The D leg of this Shark pattern is completing in an area of interest for sellers. We had a large sell-off the last time we hit this area, and previously this has been a key support and resistance zone for both sellers and buyers.
Trade closed: stop reached:
As you may be aware, harmonic patterns expand. We saw this with this shark pattern. I will make sure to post the Potential Reversal Zone (PRZ) in the future. With the major news that happened yesterday for the US Dollar, we saw an incredible bullish push for DXY. It was short lived, however, and we dropped back below the key resistance that was holding the DXY at bay. Full analysis in my US Dollar Outlook idea.
Comment:
ue to the major news events taking place tomorrow (NFP, Unemployment) I am staying out of the market and watching and unless you have a news based trading plane I advise to do the same.
We may get a nice push to the 0.995 even handle and major supply zone which matches the 78.6% Fibonacci retracement. Confluence is key.
I am looking ultimately looking to take short profits at 0.975 and 38.2% Fibonacci retracement
We may get a nice push to the 0.995 even handle and major supply zone which matches the 78.6% Fibonacci retracement. Confluence is key.
I am looking ultimately looking to take short profits at 0.975 and 38.2% Fibonacci retracement
Trade active:
TP2: 0.96996 - 50% retracement
TP3: 0.96633 - 61.8% retracement