Markets pulling up into an area with lots of Fibonacci confluence there's also a lot of previous structure at this level
stops will be above the larger swing high to give the trade some more room to work
There's two separate 1414 retracements at this level as well as a 1618 fib all within a pip of each other calculated using the recent impulse legs
There's also a potential for a cypher pattern to complete its B to C leg at the 127 fib within our shorting area.
This could become a counter trend trade so I will be looking for addition confirmation however there is potential to be a good trade setup just see how it plays out
Plan your trade trade your plan!
stops will be above the larger swing high to give the trade some more room to work
There's two separate 1414 retracements at this level as well as a 1618 fib all within a pip of each other calculated using the recent impulse legs
There's also a potential for a cypher pattern to complete its B to C leg at the 127 fib within our shorting area.
This could become a counter trend trade so I will be looking for addition confirmation however there is potential to be a good trade setup just see how it plays out
Plan your trade trade your plan!
Comment:
Missed the move earlier since it completed while I was sleeping but boy did it move...
Look for some trend continuation to the downside with this pair into almost 82 even handle
Look for some trend continuation to the downside with this pair into almost 82 even handle
This view also shows the previous resistance levels that are at this 84 level