For the EJ pair we will be looking for key fib levels to define possible patterns and .
Per ususal the market negates our XA move and the study is nullified.
122.887 cannot be exceeded
121.971 is a key .886 level and supports the pattern
121.167 has been satisifed in the XA movement so will define the next possible move
What to watch for:
Price points above and for the day and check for 121.307 for a possible reversal on the day to chase the next BC leg target which is currently 119.251.
last night I missed a key divergence on this pair before a beautiful Bull run
and just this evening again on the attached 8min chart
we have not exceed the XA measurement and have not redefined this Butterfly into a Deep Crab by hitting the XA .886 121.971, yet
for now keep an eye on that XA .886 121.971, otherwise our target is still 119.251 until that .886 and/ XA being met say otherwise
EJ satisfied the AB .886 and is now pointing down to a very wide price range, earning its name today "Deep Crab".
The problem in this case is not the study but how ridiculous the price swings have been since March '17 (123,114,121). So the current BC leg has a large window AB (.382-.886). Anyone looking to trade this short into that .382 is best to either take the profits at .382 and wait or use a wide trailing stop loss at .382 and hope the market doesn't rip your stop if .886 is a possibility.
while I cannot hold your hand on entry bull or bear, we are at a crossroads with a pennant playing out while an M is also close to forming
in other words pay attention, expecting big move up or down and candles are extremely relevant the next hr or so
KEY CANDLE IDENTIFIED FOR BEAR ENTRY ORDER
short it is
enjoy and gltu all
dont now what to say
one for review and regroup
even though market structure changed 3 or more times the last 24hrs .886 has been confirmed and the XA measurement was not compromised
so the BC target remains and we will see if the exuberance of fundamentals allows good technical projection to finally take over
for now I've received far to many atop outs and margin calls to keep trading these 40-100 pip candles but will keep the study going and re enter next week if things have calmed down
XA pattern has been compromised
I will no longer publish pre-cypher studies
they are useful for daily notes but unverified past leg 2/3 just isnt realistic
glad learned cypher, very very useful and please check my most recent study that is verified legs A-D