Despite an inverse reaction to yesterday's FOMC minutes, I'm still looking to be bearish the USD as we anticipate a rate hike in December. Being a technical trader, my fundamental views won't affect what opportunities I take, but it can beneficial when they both line up on the same side (for those of you who remember the USDCAD trades over the summer).
Anyways, I'm looking for a short opportunity here on the Kiwi (which is also one of the weaker currencies) as we look to retest previous structure resistance for the 3rd time. Yup, 3rd time which means our double top has already occurred and we can now look for a......26-18 for a potential entry.
A little hard to see on the hourly, but the view get's a lot clearer down on the 15 minute chart for you day traders. There's also a bearish Cypher pattern hidden in there for you advanced pattern only traders, or for those looking for an aggressive entry into the 2618.
We'll look at this more in the live room today and remember gang, it's THURSDAY! So that means my Weekend Review video will be out. Make sure you head over to youtube and subscribe as I'll be doing a training lesson on the 4 Stages of trading and the evolution that a trader goes through. Just type "Akil Stokes" in and it'll take you where you need to go.
Akil, looks like this one didnt work out, but any insight from a pattern trader perspective?
Akil_Stokes
⋅
Yeah we just barely missed the Cypher fill this morning,but I wouldn't have taken those targets anyway so a scratch trade either way. I don't have anything pattern wise on my radar for this pair coming up.
marcus123
⋅
thanks!
fxcandle
⋅
where could it can go ? Could you please give target ?
moorekapital
⋅
Very Clean chart! That's how I like it.
moorekapital
⋅
Obviously, there's a MODE (S/R) to the left , where you rightly point to. Imagine the amount of time we spent at that price ^-^