H&S, bullish Gartley and Cypher - Long (but only short term)
As some of you may have spotted i recommended going short this morning at 1.344 for several reasons (idea below in comments).
My bias is still short but we don`t often go in such a straight line and, as well as already reaching this morning´s cypher pattern targets, i´ve noticed that a temporary reversal from 1.326 area could lead to a H&S being formed (within a larger H&S - see this morning´s idea).
Why am i foreseeing a right shoulder being formed? Well, the same area of the perfect neckline of 1.3261 is also the Gartley pattern´s completion, with the 61.8% target also making the tip of a potential nice right shoulder.
Bit optimistic that it works out exactly like that i know but i´m also guessing that there would have been a lot of sells under the 1.33 support that we have just broken out of and so there will be some certain people who will want to bring the price back up a bit before continuing southwards.
My advice would be to either go long from 1.3261 or to wait for the 61.8% retracement around 1.3375 to go short, or both. It obviously depends on your longer term bias. Like i said though, mine is short and so i´ve just taken today´s 180 pips profit off the table and will be going with my instinct.
P.S. I´ve not included it on the chart as it´s not my find but check out GregJK´s bullish cypher idea which i think is valid and has the same completion point as this bullish Gartley.
My bias is still short but we don`t often go in such a straight line and, as well as already reaching this morning´s cypher pattern targets, i´ve noticed that a temporary reversal from 1.326 area could lead to a H&S being formed (within a larger H&S - see this morning´s idea).
Why am i foreseeing a right shoulder being formed? Well, the same area of the perfect neckline of 1.3261 is also the Gartley pattern´s completion, with the 61.8% target also making the tip of a potential nice right shoulder.
Bit optimistic that it works out exactly like that i know but i´m also guessing that there would have been a lot of sells under the 1.33 support that we have just broken out of and so there will be some certain people who will want to bring the price back up a bit before continuing southwards.
My advice would be to either go long from 1.3261 or to wait for the 61.8% retracement around 1.3375 to go short, or both. It obviously depends on your longer term bias. Like i said though, mine is short and so i´ve just taken today´s 180 pips profit off the table and will be going with my instinct.
P.S. I´ve not included it on the chart as it´s not my find but check out GregJK´s bullish cypher idea which i think is valid and has the same completion point as this bullish Gartley.
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