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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It is June 9 and I just got back from a short trip which was why there was no updates over the last week. Some large moves occurred and hopefully you were all able to capture some profitable trades.

The GBP/JPY has formed an ascending triangle which provides a potentially good trade set up. This pair has extreme movements at times, and therefore the triangle is not perfect but still very tradable.   I have drawn two lower trendlines on the chart below, which are both potential entry points.

A move above 159 would be relatively straight forward and would target 160. An intermediate target of 159.60 can also be used.

A break lower will currently at 158.60 (higher rising trend line) or 158.40 (lower rising trend line). A break below the higher rising would mean a profit target of 70 pips from the breakout price. A break below the lower rising trend line would provide a target of 100 pips from the breakout price.

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.

Want to know more about trading chart patterns and how to increase your odds of success? Check out my new ebook…you can find more information on it here

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

Still having some issues with some of the page links on the site.  The issue is being worked on, and hopefully we will have everything back to fully functional soon.  Thanks again for your patience.

May 11 5:51 AM 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. 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.

After a strong run up on Friday by the GBP, the market has consolidated in a 50 pip range.  It could also potentially be a double top if the a breakout occurs in a downward direction.  The profit target for the breakout is 50 pips, whether it breaks above 1.5245 or breaks below 1.5195.  This puts initial targets at 1.5295 on the upside, or a 1.5145 on the downside.

If the market continues higher, a further profit target would be 1.5400.

~Cory Mitchell, CMT
Market Strategist

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

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.

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.

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.

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.

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.

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.  This is likely a day trade, but could also be a swing trade taking more than one day to unfold.

The last analysis posted in the is pair reached both the profit targets, just touching 0.7000.  This analysis is similar to that one.  We are currently testing the lows of a range on the 15 minute chart.  This range is 60 pips from high to low, and therefore a breakout offers us a profit of 60 pips from the breakout price.

A break below 0.7060 would offer a retest of the earlier lows at 0.7000.

A break above 0.7120 would offer a target of 0.7180.

False breakouts often lead to a retest of the other end of the range, or at least a move part way into the former range.  These can also be watched for.

~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.

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Please read the latest How to Use the Day Trading Blog before using these signals. The signals are for the start of the European session. If market does not move to the trigger price by about 9:30 AM GMT, then do not take trades.

Read the comments to this post as they are posted. The comments provide updates to the trades and will provide final results of the trade based on those updates.

Take multiple lots so you can exit at different prices. These should be “separate positions” with the same entry and stop, but with different profit targets. The amount of the stop in pips multiplied by the amount you take should not be more than 3% (less is even better) of your total trading account. If it is more, take less lots. For the summary pip profit calculation (in the comments after the trade completes, each position will be assumed to be 1 lot. If you take more than 1 lot, you pip profit/loss will be multiplied by how many lots you take for each position (likely you will 2 or 3 positions depending on the number of profit targets given).

BUY at 1.4965. Stop=1.4929. Profit target=1.5000, 1.5045. If not stop out on final position exit trade at 10:00 AM GMT. Bring stop to breakeven once 25+ pips onside.

~Cory Mitchell
Market Strategist
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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.