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EURJPY (H1): Selling OpportunityHi there, There is a clear 2618 selling opportunity setting up here on EURJPY on the H1 timeframe. If you are not familiar with this strategy, the 2618 trade is a countertrend strategy. Jason Stapleton introduced me to this specific strategy in his free training. Only take trades that are in your PREDETERMINED plan. If you don't have a plan, please get one before losing any more of your money! I trade the 2618 on the H4 and H1 timeframes on 8 currency pairs (AUDUSD, EURUSD, GBPUSD, NZDUSD, USDJPY, EURJPY, GBPAUD, and USDCAD). I take aggressive orders meaning that once the requirements of the trade are met, I place a pending buy or sell limit and let the trade play out. The only adjustments after that come if/when price reaches target 1, where I close half the position for profit and move the stop on the remaining position to breakeven, locking in a winning trade. Entry: 127.600 Stop: 128.330 Target 1: 126.77 Target 2: 126.390 Good trading, Luke
Short
by Beebags
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
OGE Short Trading Plan Update: Time to Take ProfitHi all, This is an update to the Short OGE Trading Plan, which is about Trading a Double Top Pullback. Update as of 29 June 2015: Market has plunged sharply down from $31.20 in the last update to as low as 28.65 on 25 June, and currently hovering at $28.80s. At this point, the bears have used up much bearish momentum pushing the price to $28.65 and we are see signs of support/ profit taking from the short positions. For those familiar with Elliott wave, you can recognize that price is likely to try for one more short push towards $28.00. To re-phrease, yes there is still a bit of momentum for price to try trading towards $28.00. However, during this attempt it is reasonable to see profit taking and support buying going against this last push down to $28.00. Hence, we are likely to see choppy trading while price drifts lower in the overall bearish environment. Taking Profit: For those who have stuck with the plan and took profit at around $29.00, especially during on 25 June, I congratulate you for following the plan and a trade well done. For those who have yet to take profit, now might be a good time to take your profits, at the very least closing part of your position out at current price levels. Given, that a huge bearish momentum has been spent driving prices down from $31.20 to $28.00, it will be rational to close out at the very least 60% of your short position and leave the rest to run. After all, what's not to like in locking down a 9% Spot Price movement? Sitting Tight and Leaving a Bit of Money on the Table: For those who still want to stay short and ride the push towards $28.00, please be mentally prepared to withstand choppy price movements. Reason being> a) There is lesser bearish momentum now, therefore there are now lesser traders willing to add short positions and put in selling pressure to the price. b) Profit taking (buying) is very reasonable to come into play at this levels, creating support for the price. The closer the price gets towards $28.00 the more likelihood of buying support to come in. Risk: By now the risk of the trade becoming a loss is very remote. At this stage it is a matter of how profitable the market allows you to be and your personal decision when to close out. At least setting a Stop Limit at $30.00 will be reasonable if you intend to keep your short positions open. References: Double Top: stockcharts.com How to Short a Stock in Double Top Pattern Strategy: www.simple-stock-trading.com Using Support and Resistance Levels of Relative Strength Index> Technical Analysis for the Trading Professional by Constance Brown, Chapter 1: Oscillators Do Not Travel between 0 and 100. Like it, Share it, Follow it~ Trading View: BreakOutArtist StockTwits: stocktwits.com/BreakOutArtist
NYSE:OGE
by BreakOutArtist
USD/CAD near long-term profit zoneUSD/CAD reacted very well to the formation 'Head and Shoulders'. 1.1571 is 200% fib measurement of the low of the right shoulder and the high of the high shoulder. Also to keep in mind we have a 0.618% fib very close (fib of the 2011 low and 2009 high). On the other hand, to give us even more support of this zone, we have a very clear trend line (blue line) which we can see a nice reaction from it. So, lets see what happens when we get there, keep this levels in mind and we might correct from it.
Long
by dcm2020
1