Hello, i was re-analyzing my long term view on this pair. Market always changes and we must be prepared for any scenario. The price action is always right and not our conditioned opinions or beliefs.
Here are 10 reasons for a long bias on this pair.
1) Trendline support
2) AB=CD pattern (orange line)
3) MACD overextended and crossing
4) RSI leaving an extremely oversold level
5) Perfect bullish butterfly (first target around 1.25 is still waiting!!)
6) Bollinger band duplication. If this happens price should meet the middle of BB 90% of times
7) Engulfing bullish candle
8) Price reacting to middle of clone (see below)
9) A series of HH, HL forming (weekly chart)
10) Possible EW leading diagonal forming
All these reasons are telling us that price has bottomed and the fundamental factors also support this bias (USD weakning, no rate hike untill middle of 2016)
I agree EW count is not clear but doesnt matter, as traders we should have other tools we can use on a given scenario. This does not mean EW is useless off course, if someone thinks so thats ok, i dont like to talk too much and will not try to convince anybody here.
This will be my long term roadmap now. The price action is choppy on D1 and H4 chart, right now i prefer to trade other pairs and will be looking for an entry here if i see a clear setup.
Best regards.
Here are 10 reasons for a long bias on this pair.
1) Trendline support
2) AB=CD pattern (orange line)
3) MACD overextended and crossing
4) RSI leaving an extremely oversold level
5) Perfect bullish butterfly (first target around 1.25 is still waiting!!)
6) Bollinger band duplication. If this happens price should meet the middle of BB 90% of times
7) Engulfing bullish candle
8) Price reacting to middle of clone (see below)
All these reasons are telling us that price has bottomed and the fundamental factors also support this bias (USD weakning, no rate hike untill middle of 2016)
I agree EW count is not clear but doesnt matter, as traders we should have other tools we can use on a given scenario. This does not mean EW is useless off course, if someone thinks so thats ok, i dont like to talk too much and will not try to convince anybody here.
This will be my long term roadmap now. The price action is choppy on D1 and H4 chart, right now i prefer to trade other pairs and will be looking for an entry here if i see a clear setup.
Best regards.