Spider's Den

Hi traders, please note that Nenad and I with Elite CurrenSea are starting a new project called Live Daily Analysis for 1 month where we share our charts and updates. Its also available for free this entire month of February, please check it out here: http://www.elitecurrensea.com/starti...arket-updates/

So far this week we had a winning long setup on the USD/JPY for 40 pips and a winning short setup on the GBP/USD for +150 pips. Please join us next week in our Live Daily Analysis.

PRE NFP Report: EUR/USD has Almost Completed ABCD Pattern

Zdravo Nenade, and whats your oppinion about this ?

Watching this D1 chart constellation, i would say, no clue (?) what will happen next week.
It could bounce up from here or dive deep. Of course depending on the TP and SL you are
willing to risk, it coulda woulda be a nice trading opportunity, especially on H4.

Or, if we have a look at W1 and MN1 there is 'a slight hint'
how it could develop in the next few weeks.

In my opinion it has to go down first before it goes up, aso aso.

Of course on Weekly/Monthly basis.. Next week will show a better
picture about it. Patience is the clue, of course for a long term trade.

What do you think, if you have a opinion about.

Greets,

T.

Why Fractal Indicator Is Critical for Trading

Read here https://admiralmarkets.com/analytics...al-for-trading - Your capital is at risk

Dear Traders,

Perhaps you have already come across charts with funny-looking triangles or arrows above or below candlesticks. You probably wondered what these objects actually represent. Luckily, you've come to the right place.
The brilliant indicator we're focusing on today is called the Fractal indicator, and it provides a wide range of benefits. Mainly, it helps identify support and resistance, understand the trend, and find entries.
Before we dive deeper, let me first explain the Fractal itself and how to add the indicator to the chart. Then we can actually discuss how this may help improve your trading.

So what is a fractal?
A fractal is a mathematical set that exhibits a repeating pattern displayed at every scale. This might sound complicated, so let's break it down.
Firstly, think of a fractal as a curve or geometrical figure. An object is fractal if the same pattern occurs at every size. In essence, fractal explains natural objects and chaotic phenomena such as snowflakes, crystals, and even galaxy formations.
Fractals are connected to the "chaos theory", which is a branch of mathematics focused on the behavior of dynamical systems such as weather, climate and other natural and even artificial (i.e. road traffic) systems.
Okay, now that we understand fractals a bit better, how exactly do they tie in with the markets?
Fractals in financial markets
Many traders see the financial markets—such as Forex, CFD and commodities markets—as fractal because the behavior of the markets is like a dynamical system that repeats on all time frames.
Simply said, I think that most traders will agree that market patterns are continuously repeated:

1. on all scales (timeframes)
2. in a curve shape—price is moving up and down and forward in time
3. with various speed (momentum) and movement (corrections).

Chart patterns, candlestick patterns, wave patterns and many more patterns repeat themselves regularly and confirm their Fractal nature. Legendary trader Bill Williams took the fractal and chaos concepts and transformed them into a Fractal indicator which.......................

Continue to read here https://admiralmarkets.com/analytics...al-for-trading - Your capital is at risk

EUR/USD Builds Head and Shoulders Pattern at 78.6% Fibonacci

https://admiralmarkets.com/analytics...78-6-fibonacci - your capital is at risk

EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...02-2017eu4.png
The EUR/USD is retesting the 88.6% level resistance level, which is part of the wave 2 (brown) structure. A break above the 100% Fibonacci level invalidates the wave 2 (brown) whereas a break below the support (blue) trend line is needed before a bearish breakout is possible.
1 hour
https://fxmedia.s3.amazonaws.com/art...02-2017eu1.png
The EUR/USD could be building a pullback via a wave 2 (purple). This wave structure is also invalided if price breaks above the 100% Fibonacci level of wave 2 vs 1 whereas a bearish break below support (blue) could see a wave 3 (purple) develop. The tops could also be building a head and shoulders reversal chart pattern (purple circles). The support (blue) and resistance (red) trend lines also look like rising wedge chart pattern.

EUR/JPY Bullish Wolfe Wave Formed on Intraday Chart

Sign up for Session Recap Free as always. NZD/USD Trade of the week

EUR/USD Approaches Wave 3 and Fibonacci Targets

https://admiralmarkets.com/analytics...onacci-targets - Your capital is at risk

EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...02-2017eu4.png
The EUR/USD completed a bearish turn at the 88.6% Fibonacci resistance and broke below a support trend line (dotted blue), which could be part of a bearish wave 3 (purple). The most momentum should be expected if price manages to break below the next support trend line (blue).
1 hour
https://fxmedia.s3.amazonaws.com/art...02-2017eu1.png
The EUR/USD completed a wave 2 pullback (purple).Price could be in a wave 3 (blue) if it manages to break below the support trend line (green). A break above the 100% level of wave 2 vs 1 invalidates the wave count.

Hi,

Weekly looks ok. Those are manually drawn s/r lines right? I don't have any particular opinion on a long term trade. What is your entry zone, target and stop loss?

USD/CAD Bullish but Watch for Possible Bearish SHS Pattern

What Next after GBP/USD's Dramatic Close and Reverse?

https://admiralmarkets.com/analytics...se-and-reverse - Your capital is at risk

GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...02-2017gu4.png
The GBP/USD is building a correction between support (green) and resistance) which is most likely a wave 4 (purple). A bearish ABC (orange) seems to be completed within a larger wave B (blue) correction as price bounced strongly at the 50% Fibonacci level.
1 hour
https://fxmedia.s3.amazonaws.com/art...02-2017gu1.png
The GBP/USD bullish momentum is probably a 5 wave (orange) structure, which could mean that price is retracing within wave 4 (orange) as long as price stays above the 50% Fibonacci level.

5 Steps for Successful Creation of a Trading System

USD/JPY Bullish 200 Pip Momentum Reaches Bearish Channel

https://admiralmarkets.com/analytics...earish-channel - Your capital is at risk

USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...02-2017uj4.png
The USD/JPY indeed made a bullish bounce at the wave 4 (purple) and broke above the resistance (dotted orange) of the falling wedge chart pattern. Now price is challenging the larger resistance trend line (red). A bullish breakout would be part of a wave 3 (blue) within wave 5 (purple).
1 hour
https://fxmedia.s3.amazonaws.com/art...02-2017uj1.png
The USD/JPY broke the resistance (dotted orange) of the triangle chart pattern and is showing strong bullish momentum. The bullish price action could last within the channel (red/green lines). A break below that channel could start a wave 4 (brown) correction and price could bounce at the Fibonacci levels of wave 4 vs 3. A break below the trend line (green) and the 50% Fib would make a wave4 unlikely.

NZD/USD Bearish SHS and Order Block Confluence

Are You a System Trader or Discretionary Trader?

https://admiralmarkets.com/analytics...tionary-trader - Your capital is at risk

Dear Traders,
Have you ever wondered whether you are a system trader or a discretionary trader? And more importantly, how do you as a trader actually find out which style suits you better?
This article promises to help traders find their own path, story and answers. A short quiz at the end will also help you decide whether you are more of a discretionary trader or system trader.

What is a System trader?
A system trader is a trader who follows precise rules. The trading plan is robust and has covered (almost) all aspects in a set of predefined rules. The system could be executed both automated and manually.
Automated trading, also known as algorithmic trading, is of course a well known example of system trading but creating and choosing an automated trading system is not a simple task (more on a fractal based system coming soon).
The main task for the system trader is to follow the rules, period. This is true regardless of whether the execution is manually or automated. In most cases, there is no second-guessing or re-analysing.
Simply said, if the trader deviates from the trading plan, then they are breaking the system rules.
How does it compare to a Discretionary trader?
A discretionary trader is a trader that analyses first and acts second. Their goal is dissect the market structure before setting up a specific plan tailor adjusted to the specific circumstances of the moment.
For instance, when I complete my Fibonacci and wave analysis at Admiral Markets, I am using a discretionary trading system for tackling three US Dollar pairs in the Forex market.
The trading plan should specify how the analysis is performed, which indicators and tools are used, and how entries are made. But it also allows more space for making decision on a case-by-case basis.
Filters are frequently used to skip trade setups that are determined as weak. Here below is a video how to design a trading system based on discretionary methods.

System trader vs Discretionary trader. Unique advantages of each style
Both system trading and discretionary trading are well-known methods for tackling the Forex and financial markets but they have different advantages and capabilities.
Here's an overview of some the pros and cons:

......... read more here:
https://admiralmarkets.com/analytics...tionary-trader - Your capital is at risk

New video on: Let Winners Run, Keep Losses Small - Real Practical Methods

http://www.elitecurrensea.com/educat...nars-material/

GBP/USD Retraces to 61.8% Fibonacci Level of Wave-2

https://admiralmarkets.com/analytics...evel-of-wave-2 - Your capital is at risk

GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...02-2017gu4.png
The GBP/USD is probably building an ABC (blue) zigzag as part of a wave 4 (purple). The support (green) and resistance (orange) trend lines are showing a contracting triangle chart pattern, which is critical for a potential breakout towards the larger support (dark green) or resistance (brown).
1 hour
https://fxmedia.s3.amazonaws.com/art...02-2017gu1.png
The GBP/USD has completed 5 bullish waves (purple) either within a larger wave 1 (orange) or alternatively a wave A. The pullback could be part of a wave 2 (orange) and price has already bounced at the 61.8% Fibonacci support level. A break below the 100% Fib level of wave 2 vs 1 invalidates the wave 2 (orange).

USD/JPY Common Gap in Uptrend

EUR/USD Builds Classical Bearish Trend Channel towards 1.05

https://admiralmarkets.com/analytics/wave-analysis/eur-usd-builds-classical-bearish-trend-channel-towards-1-05 - Your capital is at risk

EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...02-2017eu4.png
The EUR/USD is building a bearish trend channel (red/green line). Price should reach the 161.8% Fibonacci level of wave 3 (blue) before breaking the resistance (red) otherwise the channel is invalid. The angle of the support trend line (blue) is suggesting that the bearish momentum is slowing down.
1 hour
https://fxmedia.s3.amazonaws.com/art...02-2017eu1.png
The EUR/USD completed an ABC within wave 4 (green) and is now potentially retracing back towards the Fibonacci resistance of wave 4 (blue). A break above the Fibonacci resistance and trend line (red) invalidates the formation of a wave 3 (blue) and there could be a larger bullish ABC correction.