#GBPUSD Plan For Consolidation Phase-Use Patterns To Take Profit, we have 2 patterns now. One for long entries and other for short.
USDCHF as we observed (see related idea) had a pattern completion and we went long in the anticipation of 38.2 Fib level which has not reached yet. The market has created a 50% retracement and now could be forming a bearish at pattern completing right where we have our long position target i.e. 38.2 (0.97917). We can add to the long position when 0.97438 is broken...
If 1.32826 level is broken then we have this pattern where we can either start or add to short positions.
Hi Traders, AUDUSD is pulling back as expected pretty much like EURUSD. However because in recent weeks it has been creating new highs, we can expect it to continue with that. This current pull back with USDollar over sold, we can get a very good opportunity to go long. We must watch the zone carefully and any sign of bullish movement. The zone has confluence of...
Hi Traders, GBPUSD has been falling down after test of 61.8 fibonacci level but that is expected because of completion of a harmonic pattern. The last bound was from 38.2 fib level of this pattern and now if that level is broken, we can expect to move towards 50.0 or 61.8. At 50% we have confluence of 200SMA, trend line. So we must watch that area for taking...
Hi Traders, In this top down weekly analysis we see where EURUSD is going and what has been causing to reverse at various points. We also see how Fibonacci plays out in the market along with other factors such as trend lines, support and resistance, moving averages. We look at how to identify W and M patterns and use then accurately with fibonacci ratios on...