I'll be scouring the charts for "actionable masterpieces". These will be signficant chart patterns or set-ups that I feel are not only tradeable, but also have a high probability of making big profits with little risk. Whenever I spot an "actionable masterpiece", I will post an annotated chart (my chart art) along with an explanation. My goal is to help you learn how to spot these low ocurring but highly profitable "actionable masterpieces" yourself.
Fiber
Daily Chart
Look what happened to this pair today after all those US economic releases. Absolutely nothing! As you can obviously tell from the highlighted candle, there was serious indecision between the bulls and the bears. It's safe to say that this pair doesn't know which direction to go right now. It's essentially trading sideways between its 50% Fib line and the top Fibinnel line.
4 Hour Chart
Here's another chart providing no direction. The only thing I can see is that the pink 50 EMA is still acting as strong support. I don't see any good trade ideas here.
1 Hour Chart
Here's some more of my chart art. Yeah baby yeah. There's one thing I know for certain about this chart…it's hella choppy! It doesn't know where it wants to go. Check out those three moving average though yo. I've highlighted the area in purple. Do you see how they are intertwining like a rope? This usually provides an early warning of a possible breakout. So be prepared. We could see some movement tomorrow. Or not.
Cable
Daily Chart
The double top is still holding on this chart, so further downside is possible. Right now, the pair is trading between its 50% Fib line and 38.2% Fib line. How boring. I will sell this pair if it breaks and closes below its pink 50 EMA. My target would be the 23.6% Fib line and my stop loss would be above the blue 100 SMA.
4 Hour Chart
More sideways trading here. This time it's between the swing high and its 23.6% Fib line. It's been doing this for over a week now. Hopefully we'll get some movement soon. I will sell this pair if it closes below 38.2% Fib line. My target will be the 61.8% Fib line and my stop loss will be above its purple 200 SMA.
1 Hour Chart
Did somebody call Paul Bunyan? Because all I see here is more choppiness. (insert laugh here) Check out those three moving averages. Just like the 1-hr EUR/USD chart, these moving averages have also flattened out and are intertwining. We could see a breakout soon. Or not. =) I will buy this pair if it closes above its R2 level and will take profit at its swing high. My stop loss will be below its 76.4% Fib line. I will sell this pair if it closes below its S1 level. My target will be its swing low and S2 level and my stop will be placed above its 23.6% Fib line.
Yenster
Daily Chart
This pair broke above its 50% Fib line but is still being beat down by its blue 100 SMA. Today's candle was pitiful! I'm seeing double tweezer tops so this baby might head lower. If you want to be aggressive and greedy, you can short now and target the 61.8% Fib line. Your stop loss would be placed above the blue 100 SMA. A safer stop loss would be above the purple 50 EMA though.
Here's another (and safer) trade idea. I'm going to buy this pair if it closes above its pink 50 EMA and target its swing high. My stop loss would be below its 38.2% Fib line. I'm going to sell this pair if it closes below its 76.4% Fib line. My target is the purple 200 SMA and my stop loss is above its 61.8% Fib line.
4 Hour Chart
The pair is still being sandwiched between its blue 100 SMA and pink 50 EMA. It doesn't know where to go. I don't know where it wants to go. But if I had to choose, I think it has a better chance of rising than falling. If it closes above the blue 100 SMA, it will try to reach its purple 200 SMA. The reason I choose “up” than “down” is because it seems to have found good support at both its pink 50 EMA and top of the sideways channel it recently broke out of. As long as this holds, there's further upside possible amigo.
1 Hour Chart
Yowzers! It broke below its ascending channel! Look how it tried to rise back in but kept bumping its head on the bottom of the channel. The pair seems to have found temporary support on its pink 50 EMA. Its next support will be its blue 100 SMA. I have no clue whether this pair is going to jump back in its channel or fall even further. It has a bunch of support levels to overcome but if it succeeds, I see it falling back to its recent low denoted by a black horizontal line.As you can probably tell, the theme of today's analysis is that I am clueless right now. I thought the market would be more volatile than it was today but apparently it wasn't. Maybe it'll happen tomorrow. Who knows. Just be prepared for anything though. Like boy scouts.
