Blog Roll

May’s Pay Your Mortgage Trade Setup Idea
May’s Pay Your Mortgage Trade Setup Idea
Tuesday, May 3, 2016 - 14:29

This month's ProAct Traders “Pay Your Mortgage Trade” idea is found in the GBPCHF pair. This month’s is different in that both Elkana and I have the same currency pair but with a differing view, so we will see which one plays out.

 

Scott

 

When looking at this pair on a 240 min chart you'll notice that we are in a nice trending move to the downside.  The nice thing about this setup is that it has two great trading scenarios depending on your view and both Elkana and I represent those two views.  If the currency continues to move in the trend direction it has 120 Pips to the 0.618 Fibo and then after the correction it has 240 Pips down to the S6 for a total of 510 pips with the potential for an even further move of 210 pips down to the day chart bottom @ 1.2403 for a total of 840 Pips if it trend down all the way.   A break up instead of a just the correction would yield a potential 390 pips up for a total both ways of 510 pips.

 

Elkana

 

He is looking for a move down to the 0.618/0.786 Fibo but a solid bounce there to finish the 2nd wave and a marching 3rd wave move back above wave 1 to the 1.4500 area.  That move could produce 120 Pips down and then 750 Pips to the upside.

 

The pair’s ATR (Average True Range) is currently 142 pips a day (14-day average) so a 510-750 pip trade could take a while.   Both Elkana and I agree that this is a great opportunity.  Which is it?  The market will confirm that as we go along.

 

Our trading methodology is based on proprietary technical indicators. We pay attention to what the big banks are doing in the markets (the Big Boys) and specifically look for opportunities that have a high opportunity and low risk. We always identify our target before entering a trade, and we focus on the risk of the trade instead of the reward. We have (and follow) rules, and we press our winning trades without exception.

 

Remember that we recommend that you always trade with stops. And if you don't trust yourself or think you'll get cold feet in a long trade like this, then place the trade and walk away. Better to get taken out by a stop or target than to second guess an active trade and take yourself out. Do your research before you place your own trade. Trust your research.

 

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

$EURNZD – channel?
Tuesday, May 3, 2016 - 07:43

Currently we are 1.6593 after breaking out of the range. We are looking to continue to the 0.214 Fibo @ 1.6671 and stall or bounce there before resumption to the top @ 1.6850.  The average daily true range (ATR) for the pair currently is 142 pips.

$GBPUSD – ascending wedge break?
Monday, May 2, 2016 - 07:53

Currently we are 1.4677 after breaking out of the ascending wedge and  a large range.  This indicates we are finally trending.  We are looking to continue to the 1.618 /Fibo @ 1.4791 and stall or bounce there.  The average daily true range (ATR) for the pair currently is 129 pips.

Target Trading in the Forex week of May 1st, 2016 (EU,UJ,GU,AU)
Target Trading in the Forex week of May 1st, 2016 (EU,UJ,GU,AU)
Target Trading in the Forex week of May 1st, 2016 (EU,UJ,GU,AU)
Target Trading in the Forex week of May 1st, 2016 (EU,UJ,GU,AU)
Saturday, April 30, 2016 - 08:28

$EURUSD

What ProAct Forex Target Traders See:  We are currently sitting @ 1.1222 in a range. As long as USDX is shorting we are looking for a continuation move up to the 1.270 Fibo@ 1.1641 and then a correction.  The break up would confirm a fifth wave in place. The average daily true range (ATR) for the pair currently is 86 pips.

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$USDJPY                                                                                                                   

What ProAct Forex Target Traders See:  We are currently @ 106.39. We are looking to the S8 @ 105.82 with a bounce there and possible continuation to the 105.00 Psychological number. The average daily true range (ATR) for the pair currently is 122 pips.

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$GBPUSD                                                                                                                   

What ProAct Forex Target Traders See:  Cable is currently @ 1.4126 and in a large range. A couple of different scenarios:  1:  As long as USDX is shorting Bullish: a move to the 1.618 Fibo @ 1.4920 area and 2: Bearish: A break down to the 0.382 Fibo support @ 1.4255. The average daily true range (ATR) for the pair currently is 129 pips.

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$AUDUSD – A great smooth currency for Newbie’s! 

What ProAct Forex Target Traders See:  Aussie is @ 0.7604 and in a range. We are looking for a continuation move down to the bottom @ 0.7500.  A possible bounce to be expected there. The average daily true range (ATR) for the pair currently is 95 pips.

$GBPCHF – rising wedge break?
Thursday, April 28, 2016 - 07:52

Currently we are 1.4093 after breaking out of the rising wedge but still in a large range.  We are looking to continue to the 0.618 /Fibo @ 1.4017 and stall or bounce there.  The average daily true range (ATR) for the pair currently is 120 pips.

$NZDUSD – flag break?
Wednesday, April 27, 2016 - 07:47

Currently we are 0.9844 in a large range just out of a bear flag.  We are looking to continue to the 0.214 Fibo @ 0.6769 with a continuation to 0.6679.  The average daily true range (ATR) for the pair currently is 81 pips.

$AUDJPY – next target?
Tuesday, April 26, 2016 - 07:56

Currently we are 85.93 in a large range.  We are looking to continue to the top @ 86.65 and stall or reverse here.  The average daily true range (ATR) for the pair currently is 142 pips.

$GBPAUD – next target?
Monday, April 25, 2016 - 07:47

Currently we are 1.8775 in a large range.  We are looking to continue to the 0.786 Fibo @ 1.8923 with a further target @ 1.9047.  The average daily true range (ATR) for the pair currently is 189 pips.

Target Trading in the Forex week of April 24th , 2016 (EU,UJ,GU,AU)
Target Trading in the Forex week of April 24th , 2016 (EU,UJ,GU,AU)
Target Trading in the Forex week of April 24th , 2016 (EU,UJ,GU,AU)
Target Trading in the Forex week of April 24th , 2016 (EU,UJ,GU,AU)
Sunday, April 24, 2016 - 14:16

$EURUSD

What ProAct Forex Target Traders See:  We are currently sitting @ 1.1222 in a range. As long as USDX is correcting we are looking for a continuation move down to the 0.500 Fibo@ 1.1104 and then more continuation to the 0.786 Fibo @ 1.0943.  The average daily true range (ATR) for the pair currently is 84 pips.

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$USDJPY                                                                                                                   

What ProAct Forex Target Traders See:  We are currently @ 111.62.  A couple of different scenarios:  1:  Bullish: a move to the 1.618 Fibo @ 114.39 area and 2: Bearish: A break down (indicates this was a 4th wave) to the S8 @ 105.82. The average daily true range (ATR) for the pair currently is 102 pips.

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$GBPUSD                                                                                                                   

What ProAct Forex Target Traders See:  Cable is currently @ 1.4126 and in a large range.  A couple of different scenarios:  1:  Bullish: a move to the Day chart top @ 1.4654 area and 2: Bearish: A break down to the 0.618 Fibo support @ 1.4098. The average daily true range (ATR) for the pair currently is 125 pips.

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$AUDUSD – A great smooth currency for Newbie’s! 

What ProAct Forex Target Traders See:  Aussie is @ 0.7713 and is in a breakout of the short trend. We are looking for a continuation move down to the square up @ 0.7675 and then possible more continuation to the bottom @ 0.7500.  The average daily true range (ATR) for the pair currently is 96 pips.

$AUDCHF – reversal?
Thursday, April 21, 2016 - 07:58

Currently we are 0.7557 and a move south would continue the range.  We are looking to continue to the 0.214 Fibo @ 0.7503 with a further target @ 0.7446.  The average daily true range (ATR) for the pair currently is 86 pips.

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