111.907 & 114.313On the USD.JPY 4hr chart we 2 potential trade opportunity's at the D leg completion of a bullish & bearish Cypher setup.
Bullish Cypher Setup ( Blue ) - D leg completion 111.907
Target 1 - 113.068
Target 2 - 113.794
Bearish Cypher Setup ( Grey ) - D leg completion 114.313
Target 1 - 113.068
Target 2 - 113.787
USD.JPY - Bearish Cypher Setup @ 115.282On the USD.JPY 15min chart we have a potential short opportunity at the D leg completion of bearish Cypher setup.
The price reversal zone on this pair is between 115.282 & 115.50
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets at around 114.50
Stop loss would be placed above X leg structure resistance .
Target 1 - 114.977
Target 2 - 114.784
EUR.GBP - The Perfect High Probability PositionsI have attached on the chart above 8 confluence factors that were taken into consideration prior to taking a position.
In my opinion building a tick list of requirements prior to a trade not only gives you a higher probability of long term success, but also minimises impulsive emotional behaviour.
Unfortunately, due to the lack of indepth content available many new traders believe that executing more positions = more profit, when in actual fact it is more profitable ( for me personally ) to take less positions with a higher strike rate, this long term will minimise your drawdown and increase your probability of success in the markets.
Please note my view above is based on my personal trading style and research.
Traders should conduct their own due diligence prior to implementing these setups into their strategy.
Have a great week.
EUR.USD - BEARISH BAT SETUP - 1.0623On the EUR.USD 15min chart we have a potential short opportunity at the D leg completion of bearish Bat setup.
The price reversal zone on this pair is between 1.0623 & 1.0630
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Bat setup placed at the .382% and .618% retracement of the C to D move.
There is also an opportunity to look for extended targets at around 1.0580
Stop loss would be placed above X leg structure resistance .
Target 1 - 1.0600
Target 2 - 1.0587
GBP.JPY - Bullish Bat Setup - 138.247On the GBP.JPY 4hr chart we have a potential long opportunity's at the D leg completion of bullish Bat setup.
The price reversal zone on this pair is between 138.247 & 136.459
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Bat setup placed at the .382% and .618% retracement of the A to D move.
There is also an opportunity to look for extended targets at 144.00
Stop loss would be placed below X leg structure support .
Target 1 - 140.759
Target 2 - 142.293
GBP.JPY - BULLISH CYPHER SETUP - 138.870On the GBP.JPY 1hr chart we have a potential long opportunity's at the D leg completion of bullish Cypher setup.
The price reversal zone on this pair is between 138.870 & 138.445
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets back into 140.200
Stop loss would be placed below X leg structure support.
Target 1 - 139.476
Target 2 - 139.847
GBP.CHF - Bearish Cypher Setup @ MarketOn the GBP.CHF 1hr chart we have a potential short opportunity at the D leg completion of bearish Cypher setup.
The price reversal zone on this pair is between 1.2375 & 1.2405
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets at around 1.2280
Stop loss would be placed above X leg structure resistance .
Target 1 - 1.2335
Target 2 - 1.2310
GBP.JPY - Long & Short Breakout OpportunityThe GBP.JPY is one pair on my watchlist into Monday / Tuesday.
There is a potential long opportunity on the breakout of a pennant formation looking to retest the 144.500 level.
Alternatively we can look short on the breakout looking for a retest of the 138.000 level.
Price respecting the Daily EMA, 141.00 psychological level and the Daily pennant formation.
I will be updating this post on the 1hr and 4hr TF if we can an entry.
USD.CHF - x2 Bullish Pattern SetupsOn the USD.CHF 1hr chart we have 2 potential trade opportunity's at the D leg completion of bullish Bat & Bullish Cypher setup.
Bullish Cypher Setup ( Grey ) - D leg completion 1.0043
Target 1 - 1.0092
Target 2 - 1.0122
Bullish Bat Setup ( Blue ) - D leg completion 1.0082
Target 1 - 1.0116
Target 2 - 1.0137