We opened our trading room last week and it was just so awesome. In the trading room, I discussed how to wait for set up entries for patterns I post on this blog.
When these patterns are complete, there are some definite tools we use for entry.
Let me discuss two trades we are discussing in the room.
1. UsdJpy
This pair, from the intra-day view, was expected to move downside in a correction we expect to be at 104.2 as was discussed in our daily updates . Read past updates on UsdJpy HERE.
Price fell sharply after we identified a terminating pattern and the spirit in the room was raised.
This is the present position at the time of writing this post
After the fast dip, price consolidated in what looks like a triangle pattern. A break below this pattern should trigger more move downside and we are prepared to take advantage of a move that could reach 104.5 and then 104.2.
2. Gbpcad.
This was a BOMB in the room. Wow!. I like such a fast move.
There was a view that price was still going to continue the bullish move in order to complete the 4th wave of a larger degree before the 5th wave commence in a bigger bearish move. Read the article HERE
We identified a contrasting triangle pattern. Later price broke a bit below and would have thought the pattern was violated and a move downside was inevitable. Alas!, price regenerated into a new type of triangle, YES, the Barrier Triangle with a supportive price barrier. We identified a close entry for a bullish move in the room and we caught the move just before it started. While in the room, I shared this video with Room Mates. Watch the video HERE. After hitting our second target with the third target at 1.77 for the final kill, I noticed price completed the 5th wave of the C leg of wave 4 at 61.8% Fibo extension of A with a clear impulse wave.
We intend to continue with this pair this week in the room.
This is what our projection look like:
The bearish move after the wave C of 4 was fast and convincing. We will wait for price to retrace 1733 region before we look for an opportunity to sell aiming 1.6 and below. That target will be a R/R of 1:3 because this is believed to be a trend continuation move.
And lastly,
3. EurGbp
Please make reference from the video I did on 12th July. View HERE
From the chart above, the 4th wave mentioned in the video is projected to be a double zigzag pattern with a triangle formation as the 2nd leg. A break below will be expected to trigger a bearish move to 0.81. Price, if move this way, may be supported above 0.8 support barrier. A break below this level will likely force the resumption of the bearish move in the long term.
We have 10 currency pairs in our watchlist for the week. These 3 are the closest to entry.
You can join us in the Skype trade room as we discuss pattern completion, trade set-ups and management.
Read the terms HERE
When these patterns are complete, there are some definite tools we use for entry.
Let me discuss two trades we are discussing in the room.
1. UsdJpy
This pair, from the intra-day view, was expected to move downside in a correction we expect to be at 104.2 as was discussed in our daily updates . Read past updates on UsdJpy HERE.
Price fell sharply after we identified a terminating pattern and the spirit in the room was raised.
This is the present position at the time of writing this post
After the fast dip, price consolidated in what looks like a triangle pattern. A break below this pattern should trigger more move downside and we are prepared to take advantage of a move that could reach 104.5 and then 104.2.
2. Gbpcad.
This was a BOMB in the room. Wow!. I like such a fast move.
There was a view that price was still going to continue the bullish move in order to complete the 4th wave of a larger degree before the 5th wave commence in a bigger bearish move. Read the article HERE
We identified a contrasting triangle pattern. Later price broke a bit below and would have thought the pattern was violated and a move downside was inevitable. Alas!, price regenerated into a new type of triangle, YES, the Barrier Triangle with a supportive price barrier. We identified a close entry for a bullish move in the room and we caught the move just before it started. While in the room, I shared this video with Room Mates. Watch the video HERE. After hitting our second target with the third target at 1.77 for the final kill, I noticed price completed the 5th wave of the C leg of wave 4 at 61.8% Fibo extension of A with a clear impulse wave.
We intend to continue with this pair this week in the room.
This is what our projection look like:
The bearish move after the wave C of 4 was fast and convincing. We will wait for price to retrace 1733 region before we look for an opportunity to sell aiming 1.6 and below. That target will be a R/R of 1:3 because this is believed to be a trend continuation move.
And lastly,
3. EurGbp
Please make reference from the video I did on 12th July. View HERE
From the chart above, the 4th wave mentioned in the video is projected to be a double zigzag pattern with a triangle formation as the 2nd leg. A break below will be expected to trigger a bearish move to 0.81. Price, if move this way, may be supported above 0.8 support barrier. A break below this level will likely force the resumption of the bearish move in the long term.
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| JOIN OUR SKYPE TRADE ROOM |
You can join us in the Skype trade room as we discuss pattern completion, trade set-ups and management.
Read the terms HERE
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