We don't analyze this pair many times, but I noticed possible head and shoulders pattern forming on 4h chart. Head and shoulders is a reversal pattern that, when formed, signals the security is likely to move against the previous trend. Price just need to form right shoulder. Please keep watching for the updates.
Deep Gartley pattern with good risk/reward ratio
Sell limit order pending @1.27 fibonacci extension of AB leg.
SL: 1.13 fib inversion of XA leg.
TP: 0.382, 0.618 of CD leg.
was out for a lose on the last gartley.
Straight back in on this one if it gives me the chance. Need to wait until the market runs up further than normal entries because it is beyond my maximum risk.
Tonight I'm looking at a short cypher on the euro-aussie. Price is meeting the trend line which has been hit by previous highs.
Cypher ratios:
B: 0.382-.618
C: 1.272-1.414
xD: 78.6%
After hitting resistance at 118.6, price has been in a downwards trend. Admittedly I have recently been looking for setups that support a bullish dollar and retest resistance at this level. This has not happened and I have decided to look at the potential set up that continues the weakening of the dollar and this trend's downtrend since the beginning of the year....
Price with this pair has began to range- the ideal market for harmonic patterns! Among the chaos, we have a bearish bat formation- expecting price to drop from around 1.12 to 1.06, a potential return of 600 pips! Stop loss just above the high prior to the X point but still keeping the 1:2 risk:reward!
Bat ratos
AB: 0.382-0.5
BC: 0.382-0.886
CD: 1.618-2.618
XD: 0.886
