The GBP/USD currency pair has formed a downward sloping flag formation.  This sets up a potential trade, and due to the action leading into the current formation, we have multiple profit targets.

A break above the upper channel line (see chart) indicates a swing higher with a target of 1.6500.  A move aggressive target is 1.6550 which is just above a former swing high from early July.

A break lower is less likely, but could happen.  The target would be 50 pips below the breakout point  of the lower channel line (see chart).  A more aggressive target is 100 pips.

The channel lines change over time because they are sloping, so it is prudent to reconstruct these lines on your own chart.

Want to learn more about chart patterns or other forex and stock market trading methods?  Check out the Trading Courses page.

Source: Forexyard, GBP/USD 1 Hour Chart

~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!

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On the longer term charts this pair has really leveled off and is in a definite range.  Within the range there are potential trading opportunities when we shrink the time frame and look for set ups on these smaller time frames.  In this post we will look at the 1 hour chart.

Currently there is a descending wedge which offers a couple of trading options.  The pair recently tried to test the upper trend line, but failed.  This sets up a potential short with a target being the lower trend line.  At this moment the reward for risk is not that attract for this trade, but if the upper band is tested again and does not definitively breakout, then the the reward to risk will improve greatly.

If a breakout of the wedge where to occur, the profit target would be about 85-90 pips from the breakout point.  With trend lines where they are at currently, a breakout would test either the July 6 High, of the July 1 Low.  Although as time progresses it is more accurate to establish the profit targets based off the 85 pip target from the breakout price, instead of the using those swing high and lows as targets.

Please read the latest How to Use the Trade Ideas blog if you understand the analysis. If you still have questions after, feel free to comment

Source: Forexyard, USD/CHF 1 Hour Chart

~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!

Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.

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May 07 6:05 AM GMT

The following is a forex market commentary based on technical analysis for the USD/JPY currency pair. It is based off of a 15 minute chart. Trading ideas or trading signals can be generated based on your own risk tolerance and time frame. Please read the latest How to Use the Trade Ideas blog if you have questions.  If you still have questions after, feel free to comment.

The USD/JPY has formed a triangle chart pattern offering a trading opportunity.  While reaching the apex of the triangle is rare from my experience, the closer it gets the more the risk (stop level) can generally be reduced.

Currently the pair is trading at 98.59.  An upside breakout would currently take place at 98.70, or a downside break at 98.35.  The profit target is 80 pips (rounded down) from the breakout point (which changes over time as the trend lines are sloping).  A second profit target is 105 pips from the breakout price.

Source: Forexyard

~Cory Mitchell, CMT
Market Strategist

Remember, failed breakouts are tradeable too!

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May 07 2:14 AM GMT

The following is a forex market commentary based on technical analysis for the EUR/USD currency pair. It is based off of a 15 minute chart. Trading ideas or trading signals can be generated based on your own risk tolerance and time frame. Please read the latest How to Use the Trade Ideas blog if you have questions.  If you still have questions after, feel free to comment.

From looking at longer time frame charts we can see the EUR/USD is consolidating and has continually narrowed its range over the last 24 hours.  This has created a triangle formation, providing an excellent trading opportunity.  A break outside of the chart formation would offer a profit target of 120 pips from the breakout price.  A second profit target would be 180 pips from the breakout price.

Currently the upside breakout price is 1.3340 and the downside breakout price is 1.3285.  These will gradually change over time as the upper trend line is downward sloping and lower trend line upward sloping.

Currently the pair trades as 1.3315.

Source: Forexyard

~Cory Mitchell, CMT
Market Strategist

Remember, failed breakouts are tradeable too!
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May 06 6:53 PM GMT

The following is a forex market commentary based on technical analysis for the GBP/USD currency pair. It is based off of a daily chart. Trading ideas or trading signals can be generated based on your own risk tolerance and time frame. Please read the latest How to Use the Trade Ideas blog if you have questions.  If you still have questions after, feel free to comment.

The GBP/USD has broken out of a range along a rising trend line.  The former high of the range was 1.5067, which was penetrated yesterday.  The pair is currently trading at 1.5125.  If prices continue in the current direction the profit target for the breakout is 1.5717 (or 650  pips (rounded) above the breakout price).

The rising trend lines can also be used as guidance.

~Cory Mitchell, CMT
Market Strategist

Remember, failed breakouts are tradeable too!
—————————

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I am here to personally help you out if you open an account, and need help with strategies or figuring out the trading platform.

May 06 6:00 AM GMT

Thank you for your patience.  I have moved to a beautiful new location, am settled in and I will once again be posting forex trading ideas daily.

The following is a forex market commentary based on technical analysis for the EUR/USD currency pair. It is based off of a 15 minute chart. Trading ideas or trading signals can be generated based on your own risk tolerance and time frame. Please read the latest How to Use the Trade Ideas blog if you have questions.  If you still have questions after, feel free to comment.

A breakout has just occurred from a falling wedge formation in the EUR/USD currency pair.  The move above 1.3260, the upper trend line,  offers a target of 1.3260 + 100 pips = 1.3360

~Cory Mitchell, CMT
Market Strategist

Remember, failed breakouts are tradeable too!
—————————

Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.

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I am here to personally help you out if you open an account, and need help with strategies or figuring out the trading platform.

April 29 10:00 PM GMT

The following is a forex market commentary based on technical analysis for the EUR/USD currency pair. It is based off of a 15 minute chart. Trading ideas or trading signals can be generated based on your own risk tolerance and time frame. Please read the latest How to Use the Trade Ideas blog if you have questions.  If you still have questions after, feel free to comment.

The EUR/USD pair has a strong run up over the last 30 hours or so.  If the pair begins to falter and breaks below the 1.3220 level, a topping pattern will have completed.  If that occurs look for the rate to decrease.  The profit target for this move is 1.3115.

A move above the recent highs at 1.3340 would negate the above trade.

Currently the pair is trading at 1.3256.

Source: Forexyard

~Cory Mitchell, CMT
Market Strategist

Remember, failed breakouts are tradeable too!
—————————

Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.

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April 24 9:52 GMT

Dollar’s Strength Set to Determine Oil Prices Today

Whilst the Dollar declined in yesterday’s trading against most of its major currency pairs, Oil prices recorded considerable gains. Thus lately, there has been an inverse relationship between the greenback and the black gold. Therefore it is important to follow economic news releases from the U.S. closely today, as a weak U.S. economy is likely to lead to bearish Oil prices. On the other hand, strong U.S. economic data and a strong Dollar are likely to lead to higher Oil prices later today.

~This is an excerpt form the Forexyard Daily Forex Analysis newsletter.

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April 24 7:35 GMT

The following is a forex market commentary based on technical analysis for the AUD/USD currency pair. It is based off of a 15 minute chart. Trading ideas or trading signals can be generated based on your own risk tolerance and time frame. Please read the latest How to Use the Trade Ideas blog if you have questions.  If you still have questions after, feel free to comment.

In the AUD/USD currency pair we can see a ascending triangle has formed.  The resistance line is at 0.7160, which is an old support level on the longer term charts.

A break above this range would offer us a target price of 0.7230.

A break of the rising support line, which currently would occur at 0.7120 (remember this line is upward sloping so the break price out will rise over time), would provide a  profit target of 0.7050

~Cory Mitchell, CMT
Market Strategist

Remember, failed breakouts are tradeable too!
—————————
Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.

Open a SuperMini or Standard account now and receive a 100% cashback worth up to $300.
Open a Standard account and trade commodities, receive 10% cashback worth up to $1,000.

April 24 5:00 GMT

The following is a forex market commentary based on technical analysis for the GBP/USD currency pair. It is based off of a 15 minute chart. Trading ideas or trading signals can be generated based on your own risk tolerance and time frame.

The GBP/USD has formed a triangle.  This triangle offers us two potential profit targets.  One for the larger triangle, and one for the smaller triangle which I have intersected with a vertical line on the chart.

Currently the pair is trading at 1.4650.  A break below 1.4635 would signal a downward break from the pattern, offering  targets of 1.4565 and 1.4525.

If the pair moves higher, currently a break above1.4665 (remember, the line sloped down over time), would offer targets of 1.4735 and 1.4775.

These are my favorite patterns as near the apex of the triangle risk is relatively small compared to the reward offered by the pattern.  Even with a false breakout and a loss, we can generally make that loss back, plus a profit, when the eventual legitimate breakout occurs – if we control our risk.

~Cory Mitchell, CMT
Market Strategist

Remember, failed breakouts are tradeable too!
—————————

Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.

Open a SuperMini or Standard account now and receive a 100% cashback worth up to $300.
Open a Standard account and trade commodities, receive 10% cashback worth up to $1,000.

I am here to personally help you out if you open an account, and need help with strategies or figuring out the trading platform.