Seen in the 4h chart, we have been in a strict channel since August of 2015 (Purple Lines) in this pair with only one false breakout in Feb. which starts our descending wedge
pattern (Blue Lines). "I think" this is leaving price action with little place else to go but up. We are 2/3rd s of the way through our descending wedge
and have 4 of 5 points completed to a Gartly (Yellow) pattern (Not perfect but close). I don't trade trade these patterns until they complete (D point in Green Box). There is a possible Gartly (Pink) where a C point at the 61.8 would be confluent with structure resistance
. If this C point is hit I would place orders when The Pattern is complete; when D passes the 78.6. This would invalidate the Yellow Gartly. If the Price drops without hitting The C point in the Pink Gartly I will be looking for a double bottom
somewhere in the orange box. If price points hit C and drops to create a double bottom
, I will trade that as well (after a confirmation candle). I would trade either idea with 2 contracts and targets at the 38.2 and the 61.8.
3 Ideas that should either be invalidated or completed with in the next week or two.