{"id":214849,"date":"2018-04-10T15:54:34","date_gmt":"2018-04-10T14:54:34","guid":{"rendered":"https:\/\/www.forexmentorpro.com\/blog\/?p=214849"},"modified":"2024-05-24T18:23:08","modified_gmt":"2024-05-24T17:23:08","slug":"breakouts","status":"publish","type":"post","link":"https:\/\/www.forexmentorpro.com\/blog\/breakouts\/","title":{"rendered":"Breakouts!!"},"content":{"rendered":"<p>Good morning everyone.<\/p>\n<p>What&#8217;s up and whets down this morning?<\/p>\n<p>Well looking at the chart we can see we had a couple of triangle breakouts that took place&#8230;..so now we need to wait for the correction followed by possible M2 trade set ups.<\/p>\n<p><strong>What&#8217;s a M2 set up ?<\/strong><\/p>\n<p>A M2 set up is where an important support or resistance level broke&#8230;..price pull away from the level&#8230;..and then give a correction back to the level that broke followed by the M2 trade setup into the direction of the breakout. (Like in the picture above we had a ascending triangle that broke to the upside)<\/p>\n<p>For a descending triangle the opposite will show. Support will have to break to the downside&#8230;&#8230;price pull away from the level&#8230;..and then give a correction back to the level that broke followed by the M2 trade setup to the downside.<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-34207\" src=\"https:\/\/www.forexmentorpro.com\/members-area\/wp-content\/uploads\/2018\/04\/wait-300x235.jpg\" alt=\"\" width=\"214\" height=\"168\" title=\"\"><\/p>\n<p>We also have a head and shoulder and an inverse head and shoulder pattern that is panning out on some pairs. Did you spot them ???<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-34208 \" src=\"https:\/\/www.forexmentorpro.com\/members-area\/wp-content\/uploads\/2018\/04\/112-300x262.jpg\" alt=\"\" width=\"317\" height=\"277\" title=\"\"><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-34209 \" src=\"https:\/\/www.forexmentorpro.com\/members-area\/wp-content\/uploads\/2018\/04\/rrrrrrrrrrrrrrr-300x260.jpg\" alt=\"\" width=\"327\" height=\"283\" title=\"\"><\/p>\n<p><strong>\u00a0\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-34060\" src=\"https:\/\/www.forexmentorpro.com\/members-area\/wp-content\/uploads\/2018\/03\/45-1-300x275.jpg\" alt=\"\" width=\"166\" height=\"152\" title=\"\"><\/p>\n<p>Lets have a look at some chart this morning.<\/p>\n<p><strong>\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026.<\/strong><\/p>\n<p><strong><u>1) Euro Index on the DAILY chart:<\/u><\/strong><\/p>\n<p><strong><u>Notes:<\/u><\/strong><\/p>\n<p>The direction Indi shows short on the 4 hour and long on the daily chart.<\/p>\n<p>Last week we broke the triangle to the downside so possible M2 shorts can be on the cards from 108.29 to 108.44 where we have loads of EMA`S waiting plus the triangle bull trend line.<\/p>\n<p>Will be looking for support at the MS1 pivot at 107.65 and the daily 200 EMA at 107.21 for a possible long set up again.<\/p>\n<p><strong>\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026.<\/strong><\/p>\n<p><strong><u>2) Euro Dollar on the DAILY chart:<\/u><\/strong><\/p>\n<p><strong><u>Notes: <\/u><\/strong><\/p>\n<p>The direction Indi shows short on the 4 hour and long on the daily chart.<\/p>\n<p>Last week we broke the triangle to the downside so possible M2 shorts can be on the cards from 1.2283 and 1.2318 where we have loads of EMA`S waiting.<\/p>\n<p>Will be looking for support at the MS1 pivot at 1.2160 and the MS2 pivot where we also have a daily 200 EMA waiting for a possible long set up again.<\/p>\n<p><strong>\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026.<\/strong><\/p>\n<p><strong><u>3) Euro JPY on the DAILY chart:<\/u><\/strong><\/p>\n<p><strong><u>Notes:<\/u><\/strong><\/p>\n<p>Looks like we were trapped in a triangle on this one that is breaking to the upside with today&#8217;s candle&#8230;&#8230;so we will have to wait for a breakout followed by a M2 long set up from 131.38 and 131.17 areas.<\/p>\n<p>Will be looking for resistance at the MR1 pivot at 132.6 and 133.00 for possible short set ups again.<\/p>\n<p><strong>\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026.<\/strong><\/p>\n<p><strong><u>4) Euro GBP on the 4 hour chart :<\/u><\/strong><\/p>\n<p>Currently I have an\u00a0<strong>Earth and Sky short zone<\/strong>\u00a0between 0.8740 and 0.8762 with areas to keep an eye on the 0.8730 (38.2 fib) and 0.8740 and 0.8743 and 0.8755 resistance areas where after I will re look to short this pair again.<\/p>\n<p>Possible counter longs at 0.8700 and 0.8680 support areas.<\/p>\n<p><strong><u>Notes:<\/u><\/strong><\/p>\n<p>If we make new lows without the correction &#8211; follow price with the fib to get the adjusted zone for the week.<\/p>\n<p><strong>\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026.<\/strong><\/p>\n<p><strong><u>\u00a05) GBP Dollar on the 4 hour chart:<\/u><\/strong><\/p>\n<p>Currently, I have an\u00a0<strong>Earth and Sky long zone<\/strong>\u00a0between 1.4067 and 1.4017 with areas to keep an eye on the 38.2 fib at 1.4090 and if that breaks at the 200 EMA at 1.4017 support areas where after I will re look to long this pair again.<\/p>\n<p>Possible counter shorts at 1.4143 and 1.4166 and 1.4195 resistance areas.<\/p>\n<p><strong><u>Notes:<\/u><\/strong><\/p>\n<p>If we make new highs without the correction follow price with the fib to get the adjusted long for the week.<\/p>\n<p><strong>\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026.<\/strong><\/p>\n<p><strong><u>6) GBP JPY on the DAILY chart:<\/u><\/strong><\/p>\n<p><strong><u>Notes: <\/u><\/strong><\/p>\n<p>Inverse Head and Shoulder broke to the upside&#8230;.so look out for a possible correction followed by an M2 long set up from 149.85 to 149.34.<\/p>\n<p><strong>\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026..<\/strong><\/p>\n<p><strong><u>7) Aussie Dollar on the DAILY chart:<\/u><\/strong><\/p>\n<p><em><strong>Last week we only closed min 4 pips lower than the opening&#8230;..but the main trend is still short. With this little movement, it&#8217;s better to fib the daily for a short zone.<\/strong><\/em><\/p>\n<p>Currently, I have an\u00a0<strong>Earth and Sky short zone<\/strong>\u00a0between 0.7780 and 0.7849 with areas to keep an eye on the 0.7749 and 0.7769 and 0.7780 resistance areas where after I will re-look to short this pair again.<\/p>\n<p>Possible counter longs at 0.7581 support areas.<\/p>\n<p><strong><u>Notes:<\/u><\/strong><\/p>\n<p>Main resistance at 0.7769 to 0.7780 area.<\/p>\n<p><strong>\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026<\/strong><\/p>\n<p><strong><u>8) Aussie JPY on the DAILY chart:<\/u><\/strong><\/p>\n<p><strong><em>Last week we closed plus 44 pips higher than the opening BUT the main trend is still short &#8211; we can&#8217;t fib the 4 hour to get a short zone and have to fib the daily chart. <\/em><\/strong><\/p>\n<p>Currently, I have an\u00a0<strong>Earth and Sky short zone<\/strong>\u00a0between 82.52 and 83.53 with areas to keep an eye on the 82.76 and 83.21 resistance areas where after I will re looking to short this pair again.<\/p>\n<p>Possible counter longs at 79.95 support levels.<\/p>\n<p><strong><u>Notes:<\/u><\/strong><\/p>\n<p>While the 55 EMA at 83.20 holds my bias will be to look for a short to set up&#8230;&#8230;.but this is forex&#8230;..if it does break to the upside I will re-look to short from the MR 1 pivot at 83.97 area.<\/p>\n<p><strong>\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026<\/strong><\/p>\n<p><strong><u>9) Dollar JPY on the DAILY chart:<\/u><\/strong><\/p>\n<p><strong><u>Notes:<\/u><\/strong><\/p>\n<p>The main trend is short according to the direction Indi&#8230;.however we can fib the daily chart as we already back at last month&#8217;s high area.<\/p>\n<p>Possible resistance at 107.12 and 107.47 \u00a0and 108.00 for possible short setups to follow.<\/p>\n<p><strong>\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026<\/strong><\/p>\n<p><strong><u>10) Dollar CAD on the DAILY chart:<\/u><\/strong><\/p>\n<blockquote><p><strong><u>Mondays notes:<\/u><\/strong><\/p><\/blockquote>\n<p>Head and shoulder I showed you broke to the downside&#8230;..However, we sitting on the 200 EMA at 1.2749 that is currently giving support.<\/p>\n<p>I will prefer if the price can break this level first.<\/p>\n<p><strong><u>Today&#8217;s notes: <\/u><\/strong><\/p>\n<p>Price did break the 200 EMA to the downside&#8230;.so I will wait for a correction followed by a possible M2 short from the 200 EMA again at 1.2749 area.<\/p>\n<p><strong>\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026<\/strong><\/p>\n<p><strong><u>11) Dollar Index on DAILY chart:<\/u><\/strong><\/p>\n<p><strong><u>Notes:<\/u><\/strong><\/p>\n<p>The direction Indi shows long on the 4 hour and short on the daily chart.<\/p>\n<p>Last week we broke the triangle to the upside so possible M2 long can be on the cards from 90.14 to 89.97 \u00a0where we have loads of EMA`S waiting.<\/p>\n<p>Will be looking for resistance at the MS1 pivot at 90.95 for a possible short up again.<\/p>\n<p><strong>\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026<\/strong><\/p>\n<p><strong>See you all during the webinar a little later today.<\/strong><\/p>\n<p>Regards<\/p>\n<p>Pierre<\/p>\n<p><iframe src=\"https:\/\/www.youtube.com\/embed\/JmfcPVHQFYg\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>If you would like to learn how to trade like a professional AND receive detailed daily analysis BEFORE the event then check out our 5* rated forex mentor program, RISK FREE; by clicking on the \u201cGet Started Today\u201d Button below<\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.forexmentorpro.com\/blog\/mw-post\" target=\"_bla nk\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"alignnone\" src=\"https:\/\/www.forexmentorpro.com\/blog\/wp-content\/uploads\/2017\/01\/728x90-.jpg \" alt=\"Trade Plan\" width=\"728\" height=\"90\" title=\"\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning everyone. What&#8217;s up and whets down this morning? Well looking at the chart we can see we had a couple of triangle breakouts that took place&#8230;..so now we need to wait for the correction followed by possible M2 trade set ups. What&#8217;s a M2 set up ? A M2 set up is where [&hellip;]<\/p>\n","protected":false},"author":35,"featured_media":5020,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-214849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex-analysis"],"_links":{"self":[{"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/posts\/214849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/comments?post=214849"}],"version-history":[{"count":1,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/posts\/214849\/revisions"}],"predecessor-version":[{"id":219528,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/posts\/214849\/revisions\/219528"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/media\/5020"}],"wp:attachment":[{"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/media?parent=214849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/categories?post=214849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/tags?post=214849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}