EURUSD daily uptrend started to show weakness again, with RSI diverging at 60 as resistance on each new highs of the pair (after previous top behaved the same at 70), noticeable divergence on MACD as well. Break of the trendline proved to be a nice sell signal. After today's price action, looking to lower the stop loss based on market structure on lower timeframes with final target to complete the bullish gartley possibly forming now. Should the Gartley complete, will look on lower timeframes for signs of weaknes to open longs.
Hi Fala,
Thanks for ur Ideas and Guidance on EUR_USD. I am new to Wave Theory. Could you give the Entry, SL and Tgts separately in the Notes below as i am unable to Find it Correctly from Chart above.
Thx....Rao
BTC_Daily.Pips
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Hello, Rao!
On the reasons exposed in the description above (RSI bearish divergence at resistance, MACD histogram), decided to wait for the trendline (or could be seen inside a rising wedge) to be broken with a higher penetration then the previous one, so entry of short became 1.13144 on a nice down momentum. Next step was to wait for consolidation, when lowered the SL at break even and watching on lower timeframes for structure for new SL price. After 2 days of consolidation inside 1.1234 and 1.1136, set SL slightly above it and waiting next break downwards. My final target of present shorts is 1.07339.
Next preliminary entry now on daily chart is to go long in the 1.0715 and 1.065 area, after the Bullish Gartley pattern is completed. If we get there I will certainly publish a chart if I see weakness from bears with prospective entry. Admittedly longing will be confirmed there, its next target is 0:382-0.5 region of retrace of current possible downswing from point C to D at around the rate of 1.1.
Should you have more questions, I will be happy to answer in PM ;)
BTC_Daily.Pips
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Update: Lowered SL just a little above the previous high to about 1.1235 and noticed the bat moved slightly accidently before publishing, this is how it looks like:
Thanks for ur Ideas and Guidance on EUR_USD. I am new to Wave Theory. Could you give the Entry, SL and Tgts separately in the Notes below as i am unable to Find it Correctly from Chart above.
Thx....Rao