EURUSD 1HR CYPHER - WEEKEND ANALYSIS - EARLY PREDICTION
Hi Traders, just one to keep on the radar for next week. Depending on how the markets open next week and react to the drop in EURUSD - we may still see it fall. However for pattern traders and structure based traders this would be an interesting area to watch.
1. If price falls and closes below our 141.4% Fibonacci extension this pattern would certainly become invalid.
2. The 2 green lines indicate previous structure which previous support may become resistance - this falls in our zone for a possible shorting position.
3. I will also publish below image, these candles marked with green arrows which should indicate that price is looking to continue bearish and make us look for shorting opportunities.
4. Also depending on how you have back tested please note some may see this pattern X Leg as an anchor leg rather than an impulse leg. this can be debatable again it depends on your time frame. This is a break in structure so either way only 2 things can happen. With the main Impulse at 1.16282 which I will be keeping an eye on depending on how price action goes throughout the next week or 2
As always If this meets your rules and how you see things in the market, we all have the same charts in front of us but its how you see things which may not be the same interpretation as other traders, but as long as you stick to your analysis in what the back test and forward test results have proved.
Enjoy and happy trading this week.
1. If price falls and closes below our 141.4% Fibonacci extension this pattern would certainly become invalid.
2. The 2 green lines indicate previous structure which previous support may become resistance - this falls in our zone for a possible shorting position.
3. I will also publish below image, these candles marked with green arrows which should indicate that price is looking to continue bearish and make us look for shorting opportunities.
4. Also depending on how you have back tested please note some may see this pattern X Leg as an anchor leg rather than an impulse leg. this can be debatable again it depends on your time frame. This is a break in structure so either way only 2 things can happen. With the main Impulse at 1.16282 which I will be keeping an eye on depending on how price action goes throughout the next week or 2
As always If this meets your rules and how you see things in the market, we all have the same charts in front of us but its how you see things which may not be the same interpretation as other traders, but as long as you stick to your analysis in what the back test and forward test results have proved.
Enjoy and happy trading this week.
Comment:
Hey all, just letting you know these patterns are all invalid I was sure we would GAP down but thought to post these up just in case no weekend gap occurred. Enjoy your week.
Comment:
As we make a start to the week always good to see which way price action intends on going, I have marked some key support resistance structure levels, I would be taking a close watch on these levels, we seem to be right at that Resistance level if we break this level 1.13188 possible buying signals around the 1.11 for counter trend traders. If we get a pull back on the current level personally any signal to sell in LTF Structure levels - would be a better option.
I would imagine some sideways action between these structure levels.
Also if you want to go lower again - there is also a 5m Gartley Pattern forming