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!

If you are you interested in getting into forex 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.

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.

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.

———————————————————————–

So I was about to do an analysis of the USD/JPY and then I was sent this video which is basically exactly what I was going to say.  If you follow any of my analysis, I use a a lot of chart patterns.  You can learn what patterns I like to trade, and how to trade them in my book, or you can  watch these guys videos.  Often they provide a very similar outlook to my own views, and I feel fully confident in providing their analysis,videos and potential service to you.  They provide a fantastic service if you are interested, or you can just enjoy the videos with no strings attached.

This video looks at the longer term view of the USD/JPY forex currency pair, and where it is likely to go.  The video is great in that it shows how to technically analyze forex charts, and then also gives a bit of an intro to the methods that they use over at Ino.  Great stuff!  I think these video are great, they are free, but if you are interested in learning more you can sign up for a free trial to one of the most premier services (you get so many things with a subscription!) in the trading industry.  Or…just simply enjoy this great totally free video analysis of the USD/JPY pair.

http://www.ino.com/info/400/CD3784/&dp=0&l=0&campaignid=3

All the Best in your trading,

Cory Mitchell, CMT

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!
—————————

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 07 8:07 PM GMT

The following is a forex market commentary based on technical analysis for the USD/CHF currency pair. It is based off of a 4 hour 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 pair has formed a triangle formation after consolidating within a large rate swing that occurred back in mid March.

Currently the pair is near the low of this formation and a break could give forewarning of a penetration below the late March lows of 1.1160.  If that were to occur the profit targets for the breakout of the chart pattern indicate a move close to the lows in December, 2008.

Currently the pair trades at 1.1305.  A move below 1.1250 would indicate a break of the triangle chart pattern.  Such a break would offer a profit target of 1.0490, or 760 pips from the breakout price (which will slowly change over time as the trend lines are sloping).

The upper band of the formation is currently in the 1.1625 area, and break at that price would offer a target of 1.2385, or 760 pips from the breakout price (which again will change over the time).

This trade could take some time materialize and will likely take a week or more to hit the profit target.

~Cory Mitchell, CMT
Market Strategist

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

Trade the most active foreign currency markets with a mechanical and proven trading strategy. Free two-week trial.
NetPicks E-Mini Futures and Forex Trading System
————————–

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!

—————————
“Bird Watching in Lion Country – Retail Forex Trading Explained” is a great book on the Forex market. It clears away some of the myths about forex trading, exposes some of the hype, and leads you down a path where you are better able to understand and succeed in the market.

It is worth taking a look at: http://www.forex-trading-explained.com

———————–

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!
————————

Trade the most active foreign currency markets with a mechanical and proven trading strategy. Free two-week trial.
NetPicks E-Mini Futures and Forex Trading System

————————

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.