400 pips move, with target profit already predicted when trade is opened

Trading is a business.
A business must have business plan. Therefore, trading must have a trading plan too!

A trading plan include:

1. Entry level

2. Target level

3. Stop Loss level

4. Position Sizing

To get 400 pips in a trade is not easy.
One way to do so is to have a method that is able to spot turning point. By spotting turning point, a trader will be able to minimise cut loss.

Tflow is a predictive method that is based on applied elliott wave and advance fibonacci confluence ratios.  We are able to spot turning points based on a highly predictive and highly recurring pattern in the forex market.

See an execution plan by our trainer in GBPUSD.  The movement of GBPUSD is clearly predicted during intake 9 live hands on class.

Trading plan of our student

1.6660 ~ proves to be elusive for the Sterling. A 3-day fling in early November adds another failed breakout to that level based on the daily chart. For now, traders have found a support in the 1-hour chart so there might be another attempt.

Daily chart

Support

Traders will be looking for clues to where the EURGBP will go. While it has apparently found support at .8900 recently (50% retracement of August to October rally), the direction is unclear if we look at the action from week to week.

Movement out of the supports and resistances in the past two weeks will give clue to the final direction of the pair.

50% retracement of 2 month rally

Week to week action

This level is the high of the October rally. For now, the hour candles show tentativeness although conclusions can only be drawn when the daily chart give us a significant candle signal.

October high: .9326

Level reached today: .9343

Exceeded by: 0.16%

Traders might be on the lookout for a bull trap as a trigger.

Aussie revisit highTentativeness

Tentativeness

It is however still inside the boundaries of the October rally. If we continue to see higher highs and higher lows, then the trend may remain intact. Otherwise a consolidation may take place.

Continuation in the 4-hour chart

87.00 may be a psychological level for the USDJPY. That’s because it is a prominent level after the global crisis. In the December 2008, the USDJPY reached 87.12. Once we go below this level, there is no guidance until the next level – 79.75 in the year 1995.

Daily chart

Monthly chart

EURJPY is a tough pair to figure out. I think that’s partly because it does not have its one driver but rather it is being torn by the movements of the EUDUSD and the USDJPY. Still let’s have a look starting with the daily charts and moving down to the H1.

Daily chart shows a somewhat ascending triangle with resistance at 138~. This goes back to May which means the resistance is a significant one.

Th 4-hour chart shows that we have not managed to reach last week’s mid-week resistance of 136.00~. This level is also significant as it has been visited a few times. Besides this we can see some big swings.

The hourly chart shows that till now, this week remains an up-week with higher highs and higher lows being formed. The market will have to show us where it’s going.

Ascending triangle

Volatile swings

Highs and lows

Euro appears to display a failed break on the daily chart. Despite intraday action breaking down the 61.8% retracement of the October rally, the daily candles print a long tail with a close above this support level. This appears to indicate that the support is solid. There may be a re-test to vindicate the support.

Points to note of $1.4700:

• 61.8% of October rally
• Daily candles close above this level over 5 days
• 4-hour charts show bear trap

Daily candles vindicate support

Euro shows a consolidation pattern that is similar to a symmetrical triangle. Such patterns can both be continuation as well as reversal patterns so the direction of the Euro is now unclear. What is clear is that Euro has retraced 61.8% of the October rally so this level might be a strong support. Ideally we want to see a ‘retracement of this retracement’ i.e. up – down -up move of 61.8 to 76.4% before continuing downwards. A double top is also possible.

Again all this is forecast because the daily charts still show an Euro uptrend and this is the very much talked about dollar carry trade that we hear from talking heads. Only the market will reveal the true story.

There is no reversal of daily chart yet although there is a hint on the H4 chart. Price movement in both directions in the past 2 days are very strong so be mindful of volatility ahead.

The EURUSD remains supported unless the mid-week low between 1.4680 – .4700 is decisively broken. Some fib levels could give a clue to where it will go. On the daily chart, we see that the trend line is very long and significant so its break could have vast implications to traders. Technical analysis and meta trader is so wonderful.

Break in long trend lines to have vast implications to Euro4 hour chart

From a  the H4 chart showing the weekly picture however, the USDJPY appears to be still on an uptrend from both the higher low (to be confirmed) and the apparent upward rising channel.

In a nice technical retracement, Euro visited the mid-October support also September high. We may see it coming back to the Monday open to test resistance.

The Kiwi is hinting at a lower high on the four hour charts.  This establishes strong resistance at 0.7570~

We may be due next week to re-visit the mid week support at 0.7440 – 0.7460.

Direction: visit 0.7460

May also retry the previous high

USD makes another weeklynew high although it is approaching potential resistance zone from 92.00 – 92.50~

Next week, we should see USD continuing its momentum although consolidation might be due mid week. If so the best bet for support should come about at 91.25~

Direction: Maintain momentum

Support: 91.25~

The USDJPY is making new weekly highs although it has not reached the mid-September resistance that we can see from the daily chart. Last week’s resistance at 91.30~ has also become a resistance that we can see this week in the hourly charts.

Direction: test high

Support: 91.30

The EURUSD was finally halted on a second day of try the mid 1.50 level. A slightly new high made hours ago appears to be a failed break of the previous high on Wednesday. Bears might be emboldened by this move. Support is expected at 1.4950~

Direction: testing resistance at 1.5050 and support at 1.4950. Some ranging might occur.

Euro continues to make new high compared to last week. Last week’s resistance at 1.4965~ might be tested for support. Another prominent place to watch for support is the monthly R1 and the mid week support at 1.4885~ although moving to the latter means that Euro will move out of a very prominent channel.

For Euro to continue its rally, it must continue to make new highs. For the rally to be over, 2 conditions must be present:

1. Failure to make new high i.e. October high made last night becomes entrenched as firm resistance.
2. September resistance which has now become support is broken decisively.

Direction: test October high

Critical support: September high/last week support 1.4840~

From the daily charts, Euro has made a new high in October compared to the previous month. Therefore there is momentum to continue rallying. From the weekly charts however, Euro made the high early this week at 1.4990~ but this was a failure of last week’s high of 1.4965. Before EUR can continue, they must clear both levels while the weekly pivot at 1.4847 would be critical. This support is also September’s resistance.

Direction: retest 1.4990

Critical support: 1.4847