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EURAUD @ Daily SupportEURAUD is in a Descending Triangle on the Daily Time Frame. We are currently back at the bottom of the Triangle and at a Major Support level. This is a good spot to look for some sort of bottoming pattern on the Lower Time Frames such as a Double Bottom or some other simple pattern in this support level. The RSI is setting up to give us some really good Divergence if the DB occurs. I will be looking for a descent size bounce since this Support level is on the Daily and has acted as very strong support all year.
Long
by PateSkpate
AUDUSD 60min BreakoutAUDUSD has pushed back down into a High Time Frame Support. Since then it has a created a Balance Area inside the support zone. I got long this evening on the pair around the .7500 handle. Its not often I will shoot for really extended targets but I think I have a good shot here being at a HTF Support Zone. The key is not getting stopped out before or IF the move happens. Once Target #1 is/if hit, I will manage the trade by trailing the stop on the remainder of my position. Best of Luck
Long
by PateSkpate
3
USDJPY 60min Preparing for a BreakoutUSDJPY on the 60min in consolidating in the shape of a Descending Triangle. These patterns tend to cause large breakout moves in the markets. I'll be watching this pattern and will be waiting for a Break & Close out of the pattern to give me direction. As of right now I have no idea which direction it will break, so I will not involve myself until I get my signal. Also we are at a Major Support Level in the market. I love finding these patterns at higher time frame structure levels.
by PateSkpate
7
GBPAUD 60min Ascending TriangleI just exited my GBPAUD Bear TCT. The reason I exited is because my Trading Plan says all Breakout Patterns take priority over all other types of trades. GBPAUD is forming an Ascending Triangle. Typically these patterns occur after a long heavy downtrend and mark the temporary bottom. There is so much room to the upside for a market correction. Also it's important to note that after 8 days of selling the Daily candle printed a Doji. So we will see what happens. In my opinion the upside Breakout makes the most sense and is more likely. However, I have no idea which way it will breakout. I will be waiting for a Break & Close out of the Pattern and will initiate my position at that time. I will be trading this pattern in either direction.
by PateSkpate
GBP/JPY Double bottom 1 HOURLooking at a possible double bottom formation near the lows set back after the Brexit vote (marked by the Daily Support). A nice trend this month has brought us down to this level and it has accelerated this week. I will be looking for a break of the most recent trend line with targets back to the longer TF trend line. 1/2 position will be taken on the initial break with expectations that price moves above the most recent swing highs. A pull back to the trend line break would also be expected where I will place the other 1/2 of the trade to the long side. All of that being said, it is really possible that the double bottom does not hold. Not enough room to the Daily support to take a short here, so if this occurs I will wait to see if it honored or broken. STAY TUNED! All trades can be watched and discussed live at www.twitch.tv or on youtube with the same name. Usually live from 5:00 CST to 11:00 CST.
Long
by ghostdigg
USDCHF Potential BUY Scratch Setup On 1 Hour ChartBy AGI Studies >>> USD downward composed and checked for the red cross Franco against USD , which stores the session down 1.18% on the previous values. Clearly deteriorating technical picture with control media estimated at 0.9612 area. On the upside, however, a polarizing layer further outflows seen at 0.9842 level. The deterioration of the Swiss franc against the US dollar has highlighted the intersection downward moving average 5 days with the moving average 34 days. A brief are concrete possibilities of new descents...
Long
by SunRiseZoneFX