A Bullish Shark Pattern is forming on the daily time frame in
a dense Fibonacci confluence zone consisting of the 88.6%
retracement measured from 1.3027 to 1.4377 as well as the
61.8% retracement level measured from 1.2589 to 1.4377.
Price broke through the Bearish Three Drives Pattern above, and it looks
viable at the moment that the breakout level will be
re-tested in the days/ weeks to come. Note also the
Fibonacci confluence zone in the 1.3700 region,
consisting of the 50% retracement level of XA, the 38.2%
retracement level from 1.2589 to 1.4377 and finally the
38.2% retracement level of the CD leg.
Obviously the 1.3700 level will be crucial in determining the direction of price from there.
Trade long (RvR 2:1)
Entry: Close above 1.3320
S/L: 1.3124
T/P 1: 1.3483
T/P 2: 1.3712
As always, scale out your profits and adjust stop/loss to
suit your risk management profile; also, be careful of
shorting the market where price is at currently since we
have reached a level of significant support.
Happy trading
a dense Fibonacci confluence zone consisting of the 88.6%
retracement measured from 1.3027 to 1.4377 as well as the
61.8% retracement level measured from 1.2589 to 1.4377.
Price broke through the Bearish Three Drives Pattern above, and it looks
viable at the moment that the breakout level will be
re-tested in the days/ weeks to come. Note also the
Fibonacci confluence zone in the 1.3700 region,
consisting of the 50% retracement level of XA, the 38.2%
retracement level from 1.2589 to 1.4377 and finally the
38.2% retracement level of the CD leg.
Obviously the 1.3700 level will be crucial in determining the direction of price from there.
Trade long (RvR 2:1)
Entry: Close above 1.3320
S/L: 1.3124
T/P 1: 1.3483
T/P 2: 1.3712
As always, scale out your profits and adjust stop/loss to
suit your risk management profile; also, be careful of
shorting the market where price is at currently since we
have reached a level of significant support.
Happy trading