EUR/USD 1H: Cypher, bat or possibly Quasimodo...?
The Cypher or the bat could have us re-testing lows or possibly continuing the previous downtrend, while the Quasimodo pattern could signal a possible larger up move to come (as some TV members are predicting).
Both the bat and the Cypher complete in a previous structure corrective zone which could end the current corrective structure and after which the downtrend could continue. I am not basing any trades on the Cypher but maybe a small position on the bat (better R/R). Small, because of the down trendline higher up that might be a target in an up move.
I am also considering a small long position on the Quasimodo pattern as in the chart.
Depending on which one comes first I will re-evaluate the situation and possibly cancel the other order or enter a counter-trade depending on PA. The same applies if the Cypher gives us a significant reaction.
On a larger timeframe I am currently also neutral. In any case: whatever the larger timeframe suggests, moves are almost never straight lines and almost always divide in smaller submoves. So these trade setups on the hourly charts remain possible within the whole corrective structure which we've been in this week, whatever the larger timeframe suggests!
Both the bat and the Cypher complete in a previous structure corrective zone which could end the current corrective structure and after which the downtrend could continue. I am not basing any trades on the Cypher but maybe a small position on the bat (better R/R). Small, because of the down trendline higher up that might be a target in an up move.
I am also considering a small long position on the Quasimodo pattern as in the chart.
Depending on which one comes first I will re-evaluate the situation and possibly cancel the other order or enter a counter-trade depending on PA. The same applies if the Cypher gives us a significant reaction.
On a larger timeframe I am currently also neutral. In any case: whatever the larger timeframe suggests, moves are almost never straight lines and almost always divide in smaller submoves. So these trade setups on the hourly charts remain possible within the whole corrective structure which we've been in this week, whatever the larger timeframe suggests!
Comment:
CLOSED, no trade entered.
