This trade was originally brought to our attention this weekend in Jason Stapleton's Forex Market Preview video "Studying Harmonics" ( www.youtube.com/watch?v=SirRW2Uw... ) As I take a look at it today price action (after creating a LLLC) has retested the previous level of support which should now act as resistance.
In addition to the structure level we also have a Fibonacci ratio cluster of retracements and an inversion. Lastly, we have hidden divergence on the RSI which is a sign for trend continuation. Of course when I say a sign, it doesn't mean it will happen everytime, but it's something that we can add to our score when breaking down this trade.
Akil Stokes
Head Currency Trader at Trade Empowered
In addition to the structure level we also have a Fibonacci ratio cluster of retracements and an inversion. Lastly, we have hidden divergence on the RSI which is a sign for trend continuation. Of course when I say a sign, it doesn't mean it will happen everytime, but it's something that we can add to our score when breaking down this trade.
Akil Stokes
Head Currency Trader at Trade Empowered
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