PipOmatic

I closed this trade at the end of the US session. There wasn’t the momentum I was expecting to take price lower. Closed out for +15 pips profit.

I got a short entry signal on the CADJPY which I took at 97.41. The trade setup was explained on my previous Watch list post but for a recap, I was looking for price to break a lower triangle trend line followed by a BPC pattern as describe by Hector for the entry.

I’m looking for 2 targets: The first is 96.30 and second is 94.41.

Here are the setup and entry charts:

Summary:

Here are the trade setups I am currently watching.

AUDCHF

I am looking at the 4hr down trend to continue. All 3 SMA’s are inline and price has come back just above the 50 SMA. I am looking for price to move below the 50SMA ASAP to give a stronger signal the trend is still intact.

The Stochastic indicator has already crossed and moved below the 80% line.

Fib retracement lines show price is staying below 61.8% line from the last swing high. This is also at the same price point as the larger 38.2% retracement line from the high at 1.0132. Both of the fib retracement’s are near a previous swing low price point which gives strength to the resistance price area.

There is a good long trend line from the highs at 1.0132 that is still being respected and closer in there is a nice symmetrical triangle forming which will be the ideal place to get short once price breaks the lower triangle line.

If price heads higher and breaks the fib confluence area, then I will be looking to short the pair again when if it reaches the Supply/Demand Imbalance area around the 0.9550 price point.

AUD-JPY

This setup is very similar to the AUDCHF setup that is also on the watch list. I am looking at the 4hr down trend to continue. All 3 SMA’s are inline and price has come back just above the 50 SMA. I am looking for price to move below the 50SMA ASAP to give a stronger signal the trend is still intact.

The Stochastic indicator has already crossed down indicating price may start to head lower, but no guarantee just yet.

Fib retracement lines show price is staying below 61.8% line from the last swing high. This is also at the same price point as the larger 38.2% retracement line from the high at 100.51. Both of the fib retracement’s are near a previous swing low price point which gives strength to the resistance price area.

There is a good long trend line from the highs at 100.51 that is still being respected and closer in there is a nice symmetrical triangle forming which will be the ideal place to get short once price breaks the lower triangle line.

CAD-JPY

All 3 SMA’s are inline and price has come back just above the 50 SMA. I am looking for price to move below the 50SMA ASAP to give a stronger signal the trend is still intact.

The Stochastic indicator has already crossed down indicating price may start to head .

Fib retracement lines show price is staying below 61.8% line from the last swing high which has formed a fib confluence area with the 38.2% retracement level of the higher swing high.

There is a good long trend line from the highs around 109.65 that is still being respected and closer in there is a nice symmetrical triangle forming which will be the ideal place to get short once price gives a PBC pattern after closing below the lower triangle line.

Looks like the last trade was not to be

It seemed as soon as I had placed the trade, price headed slowly south to take out my stop.

Result: -68 pips.

Going long the GBPCHF this morning at the London open. On the 1 hour chart the Moving Averages are all in line and price looks to be wanting to retrace up to the previous consolidation area starting at 2.030 area.

If price reaches that point, it will complete a bearish Gartley pattern. Price looks to be respecting the lower trend line and has just made a higher low & higher high on the 15min chart (1-2-3 pattern).

If the 1st target is hit I will move the stop-loss to break even.

The trade give an overall risk reward of just over 1 to 3.

Summary: