Hi All, I wanted to share this potential opportunity for a chance to get long or short, keeping in mind we have had a break and close above the previous resistance structure zone. And also a break below here putting in a lower low than previous structure. It could be a false break
What it does start doing for pattern traders is presenting them with a period of consolidation where we see multiple patterns forming where price just goes sideways until it either breaks up or down.
If you look at the previous structure level we also seen periods of consolidation at this level.
I havent put in targets in this chart -
BAT Pattern STD targets - 38.2% and 61.8% - A to D FIB Retracement
Cypher Pattern STD targets - 38.2% and 61.8% - C to D FIB Retracement - remember to take the retrace tool down until the D completes for accurate retrace levels.
If you are more conservative here with the Cypher to get a better risk reward profile, at the bottom of the Green box that is the 127.2% Fib Ext level and close to the even handle 135.000 - anything you can do to present a better entry reason we always look for. The more confluence levels - the better it is for us presenting a higher probable chance price will bounce off that level.
CTS traders may look for an AB=CD as well as a D/B or D/T to provide a very high combined technical score.
Bulls think what the Bears are thinking and Bears think what the Bulls are thinking - reverse engineer to present great results.
Also good luck through FOMC - dont get caught out make sure you have stops in place.
Check your filters and watch the signals - happy trading
What it does start doing for pattern traders is presenting them with a period of consolidation where we see multiple patterns forming where price just goes sideways until it either breaks up or down.
If you look at the previous structure level we also seen periods of consolidation at this level.
I havent put in targets in this chart -
BAT Pattern STD targets - 38.2% and 61.8% - A to D FIB Retracement
Cypher Pattern STD targets - 38.2% and 61.8% - C to D FIB Retracement - remember to take the retrace tool down until the D completes for accurate retrace levels.
If you are more conservative here with the Cypher to get a better risk reward profile, at the bottom of the Green box that is the 127.2% Fib Ext level and close to the even handle 135.000 - anything you can do to present a better entry reason we always look for. The more confluence levels - the better it is for us presenting a higher probable chance price will bounce off that level.
CTS traders may look for an AB=CD as well as a D/B or D/T to provide a very high combined technical score.
Bulls think what the Bears are thinking and Bears think what the Bulls are thinking - reverse engineer to present great results.
Also good luck through FOMC - dont get caught out make sure you have stops in place.
Check your filters and watch the signals - happy trading
