The market has been choppy since a while now and recent highs of 1.123 have been touched, in other words a lot of over buying. My usual analysis has confirmed my decision to sell and bag some pips with the TP and SL provided when price consolidates itself.
I have opened a short position in the Potential Reversal Zone (PRZ) at around 1.3080.
Good risk/reward with stops above the PRZ and targets at 1.2950
Target has Fibonacci confluence with a 786 retracement & a 1.27 extension.
Price Action reason for entry was the strong bearish candle close below the structure level.
Entry was made and is more evident on the 1...
As of my last post, numerous signs pointed to Wave (E) being complete. With this morning's move down, it re-opens the idea that Wave (E) is not complete (although it still could).
If Wave (E) is not complete then we have a good target for when it may complete.
The price target would be $630.09 which is the 61.8% fib ratio of Wave (C). Typically Wave (E) will...
There is a bearish Cypher setting up on the 4 hour. I'm looking to get short around 1.1125 with my stop around 1.1160. I'm looking to take my target to 1.0958. There looks like a Bullish Gartley setting up as well. It completes at 1.0970 or 1.09578 depending on if you use 1.27ext or not. Again, I personally would like to give my self as much room as possible, so I...
The AUDCAD shows in my opinion a reverse head and shoulders formation and could be break out to the upside in the near future.
Near the necline is a resistence between 0.9580 and 0.9600. This area was tested back in march this year and november last year. Also around May the price moved around this area.
I will watching this close and update if a good opportunity...
USD/CHF has been trading within a small range for the last couple of days as it struggled to breach the countertrend line. however even though it is still within that range it has again closed below and retested the trend line and is looking like it is picking up some downward momentum with a strong bearish engulfing on the daily chart. a breach of 0.95910 would...
XAU/USD has just completed a 5th wave and now is making its way back to the trend line in an "ABC" formation at which point a new "1-5" should begin and new lower lows should be met
GBP/JPY has recently broken out the bottom of an ascending wedge pattern after a false breakout a little while ago. A close below 153.687 could set up an aggressive entry opourtunity with mind to a continuation after a retest and continuation of previous support/resistance zone. The more conservative entry would be to wait for a break and close below the original...
Looking at a Bearish Gartley pattern on the EURCAD. Right now I'm also counting a completion of 5 levels on the 4H chart and bearish divergence on the RSI. I'm looking to execute a short play on this pair SUN-MON.
Life is going through the end while we are lookig for some more pips. The importing things are understanding and feeling it for me. Elliott Waves are terrific and i love to look for them on charts.
It is makind a correction. Sell the break out
possible bearish abcd pattern forming on the 4 hour. due to non farm payroll the Aussie has seen a resurgence that broke the near term trend line. we have now come up to form a possible abcd pattern and are currently trading in the possible reversal zone between 0.73403 and 0.73912. however i would expect the market to push a little higher and touch the 1.618...
A break and close below 1.98307 level could lead to the completion of a bullish abcd pattern between 1.96631 and 1.94527 levels. For me to take this trade i would need the deeper extension to the 1.618 at 1.94527 that coincides with resistance zone
