correct me if i'm wrong guys as im still testing out the waters with elliot wave theory. i see an ABC wave along with 5 waves amongst the pattern. if the pair breaks resistance i feel we will have a massive reversal here with resistance now acting as support, we will see how this plays out.
Here we have an USD/CAD Chart, as we can see there a lot of possibilities, i only can say that wait for the confirmation candle either for long or short.
Trend = Down
Volatility = 16%
stay safe and happy trading
After realized profit of the BatPattern trades I am now looking at a short breakout trade.
The current price levels seems to be of importance for this pair as it turned around price action often in the past.
Triangle has broken multiple bars in the 1H and 2H time-frame in to Bearish signals.
RSI @ 3H has turned Bearish as well.
Willy @ 6H is indicating a dump in near future.
I have labeled zones of varying degree of support/resistance (Green, Red, Yellow Lines)
These lines were drawn with 2H, 4H, 6H, 12H time-frame modified Ichimoku Kumo Clouds (hidden).
you see the red point above: please feel free to test a SELL-order! TVC:DAX
ATTENTION! This is a TEST-order.
Please DON'T use it for the real trading.
DiKKAT! Bu bir TEST-ANALiZ öngörüsüdür.
Gercek islem girilmesi kesinlikle tavsiye...
I just shorted AUDUSD. Why? becaue; Price is showing wickness on a strong resistance level. The fact that this resistance level influence price almost everytime encourage me to short without waiting for any other confirmation signal. Meanwhile, I placed my SL too far for the price to hace enough space to breathe.
It might be a bad idea to go short if we look at...
$GBPUSD Cable slowly grinding up from what I believe to be the bottom (two bullish candles). Only time will tell... Used ichimoku kinko hyo as a technical indicator, on the 4h chart. Please see the chart attached to this post. Any comments, suggestions, opinions etc. are welcome. I remain LONG. GLTA!
Possible entry at the red circle
-Long term resistance, which was broken but re-entered and heading for a retest/bounce!
-Short term resistance
-0.236 (long term)
-0.5 fib level (short term)
Safe and successful trading!