Price action is king

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​1st trade Idea EUR/USD
EURUSD caved last week after once again testing channel resistance that extends off the December 2015 high at 1.1058. A closer look at the 4-hour chart shows a bearish pin bar that formed following a retest of the key level.
From here, things become fairly straightforward. A close below the trend line that extends off of the January low would expose the 1.0710 handle followed by channel support near 1.0640.
Alternatively, a close above six-week channel resistance would open the door for a move to the 1.1058. That said, the bigger picture continues to favor the downside.

​2nd Trade idea GBP/USD
Continuing on the theme of intraday price action, GBPUSD appears to have ended the week below wedge support on the 4-hour chart. This came after the pair shed an impressive 580 pips in the month of January.
If former support holds as new resistance, traders can expect a move back to the current 2016 low at 1.4080 over the coming sessions. Break below that and we could see bearish momentum gather pace toward the 2009 low at 1.3500 before finding a meaningful bid.
Of course those looking for additional confirmation can wait for a close below 1.4080 before considering a short entry.

​3rd Trade Idea ff

On Friday, EURAUD confirmed what we had suspected was a head and shoulders pattern earlier in the week.
With the pair now trading below the 1.5340 handle and bearish pressure mounting, a retest of the 1.50 area has become the likely scenario over the coming sessions.
As a side note, be sure to take extra precaution during times when Mario Draghi is scheduled to speak this week. It’s no secret that he has a tendency to drop bombshells when he takes the podium.

AUDJPY is fast approaching former channel support after the Bank of Japan’s Kuroda decided to take interest rates sub-zero last week, a move that shocked global markets heading into the weekend.
But the big question is, what kind of impact will the latest devaluation of the yen have in the medium to long-term?
With every yen pair moving considerably higher on the news, we’ve already witnessed the short-term impact. However, the law of diminishing returns says that the latest decision may not have the kind of lasting impact the BoJ is hoping for.
From a technical perspective, many yen pairs are approaching key levels of resistance, including AUDJPY. The area between 86.40 and 87 represents former channel support and is also the December 2015 lows.
That said, I’m in no hurry to short this (or any) yen pair. Friday’s volatility is still too fresh in the minds of traders, which leaves a level of uncertainty about just how far Friday’s surprise decision by the BoJ will drive these risk-sensitive pairs.

​Ok so I am going to be posting the good the bad and the ugly, majority of traders only post there winners and not there loosers, Please I encourage other traders to also post there results so we can learn from the winners and the loosers.
Our GBP/USD Wedge idea got stopped out yesterday, this is how it went.

I Spotted this good potential trade setup.
NZDJPY, like other yen pairs, has enjoyed a respite over the past two weeks after a rocky start to the year, to say the least. But given the downtrend that is still in place, combined with the early 2016 selloff, the rally that began on January 20th was doomed to fail in short order.
In the case of the New Zealand dollar versus the Japanese yen, we don’t have to look beyond the 4-hour chart to see that the 570-pip rally is on the verge of breaking down.
Rising and falling wedges alike are handy technical patterns simply because a breakout is guaranteed. The only question is which direction the market will favor. That said, a rising wedge is very much a bearish pattern that represents exhaustion. Therefore, a break to the downside is the likely outcome.
From here, traders can watch for a close below wedge support. Such a break would first expose the 77.60 support level followed by trend line support that extends off of the 2009 low. At the moment, that level comes in near 74.30.
As a side note, I do feel that a break of the seven-year trend line is imminent given the current technical environment combined with other price structures that have already succumbed to an increasingly risk averse crowd.
So, while the current structure on the 4-hour time frame may provide short-term gains, the larger potential is likely to materialize on a daily close below the 74.30 handle.

Happy To See PA Being Utilized.
Do You Do All Your Analysis Off 4H Charts??
Thanks

Hi Tdt sorry for the late reply had a bit of internet provider problems, no I do Analysis of Daily and Weekly Charts as well.​

​And so my USD/JPY Weekly Head and Shoulders is of to the races, it has major Profit potential. I have already entered this trade but another shorting opportunity will exist when we get the pull back and the retest.

Update on my USD/JPY 302 Pips in profit so far and counting, some other nice setups that has also formed will report on them later

My Results of yesterday 330.6 Pips of profit

Glad you started your thread - subscribed

I guess you have 8&21ema and 89sma in your charts if I'm not wrong.
Do you mind to share you system? Thanks.

Cheers

Hi Peta glad you subscribed, no it is the 10,20 and mighty 200 ema, I only use them as dynamic support and resistance, I am a firm believer that you shouldn't base your trading decisions on indicators.

Here is one of my trading ideas for today

GBP/USD SHORT

Where did you put SL? Thanks
BTW I'm using TDI for confirming.
I'm in too with 2 lots

Thanks

SL goes at 1.4428

Congratulation you gained at least 60pips I took only few profit early on coz news at 8.30pm

Cheers

Correction I am still in this trade, 120 Pips in profit so far

Got my profit target on my GBP/USD 248 Pips profit