Profit_Through_Patience

Profit_Through_Patience

Updated 

After a rather successful trade to the downside on this pair (see link below), price has now retraced to what used to be a support level. I estimate the likelihood of this support becoming resistance now quite high and see it as an opportunity to go short again as a trend continuation trade (TCT). The risk/reward ratio is exceptionally good. Cautious trades are...

Profit_Through_Patience

Updated 

This EURUSD pair has been putting in a series of Higher Highs and Higher Lows, indicating that the trend on the hourly time frame is in an upward direction. This is also confirmed by drawing the trend line. Furthermore, price bounce off a previous resistance level which should now become support. The pair is moving quite harmonically recently, breaking the...

Profit_Through_Patience

Updated 

This pair has been very bullish for over a year now if you look at the daily chart. What I am looking for here is a small relief from the recent uptrend, supported by the OIL price rising again. As you all probably know, the CAD is heavily influenced by the price of OIL. On the 4h chart, I am looking for a little rally into previous structure from where we could...

Profit_Through_Patience

Updated 

We have a potential bullish bat pattern completion on EURJPY at the previous structure where we might see a nice bounce. Targets seems very reasonable with Target 1 at the B-point of the bat pattern and TP2 at the structure level of the C point. Check your trading plan for entry rules ! Like what you see ? Click that like button, follow if you want to be kept...

Profit_Through_Patience

Updated 

The overall trend of this pair is very bearish. We recently have put in a high put did not violate previous structure. Last Friday we broke the structure around 84.0 and are now retracing back into it, a nice opportunity to join the trend. Stops above 85.25 should be sufficient, and the downside potential is pretty big. When looking just for a retracement into...

Profit_Through_Patience

Updated 

After the nice winner on a long on this pair, I'm now trading a short on the 3 drives pattern that was established and with the weekend gap serving as resistance on the upside. I am looking for a retracement into previous highs as a primary target and the 61.8 fibonacci retracement as a secondary target. The stop loss is defined by a 1:1 R:R for the primary...

Profit_Through_Patience

Updated 

Reasons for entry : - Bullish Gartley completion - previous structure/support - potential 3-drives harmonic move - fibonacci cluster around week open - Higher High, Higher Low indicating an uptrend on this time frame - excellent RR > 6:1 The week on AUDUSD opened with a gap which is not visible on the TradingView charts. We already put in an AB=CD move which...

Profit_Through_Patience

Updated 

The down trend on EURUSD has not come to an end yet. We broke through support this week which now acts as resistance (look at point C). Furthermore the pair is following a nice downward channel. We also have a 38.2% retracement of the previous move down, which is usually an indication of a trend continuation. If we see an equal move down (and form an AB=CD...

Profit_Through_Patience

Updated 

With the down trade that successfully completed, we also completed a bullish bat pattern on EURGBP. Since the pair is consolidating chances are good that we'll be able to grab some pips on the retracement as well. The stop loss in this case goes 15 pips (or 1 ATR) below the X-point and sits @ 0.7030. I set 2 targets : The 38.2% retracement of the AD move sitting...

Profit_Through_Patience

While I am still grabbing pips from the previous trade I posted ( a bullish bat pattern, see link below), a new pattern is taking shape. A bearish cypher can complete around 0.7130. If price action reaches the red zone, I will look for a sign to stop and reverse the trade, so at this moment I cannot give you an exact entry point. Stop Loss would go above 0.7160...

Profit_Through_Patience

Updated 

Based on structure we can see a down trend in this pair as we are creating Lower Highs and Lower Lows We are now at the point where the previous high is tested. Also at this level we have a nice fibonacci cluster of the last 3 moves down. All of this for me points in the direction that the pair will move down. Entry : 0.7165 SL : > 0.7200 Target :...

Profit_Through_Patience

Updated 

Price is trying to fight a resistance level but seems to have less and less buyers involved, reason why we see the BBP divergence. RSI diverges in the same way so a downward move is more likely than a move to the upside. I would enter this opportunity @ market with SL > 0.6470 TP 1 = 0.6370 (0.382 retracement of last move up) TP 2 = 0.6320 (0.618...

Profit_Through_Patience

In this chart I would like to show that one indicator only is not enough to make a decision on what a pair is about to do. However, if you see the red line, and the break below 0 of the BBP_NM indicator, you see that you would have made a nice profit if you would have taken that short. Same thing for the blue line, nice profit to the long side which currently is...

Profit_Through_Patience

The base code for this indicator was created by RicardoSantos and can be found here : What I added is a signal line that indicates when to buy and when to sell. Advised use : Combine with a zero-lag indicator like ZeroLagEMA_LB by LazyBear (suggested period = 34) Then use the following Rules of engagement : Current price > ZLEMA & Signal line of BBP_NM...

Profit_Through_Patience

A couple of scenario's here ... This publication is not intended to provide you signals but to try and give you how I see the important zones for this pair now. Interesting pair the EURUSD, not in the least because of the number of discussions going on regarding QE on the EUR side and the scream that it would go to parity, coupled with the long awaited and ever...

Profit_Through_Patience

For those that saw my pre-FOMC chart, price indeed has broken through the 1.10 resistance zone and touched the next resistance zone at 1.1275 where it bounced off. It seems to have found support now around the 1.1870's where we can see some support in the past as well. The question is what is going to happen next. I see a couple of options here : - Price...

Profit_Through_Patience

Yesterday this bat pattern completed and I'm currently in a long trade taking profits from this pattern. Target 2 is the 0.618 retracement of the previous move down. If we reach that target, another one of my favourite patterns completes, the 2618 trade (double top, break of neckline and a retest of the highs/lows into the 618 retracement. So, if that 618...

Profit_Through_Patience

I do not trade during news event, but I was just curious what could be the eventual impact of the FOMC meeting of this evening. Based on the move before and during the previous FOMC meeting I made a projection of where the news later today could take us. If the market perceives the news as negative (for me the more likely scenario), we might break the 1.10...