Potential h&s off the higher time structure (purple horizontal line). Right shoulder is potentially a buildup. I would like to play the breakdown of that buildup with stoploss above that buildup instead of the head.
I believe that trading reversal chart pattern off a higher timeframe structure increases the chance of success.
This buildup (tight consolidation) ...
So the narrative on EURAUD I've been seeing is,
multiple reaches to the 1.60 - 1.65 Area.
A rather deep range at that, alot of pips coming from
that range, What we are looking at are confirmations that
we are at a reversal area and that we are safe for a longer term sell off
at this moment. we see beautiful price action, Supply and Demand Criteria
Met, Now we ...
After a strong sell-off, UsdCad looks like its moving sideways now and it will likely re-test the 1.337 level which was a confirmed resistance and 38.2 fibo level.
Rsi show bullish divergence on H4 and it pooped off oversold zone on daily timeframe.
The first resistance zone should be our red rectangle which is 50ema H4 and daily zone at 1.33 level.
The moving averages has just crossed over on the 4H timeframe on EJ, and we held the psychological level 124.500 which also acts as support, waiting for a retest of 124.500 on the lower timeframes to go long back up to 125.500 and maybe further. Nice 1:3 risk reward ratio on this trade.
Here we have the 200ema as an ocean that price can jump out of and dive into. The rainbow lines are 20emas from other timeframes so you don't have to click back and forth to see them. The 9ema jagged line and the 200ema "ocean" are relative to the timeframe currently in view. Price looks like alligator jaws as it jumps and dives.... it's not the Bill Williams ...
This is a visual experiment I'm trying for trading on small time frames. Here I have the 200ema for the timeframe in view set as an area that price surfs, jumps out of or dives into. The rainbow lines are 20emas from other timeframes so you don't have to click back and forth to see them. The 9 ema is the jagged line and matches the timeframe in view. It also ...
Is this a Dead Cat Bounce?
I see confluence with the 50 DMA and the Golden Pocket fib levels.
We are in a downward trend.
My Elliot Wave count suggests an ABC correction is almost complete for Wave 4
Let's see if we can get a move higher into the swing fib levels highlighted by the green box before making new swing lows.
I had a thought that the fifth wave was over.
However, in some time frames (30m, 45m, 1H, 2H), the Histogram seems to have one more upward momentum and the RSI in 4H don't have a divergence.
White line is a resistance from september 4 and Nov 7