The 2011 pattern looks very similar to the one we have now.
Even the priceaction from the Bars look nearly the same to me.
Facts for Long
- similar pattern as in 2011
- support at the L-MLH is pointing North.
- no real LT low is broken!
- so far a wide distance from the open to the actual (potential) close
Facts for Short
- the frequency shift (red slidings)...
I expect this market to either retrace to a lower sliding paralel and then make a nice rally up, or go up right from where it is now. Those new highs didn't make much progres to the upside, so it looks like it wanted to retrace deeper, before it makes any further advancements.
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Disclaimer:
There is a very high degree of risk involved in trading forex. I...
This pair seems to be finally done correcting. Has found support at the sliding parallel of a modified Schiff pitchfork. If it holds, we should see a rally up to the 95.75 level, or perhaps even to 96. Otherwise, the correction will continue to reach 94.22 or (less probable) even the lower median line parallel.
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Disclaimer:
There is a very high degree...
If this fork is going to hold, I expect the price to get at least to 0.8245. I like the support level below, so any SL orders should be placed below 0.814. The aussie has been performing below its recent 'true potential', became overbought (by my measures), so I expect it to strengthen in coming hours. On the other hand, I find the Swiss franc pretty weak, but...
Now it's just a debate: if the current up fork is going to hold or fail, as price has crossed it from its upper parallel to the lower one with ease. This market is in a very-long-term down trend, found resistance above 94 and then even below that level. Now it is about to say, whether it's going to stay within the fork or not. It can either turn into an overshoot...
