Small counter trend opportunity on AudJpy, quite a few inside levels of resistance to be wary of but possible to go higher. If we reach that target zone, I would look to short down for a retest of the lows following our impulse with decent strength shown on the RSI. There is also a decent pattern formation on the 5 min with a double bottom followed by a bullish break.
We have had the breakdown out of the ascending channel, like I predicted in the last video. Now, since that has happened we have another opportunity to get involved on the breakdown using a 2618 setup.
Plus we can look to trade this down on a stop and reverse at our major level between 7440 and 7200.
So Phase 1 has played out like I predicted. Let us see if...
So we had our breakdown work out pretty well so far. Now that the market has moved in the direction of our prediction..... What's Next? Well in this video I show you what I'm looking to trade next here on the EURUSD ahead of tomorrow's NFP.
Another consolidation pattern on 60m timeframe.
Taking profit from previous gartley pattern at the entry level of the cypher pattern which is also 0.618 retracament of the gartley pattern.
Made 140+ pips. Hopefully this cypher will be also profitable.
Just entered short on the eur/usd on a 2618 setup. I will take target 1 at previous lows and look to take target 2 on a stop and reverse at the completion of the bull gartley which should complete around 1.1256
If you entered a short based on the Gartley (I missed the entry as I was sleeping), you should be well in profits now, TP1 reached and well on it's way to TP2.
According to my trading plan I normally put TP2 at the 0.618 retracement of BD but in this case I would let it run till the 0.786 and attempt a Stop & Reverse to take benefit of the Cypher pattern that is...