CapMoore

Short Idea with levels and target

FX:EURUSD   Euro Fx/U.S. Dollar
123 1 1
The drop down from 1,3967 , completing a perfect harmonic
ABCD at the completion point of a larger, daily ABCD, (both
creating a possible price reversal zone-red square             ), was sharp
which suggest a taking out of the low, 1,3832. The mini target of
the larger Daily ABCD is 1,3763 which coincides with the
extended 1,618 target of the top, smaller ABCD. Now, IF
price takes out the top, 1,3965 everything points to an
extended D point in the larger ABCD (1,272 or 1,618
extension of the CD leg. Note there is also a weekly
ABCD in play, not shown here. So 1,3965 is crucial for
ST             outlook in this analysis. Looking at Price action on
friday, a large hr             candle to the upside suggest an extended
D point in the small ABCD, at 1,3950. Considering all these
patterns, if price turns down from this level,, it is a good
R/R trade to short with a stop above 1,3966.
Avoid shorting if upward move is fast, then wait for
it to stall before entering .
CapMoore
2 years ago
Correction, the extended D point in the small ABCD is 1,3950, not 1,3695 of course as written on the chart.
Looking at candle bodies, the small D point is almost respected, so price could also drop directly from
current level, because of this fact. Strong forces throwing price back and forth.
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