Hello, this pair is making a nice retracement to the 0.7000 level. After a long term downtrend price made its first higher high (convergence). Yesterday after bad China news we had and ideal deep pullback near 0.7000 A potential inverse head and shoulders is forming. Regards.
Comments
Fxprotrader
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Great analysis.! I have already bought this market.. Good luck..!
FullTimeTrader
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Hello, i agree with your wave count. Regards.
omw78ygthasoh
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Hi i'm a neebie so do I take it that this pair will be going back up at some point during today
waqassab
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what about this long entry, it has to be buy at 0.70456 with sl and tp OR now set buy stop order for 0.70456? PLZ GUIDE
Trilo
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Nice. This is my plan for this. Waiting to go long.
lovely.guy.589
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gud chart boss
caifu642
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Hi Anil. Can you please explain your use of the word "convergence"? Thanks, and very much appreciate your analysis!
FullTimeTrader
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Hello, convergence-divergence is a hole trading strategy. In very simple words: price always moves from convergence to divergence. If we can identify a valid convergence (like this) then we should switch to lower TF, in this case H4 to find a divergence (im not showing this). Usually price reaches the convergence level shown on this chart (0.7261). Regards.
Cainara
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FullTimeTrader, I identify with Very YOUR way to analyze the market , I believe to be quite efficient . Thank you for sharing.