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Trap the Market

  • #541
  • Mar 7, 2018 12:23am Mar 7, 2018 12:23am
If you are tracking GBPUSD, realize that the bigger picture on the pair is technically in favour of bulls because there is a big gap to be filed around the 1.45330/1.51030 area. However, that's still a long way off.

KP
Do your homework, follow the footprints of smart money
  • #542
  • Mar 8, 2018 12:32am Mar 8, 2018 12:32am
It is interesting to note that the GBPAUD is technically structured for further bearish move. The current price action is in consolidation (bound by magenta lines) but the primary market structure is strongly to the downside. On the weekly time frame, two southward price waves have been completed, the first one had seen a correction (retracement) but the second price wave is now seeing its correction. The correction has reached the 38.2 Fib zone of the downward swing from the high of August 2015 to the low of October 2016.

Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD_Tech_Update_W1_Mar._8,_2018.png Size: 45 KB
Do your homework, follow the footprints of smart money
  • #543
  • Mar 9, 2018 11:05am Mar 9, 2018 11:05am
From the point of view of a swing trader, I still maintain a bearish bias on USDJPY.

I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #544
  • Mar 11, 2018 4:50pm Mar 11, 2018 4:50pm
If you are tracking EURUSD for trading opportunities this week, be aware that the price action is largely operating in a descending channel (navy in attached W1 time frame.) Price action is at the channel resistance and in confluence with a horizontal resistance zone (bound by purple lines).Given the upper shadow formation of recent candlesticks in the area, we may likely see a southward turnaround this week. However, as the next resistance is just a few pips away northward, around the 1.29250 area (magenta), bulls may take price action a bit northward before a southward turnaround. The 1.20670/1.19580 area is likely to be a target of bears.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_W1_Tech_Update_11th_Mar.,_2018.png Size: 49 KB
Do your homework, follow the footprints of smart money
  • #545
  • Mar 11, 2018 11:40pm Mar 11, 2018 11:40pm
KP, I am new to FF, have a stuttering history of FX trading, read your first few threads and your last, hoping for a great relationship AND your obvious sincere offerings ...

Regards
Ken Stroud
Aussie
  • #546
  • Mar 13, 2018 3:52pm Mar 13, 2018 3:52pm
Hi Ken! Welcome to FF. We all started new in Forex trading and have to make regular and sustained progress over the years. Try to learn about two trading strategies and systems, and demo trade them until you master the one you feel comfortable with and suits your trading style. Avoid system hopping and be patient as you learn and master a simple functional, trading strategy/system.

Trade safe and prosper.

KP

Quoting KenS
KP, I am new to FF, have a stuttering history of FX trading, read your first few threads and your last, hoping for a great relationship AND your obvious sincere offerings ... Regards Ken Stroud Aussie
Do your homework, follow the footprints of smart money
  • #547
  • Mar 13, 2018 4:05pm Mar 13, 2018 4:05pm
Just sharing

If you would trap the market, learn to analyse and track it Then watch how price action behaves around your predefined trading zones and enter when you have the signals/setups that meet your criteria/checklist.

KP
Do your homework, follow the footprints of smart money
  • #548
  • Mar 18, 2018 3:42pm Mar 18, 2018 3:42pm
If you are tracking USDCAD this week, you may want to consider this technical perspective.

On the H4 time frame, price action is bearing northward with strong momentum and respecting a support trendline (black). But it is nearing a resistance zone around the 1.31730 area and may reach this zone before a southward pullback to around the 1.30190 area. Thereafter, we may see further northward move. The technical structure is in favour of bulls. However, should bears manage to turn around price action and breach the trendline (black) southward, flipping it to resistance, we may see them target the minor horizontal support around the 1.28730 area before seeking a bigger target around 1.27630.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_H4_Top-Down_18th_Mar.,_2018.png Size: 52 KB
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  • #549
  • Mar 18, 2018 3:47pm Mar 18, 2018 3:47pm
As the present location of price action is around the 61.8 Fib retracement zone of the downward swing from the high of May 2017 to the low of September 2017, I will stay on the sideline until there is a southward pullback of price action or a northward break of the horizontal resistance around 1.31720 on at least a four-hourly closing basis.

KP

Quoting KeenPips
If you are tracking USDCAD this week, you may want to consider this technical perspective. On the H4 time frame, price action is bearing northward with strong momentum and respecting a support trendline (black). But it is nearing a resistance zone around the 1.31730 area and may reach this zone before a southward pullback to around the 1.30190 area. Thereafter, we may see further northward move. The technical structure is in favour of bulls. However, should bears manage to turn around price action and breach the trendline (black) southward, flipping...
Do your homework, follow the footprints of smart money
  • #550
  • Mar 21, 2018 5:26am Mar 21, 2018 5:26am
If you are often surprised or frustrated by big market movement or sudden swing in price action, try to incorporate zone trading (e.g. S/R, S/D and pivot zones) based on higher time frames such as weekly and monthly time frames into your market analysis.

KP
Do your homework, follow the footprints of smart money
  • #551
  • Mar 21, 2018 8:50am Mar 21, 2018 8:50am
Nuggets

'I focus my total attention on trading well, and let the results take care of themselves.' – Tom Basso
Do your homework, follow the footprints of smart money
  • #552
  • Mar 25, 2018 1:34pm Mar 25, 2018 1:34pm
I have just concluded the analysis and screening of the pairs on my watch list. There's not much for my swing trading regime this week but I am still bearish on USDJPY. Details will soon be released on my weekly technical outlook thread.

KP
Do your homework, follow the footprints of smart money
  • #553
  • Mar 25, 2018 1:37pm Mar 25, 2018 1:37pm
This week I will be tracking USDJPY and EURJPY for trading opportunities.

KP

Quoting KeenPips
I have just concluded the analysis and screening of the pairs on my watch list. There's not much for my swing trading regime this week but I am still bearish on USDJPY. Details will soon be released on my weekly technical outlook thread. KP
Do your homework, follow the footprints of smart money
  • #554
  • Mar 25, 2018 2:16pm Mar 25, 2018 2:16pm
Swing trading, as being championed on this thread, will necessarily involve understanding and mastery of market structure. If you would not want to spend hours each day glued on your trading screen but use a few hours per week, to manage your trade or scan for profitable trading opportunities, you need to know more than using technical indicators. You base much of your trading on market structure, including order flow analysis. Of course, in my books, there is some place for the right use of a few technical indicators.

KP
Do your homework, follow the footprints of smart money
  • #555
  • Mar 25, 2018 3:58pm Mar 25, 2018 3:58pm
Are you tracking USDJPY this week? Here's my top-down technical perspective.

The pair has kept a southward bearing since January 2018. On the weekly time frame, price action pulled further southward from an area of consolidation which kept it sideways since the the lat week of February 2018. And the candlestick formed last week was strongly bearish. A follow-through this week is likely to target the next support around the 103.400 area.

On the H4 time frame, recent price action is in consolidation and the order flow is apparently in equilibrium. As price action has recently moved just below a minor resistance area around 105.240, we may see a brief northward pullback before a bearish continuation gains further momentum.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_W1_Top-Down_25th_Mar.,_2018.png Size: 42 KB


Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_H4_Top-Down_25th_Mar.,_2018.png Size: 41 KB
Do your homework, follow the footprints of smart money
  • #556
  • Mar 25, 2018 4:22pm Mar 25, 2018 4:22pm
Thanks KP. I appreciate all your efforts.
  • #557
  • Mar 25, 2018 4:42pm Mar 25, 2018 4:42pm
Thanks for your encouraging words mate. Let me welcome you to FF. As a new member, try to focus on learning and sharing experience on Forex trading and avoid being distracted by, or getting involved in, the negativity you may be confronted with by some members or on some threads.

Trade safe and prosper.

KP

Quoting SuperTiger
Thanks KP. I appreciate all your efforts.
Do your homework, follow the footprints of smart money
  • #558
  • Mar 26, 2018 2:57pm Mar 26, 2018 2:57pm
Although the market mood on USDJPY is northward, the major technical outlook is still southward. On the H4 time frame, price action is currently around the 61.8 Fib retracement zone of the downward swing from the high of March 22, 2018 to the low of the same day. If price action turns around southward in that zone, around the 105.480 area, a likely target of bears is the 104.720 area. Otherwise, we may see price action push further northward toward the major resistance around the 105.570 area. But such a move is likely to be corrective in nature.

KP
Do your homework, follow the footprints of smart money
  • #559
  • Mar 26, 2018 3:28pm Mar 26, 2018 3:28pm
If you are not benefiting from today's almost 200 pips northward on EURJPY and you are tempted to buy, you may hold your action as we are nearing a major resistance zone around 131.600/132.130. You may have to wait to see what price action prints at that zone, whether a bearish rejection candlestick or a bullish continuation candlestick at least on a one-hourly closing basis for intraday trading or four-hourly/daily closing basis for swing trading.

KP
Do your homework, follow the footprints of smart money
  • #560
  • Mar 28, 2018 7:01am Mar 28, 2018 7:01am
It is a good strategy to wait for price action to retest any identified turnaround zone (e.g. S/R and other pivots) after a news item and trade in the major technical direction of the market as identified on an HTF long before the news item. Never chase the price and never be fooled by a sudden strong move on account of any news item. Let the heat, wave or storm ebb or simmer first.

KP
Do your homework, follow the footprints of smart money
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