On this holiday session, I have taken this opportunity to weigh in on some issues I may not normally look at. The beautiful thing about harmonics is that they applicable across all asset classes and time frames. Here then is a look at the current 4hr EURUSD
cross. After a precipitous drop from 1.38314 down to 1.32946 it appears we are slowly working our way back up into resistance. At the same time we have a very well defined bullish ab=cd
price pattern working. Coincidentally, the bull ab=cd
price target and the OTE
happen to be at just about the same level. This coincidence gives me high confidence we are going to work our way up into that level. At this point (1.36) it is far too late to get in on the long side. Indeed, the current OTE
long sweet spot just so happens to be right at the same level as the original 'BoT' (trend following model) entry. So at this point, I would be willing to consider buying near that 1.346 area ('buying dips') with the goal to take profits at the bull ab=cd
target. Once that level has been hit, I shall be stalking short setups (off the 1.368 area) as I believe that is the higher time frame trade at work ......