Why are we entering EURAUD? - Price is at channel support - We have previous structure at the channel support area - We are expecting EUR to strengthen for the short to medium term What are we waiting for to happen? - Waiting for one 4H candle to signal bullish pressure - EUR index to reject structure level What is our confirmation? - 4H bullish candle - lower timeframe trendline Once entered, where will our Stoploss be? - Below the channel and structure level 1.559 Where do we take profits? - First TP previous high 1.587 - Next TP channel resistance Daily 50 - to find out the daily trend and levels - i'll explain that soon 4H 50 - to monitor it for a break or bounce depending on continuation trade ot reversal trade SMMA - used in the same way as the daily and 4H - monitor for bounce Yeah i noticed out trading strategy is very very similar which is great! When you notice the index is in a great area, you just flick to the related pair and chart it up as normal KNOWING that a reversal is coming so you find reasons to enter e.g. break of trendline/correction, retest, retest of structure or EMA [Forwarded from Mr Wick's VIP] 1. We analysed EUR index for reversal area 2. Price approached EUR index reversal area 3. We went to EUR pairs and analysed it for best areas to enter 4. EURNZD and EURAUD looked really good and stoploss placement was clear (below structure) 5. Entered the trade on 5min timeframe using the Trendline hack (mentioned below) Trendline Hack (https://www.tradingview.com/x/JbpczIup/) Get the 50EMA and use that as a basis to draw your trendline. For this example, we are waiting for EURNZD so i moved down to a timeframe where i can see the descending correction (5min) and i put the 50EMA on to indicate where the dynamic resistance is and i used that as a guide to draw my trendline. This method is applicable to all timeframes. Find a timeframe where price is respecting the EMA and then use the EMA as a base to draw your trendline. Currently waiting for the 5min 50EMA to break Why are we entering? - Price is in ABC correction and we're at the end of the C wave - We have previous structure at 1.669 - Parallel channel support - We're expecting NZD index to come down = EURNZD to strengthen What are we waiting for to happen? - We are waiting for bullish pressure around the 1.669 level - Counter trendline to break - NZD index to break ascending trendline What is our confirmation? - the descending trendline on the 4H to break - Bullish candles at the 1.669 level Once entered, where will move our Stoploss be? - stop loss below the structure level and the lowest wick Where do we take profits? - First TP next structure level 1.685 - Next TP channel resistance So instead of watching EURJPY, GBPJPY, NZDJPY, AUDJPY... We can just focus on the JPY index and wait for it to come to our area of interest. That way you are not overwhlemed by flicking through loads of charts! Don’t tell anyone this � Why are we entering? - We're expecting JPY index to strengthen = XXXJPY down - Price has broken the major ascending trendline and structure = bearish - On the weekly timeframe, we have rejected the major descending trendline (See chart update) - We are below the Daily EMA and expecting a retest What are we waiting for to happen? - Waiting for price to correct back up to one of the structures. First structure has daily EMA confluence. Second structure is a major structure as it's been tested a couple of times previously - Waiting to draw a counter trendline leading up to our area of interest - JPY to retest daily EMA and structure What is our confirmation? - the break of the counter trendline leading to structure level - rejection candles at one of our structure level - rejection of structure What is our entry? Risk entry: rejection of structure level Safe entry: break of counter trendline Once entered, where will our Stoploss be? - stop loss above the structure and Daily EMA - Above the last wick of the correction once its breaks Where do we take profits? - First TP 85.5 (next structure level) 250pips Why are we entering? - We're expecting JPY index to strengthen = XXXJPY down - Price has broken the major ascending trendline and structure = bearish - We are below the Daily EMA and expecting a retest What are we waiting for to happen? - Waiting for price to correct back up to the descending trendline + structure level + Daily EMA - Waiting to draw a counter trendline leading up to our area of interest - JPY to retest daily EMA and structure What is our confirmation? - the break of the counter trendline leading to structure level - bearish candles at 130.5 level - rejection of structure What is our entry? RISK Entry: rejection of structure SAFE entry: Break of correction Once entered, where will our Stoploss be? - stop loss above the structure and Daily EMA - Above the last wick of the correction once its breaks Where do we take profits? - First TP 127.5 (next structure level) 300pips Why are we entering? - We're expecting JPY index to strengthen = XXXJPY down - Price was in an ascending correction and broke down as well as the Daily EMA - Price has rejected the Daily EMA TWICE and we're expecting it to reject again - We are below the Daily EMA and expecting a retest What are we waiting for to happen? - Waiting for price to correct back up to one of the levels indicated - Waiting to draw a counter trendline leading up to our area of interest - JPY to retest daily EMA and structure What is our confirmation? - the break of the counter trendline leading to structure level - bearish candles at one of our structure levels - rejection of daily EMA What is our entry? RISK Entry: rejection of structure SAFE entry: Break of correction Once entered, where will our Stoploss be? - stop loss above the structure and Daily EMA - Above the last wick of the correction once its breaks Where do we take profits? - First TP 79.6 (next structure level) 250pips Why are we entering? - We're expecting JPY index to strengthen = XXXJPY down - Price was in an ascending correction and broke down and we just broke the daily EMA recently - Price has rejected the Daily EMA TWICE and we're expecting it to reject again - We are below the Daily EMA and expecting a retest What are we waiting for to happen? - Waiting for price to correct back up to the level indicated - Price to reject structure + trendline + EMA - Waiting to draw a counter trendline leading up to our area of interest - JPY to retest daily EMA and structure What is our confirmation? - the break of the counter trendline leading to structure level - bearish candles at our structure level and trendline - rejection of daily EMA What is our entry? RISK Entry: rejection of structure SAFE entry: Break of correction Once entered, where will our Stoploss be? - stop loss above the structure and Daily EMA - Above the last wick of the correction once its breaks Where do we take profits? - First TP 148.5 (next structure level) 250pips Why are we entering? - We're expecting JPY index to strengthen = XXXJPY down - Price was in an ascending correction and broke down and we just broke the daily EMA recently - We are below the Daily EMA and expecting a retest What are we waiting for to happen? - Waiting for price to correct back up to the level indicated - Price to reject structure + EMA - Waiting to draw a counter trendline leading up to our area of interest - JPY to retest daily EMA and structure What is our confirmation? - the break of the counter trendline leading to structure level - bearish candles at our structure level and trendline - rejection of daily EMA What is our entry? RISK Entry: rejection of structure SAFE entry: Break of correction Once entered, where will our Stoploss be? - stop loss above the structure and Daily EMA - Above the last wick of the correction once its breaks Where do we take profits? - First TP 75.6 (next structure level) 150pips 1H 50EMA is the most closely matched to the trendline = we use this timeframe Q. What timeframe do I use to enter? A. Use the trendline hack When price is creating a correction, put on your 50EMA and go down to the timeframe where the correction is being respected by the EMA are in sync. Monitor that timeframe for a break. Will send an example EMA chopping into market price, we don’t use this timeframe 50 EMA trendline hack We use this timeframe. 15min 1. 2. 3. 4. Structure/ support respected or rejected Price reversal area Trendline break Price also broke above 50 EMA 1 & 2 are used as 1 confluence. Stop loss below structure 1st TP next structure or previous High Enter on break of trendline EMA Trendline Hack 50EMA cont’d When you notice the index is in a great area, you just flick to the related pair and chart it up as normal KNOWING that a reversal is coming so you find reasons to enter e.g. break of trendline/correction, retest, retest of structure or EMA 1. We analysed EUR index for reversal area 2. Price approached EUR index reversal area 3. We went to EUR pairs and analysed it for best areas to enter 4. EURNZD and EURAUD looked really good and stoploss placement was clear (below structure) 5. Entered the trade on 5min timeframe using the Trendline hack (mentioned below) Trendline Hack (https://www.tradingview.com/x/JbpczIup/) Get the 50EMA and use that as a basis to draw your trendline. For this example, we are waiting for EURNZD so i moved down to a timeframe where i can see the descending correction (5min) and i put the 50EMA on to indicate where the dynamic resistance is and i used that as a guide to draw my trendline. This method is applicable to all timeframes. Find a timeframe where price is respecting the EMA and then use the EMA as a base to draw your trendline. Currently waiting for the 5min 50EMA to break COT Speculative Net Positions on currencies of this week : EUR long 77.2 k Vs long 87.1K long last week = longs were trimmed by 10 k GBP long 21.9 k Vs long 17.7 last week = longs were increased by 4.2K AUD short 24.9 k Vs short 17.8 last week = shorts were increased by 7.1 k NZD long 1.8 k Vs long 3.1 k last weekd = longs were trimmed by 1.3 k CAD long 41.2 Vs long 45.8 k last week = longs were trimmed by 4.6 k JPY short 69.1 Vs short 69.9 k last week = shorts were trimmed by 0.8 k CHF long 10.2 Vs long 11.1 k last week = longs were trimmed by 0.9 k MXN short 22.3 k Vs short 19.5 k last week = shorts were increased by 2.8 k BRL long 21.3 k Vs long 20.5 k last week = longs were increased by 0.8 k RUB long 8.9 k Vs long 10.3 k las week = longs were trimmed by 1.4 k That report basically tells us what big players are doing in the market e.g. EUR - Longs were trimmed by 10k. Which means the EUR is bullish but is losing momentum Helps us identify what the next moves might be Price broke the daily EMA and is on its way to retest it. We have 2 areas where it can reverse: 1 - The descending trendline where we have the Daily EMA 2 - the structure level Why I use 8H charts: With Daily - I can see structure levels but CANT see patterns With 4H - I can see structure levels and patterns - BUT I can't fit a large amount of candles needed to explain the chart. With 8H charts, i can see structure levels and see patterns. Why are we entering? - Price has broken the Daily EMA and we are now below it - We have 2 structures where price can react - We're expecting CAD weakness = CADCHF SHORT What are we waiting for to happen? - We are waiting for bearish pressure at one of the 2 structure levels - Price to reject the daily EMA - Counter trendline to break - CAD index to turn bearish What is our confirmation? - rejection of structure level - Rejection of Daily EMA - Break of counter trendline Entry - SAFE Entry: once there's a counter trendline in place, we will watch for that to break near our structure levels - Risk Entry: rejection of structure level Once entered, where will our Stoploss be? - stop loss above the structure level and the highest wick - also above Daily EMA Where do we take profits? - First TP next structure level 0.726 See 15min chart in the chart update Why are we entering? - Price has broken the Daily EMA and we are now below it - We have a structure level which is looks perfect for a retest - Ascending channel broke and we could possibly retest the back of it - We're expecting CAD weakness = CADJPY SHORT What are we waiting for to happen? - Bearish pressure at structure level - Price to reject the daily EMA - Counter trendline to break - CAD index to turn bearish What is our confirmation? - rejection of structure level - Rejection of Daily EMA - Break of counter trendline Entry - SAFE Entry: Break of counter trendline - Risk Entry: rejection of structure level Once entered, where will our Stoploss be? - stop loss above the structure level and the highest wick - also above Daily EMA Where do we take profits? - First TP next structure level 85.50 (340pips) Why are we entering? - Price broke the descending wedge = we are now bullish - Price broke the Daily EMA - Expecting Wedge Retest - We're expecting CAD to weaken = EURCAD to strengthen What are we waiting for to happen? - We are waiting for bullish pressure around the 1.476 level - Counter trendline to break - CAD to weaken What is our confirmation? - the descending trendline to break - Bullish candles at the 1.476 level Entry - SAFE Entry: Break of counter trendline - Risk Entry: Retest of the structure Once entered, where will our Stoploss be? - stop loss below the structure level and the lowest wick Where do we take profits? - First TP previous high 1.49 (140pips) - Second TP next structure 1.518 (400pips) CAD set ups can be found here (https://uk.tradingview.com/chart/CADWCU/mtKvExPW-VIP-CAD-INDEXBEARISH/) JPY set ups are approaching entry. Can be found HERE (https://uk.tradingview.com/chart/JPYWCU/ndMZFasQ-VIP-JPY-INDEXBULLISH/) JPY Index ready to breakout. JPY index UP = XXXJPY DOWN JPY index DOWN = XXXJPY UP AUDJPY (https://www.tradingview.com/x/2OkUsKYp/) - Only thing in the way us the 82 level JPY index to push to the upside and we expect AUDJPY to drop JPY Index up = AUDJPY (XXXJPY) to push to the downside. CADJPY, here we are also expecting a big drop on the weekly timeframe which gives us a very strong overall picture of what the market is doing and potentially going. Here on the 1hour we can clearly see structure broken, retested and coming back to hit our potential price reversal area and respecting it, trendline has been broken. Slight retracement for potential lower high to then hopefully push down to create a mew lower low. NZDJPY (https://www.tradingview.com/x/fJkHj3Qy/) Played out perfectly and dropped 90+pips. Waiting for JPY to make its move so we can drop even more GBPJPY (https://www.tradingview.com/x/dGZQoaKw/) Similar price action as before. Expecting a small correction and for that to breakdown CAD index (https://www.tradingview.com/x/U1z119ns/) Weekly. Very bearish. Just looking for the perfect entry for CAD pairs CAD Index 4H (https://www.tradingview.com/x/11bMvUJn/) Struggling a little at the channel support region. Once we clear that, it should be a free fall down https://www.tradingview.com/x/aIxM0HN3/ CADCHF https://www.tradingview.com/x/0wWa118f/ EURCAD https://www.tradingview.com/x/NSIlDETX/ CHFJPY Weekly – Ascending correction reversal pending (bearish) CHFJPY (https://www.tradingview.com/x/tsESbHD6/) 8H TF - Break of trendline or wait for the touch of the upper trendline https://www.tradingview.com/chart/EURGBP/Y4mSAuva-VIP-EURGBP-LONG/ 8H TF https://www.tradingview.com/chart/EURGBP/Y4mSAuva-VIP-EURGBP-LONG/ 1H TF we can clearly see structure being respected multiple times, a break below support (higher timeframe this could well be a B.O.B.B.I, (B)reak (O)ut (B)ounce (B)ack (I)n). Why are we entering? - EUR index is at a support structure - Expecting GBP weakness - We are in a long descending correction and we are near the support What are we waiting for to happen? - Waiting for the descending trendline to break as well as the 1H EMA (price is respecting 1H = we use that EMA) - Counter trendline to break What is our confirmation? - the descending trendline to break - The structure to break Entry SAFE Entry: On the retest of structure Risk Entry: On the break of descending trendline Once entered, where will our Stoploss be? - stop loss below the recent lows Where do we take profits? - First TP - Descending correction resistance - Next TP 0.871 GBP INDEX https://www.tradingview.com/x/tBgc2TWK/ GBP pairs will look bearish as the index is showing potential break of trendline. Wait for the break of trendline and structure to be tested and respected. REMEMBER as traders we react and adapt to market conditions, there are no guarantees. The market has NO emotion it DOES NOT care and will do what it wants to do. We MANAGE our trades and MANAGE our risk. ONLY trade when the market is ready. Always remain patient and composed. NO FOMO If market conditions DO NOT meet our strategy or entry criteria we DO NOT trade. Breakout of bull flag (upper trendline) which is why most YEN pairs started dropping. EURJPY GBPJPY Wait for the break of new red trendline. NZDJPY Wait for the break of new red trendline. Trendline to be broken Setting alerts the correct way https://www.tradingview.com/chart/EURUSD/LE5Qt5sz-VIP-Education-SettingAlerts-The-Correct-Way/ What are alerts? TradingView has a feature which allows you to set alerts when price comes to a certain level. Alerts can be placed on the following: - When price approaches a specific price - When price touches a trendline - When price touches a horizontal ray What are the 2 ways we use alerts? 1. Horizontal Ray Alerts This alert is used to tell us that price is approaching our structure level. The reason we have this alert below our structure level is so that we can get the alert and then get ourselves ready knowing that price is near our area of interest where price can reverse. Once we get the alert, we can go on to the charts and monitor to see what price is doing e.g. is price losing momentum indicating that reversal is likely. We can then prepare ourselves for the trade. 2. Trendline Alert This alert is used to tell us that our trendline has broken. The reason why its below the trendline is because we may have trendline bounces before it actually breaks – so we don’t want an alert for when price bounces off the trendline, only when its broken. Once we get this alert, we can go on to the chart and quickly assess where price is in relation to the structure level that we have in place. Entry would be on the break of trendline with stops above the correction or above the structure. See chart update to see how to add alerts to your trendline and horizontal ray https://uk.tradingview.com/chart/EURUSD/G2JMd87l-VIP-Entry-Types/ Link to different types of entry EURAUD https://www.tradingview.com/x/Cr2Wpf8x/ Took a risk entry after seeing bullish pressure at our structure level. GBPJPY (entered on break of trendline) https://www.tradingview.com/x/KexIyz4l/ Price broke down the ascending correction and so I was bearish and was looking for any opportunity to short. I saw a correction which i was able to put a trendline on and entered on the break of the trendline. Stops above the wicks. USDCAD https://www.tradingview.com/x/0sZq4n6u/ Price tested our structure level and then broke the trendline = Safe entry. Entered on break of trendline with stops below the wicks. AUDJPY https://www.tradingview.com/x/nXvj2X4X/ Price retested structure and was making its way down. I took a risk entry as the trendline did not break yet. Stoploss was above the structure and wicks. CADJPY https://www.tradingview.com/x/jZQSWdaj/ I missed the initial break of trendline and so I waited for a correction. Price came up to test our structure level and then I took a risk entry there. Stops above the correction EURJPY https://www.tradingview.com/x/YHZy3XOa/ Price didn't retest our structure and broke early. Entered on the break of trendline with stops above the correction (this was an aggressive stoploss placement. Safe stoploss placement would be above the structure) EURCAD https://www.tradingview.com/x/AfI0rtgs/ After seeing the bullish pressure from the structure i entered early anticipating a break - not the cleanest of entries. Stops below the structure. Never risk more than 1 – 2% of your balance per trade, use a lot size calculator. This is a link to a very good user friendly lot size calculator https://www.myfxbook.com/forexcalculators/position-size
