Although we have a Bearish Cypher pattern resting right above this level, the double top on this pair still looks to be a very good shorting opportunity. A single ATR stop should get you above the structure level looking left so there's very little risk in this one when compared to the potential reward. I wouldn't expect a full blown reversal, looking at the...
Just realised there was also a completed bearish cypher pattern after my earlier posting on this pair (see link below). Few confluence factors: a) Bearish cypher b) 2618 c) Re-test of the double pin bars in weekly Based on the above, this may worth a punt. Limit order, SL and TP in chart.
Building on from my previous post I have entered long at 1.2754 after we saw the spike up and bullish RSI. I now have structure support at 1.2751 to work from. Price touched my first target profit at 1.2771 claiming 18pips.. It's a free ride from now... Next target at 1.2786. If market breaks 1.2751 I will be returning tomorrow... That's all for today.
Took a nice ride down from the double tops. Looking at 2 potential shorts and one long setup at the bigger cypher... For the cypher I want to see bullish divergence on the RSI with some structure breakout to the upside... A structure near 1.27310 would be nice with minimal risk
I'm late to the party today since I haven't looked at any charts all day... actually since Thursday now that I think about it. Anyway we have 2 bearish advanced patterns setting up here on the EURUSD which also come at a retest of structure on the 240min. Good wicks at the killzone of the Bat and Butterfly so a double top at that level would offer another good...
DBL top, broken upward trend line back to a .618 retracement. Long candlesticks on the daily against structural resistance. Looking for a 1.272 extension
As stated in a previous idea () this pair has already been rejected on major daily structure. Now is setting up a possible head and shoulder pattern on lower timeframe (4h). Many pin bars formed on Friday showing price rejection below left shoulder level of the formation. Action: On Monday look for price to not gap nor open above pin bar's tails and sell at...
Bullish Cypher pattern in the 1h timeframe is completing in an potential bouncing area defined by relevant daily structure (recently broken to the upside). Action: buy at cypher completion and look for continuation.
Bearish BAT pattern is setting up in a well established downtrend. At BAT completion, many fibs levels are lining up defining a nice kill zone.
There was a double bottom right at the key support zone. If market pulls back from the recent bullish momentum to 61.8% retracement level, we will have a 2618 setup to go long. At the moment, I'm shorting this pair (see idea in link below). Lets wait and see if market will play as per these ideas.
Technically, the daily chart is still in an uptrend. Market has now retraced down to key support zone 173.65, which is also 61.8% fib level from the recent upswing. It is also now re-testing the bullish pin bar formed on 16 Sep 2014 right at this key zone. Will be drilling down to H4 for confirmation to go long.
Overall trend in this market is down. We can see rejections of the minor resistance in H1 as reflected with the long upper wicks. This also rejected 50% retracement of the recent downswing. This looks tempting but I don't trade H1. Contented with just holding the existing two positions in this pair.
EURGBP making a retracement in a downtrend, looking for points to enter for a continuation. Rising into a .382 retracement of a sharp break below structure, lining up with structure resistance. Movement can be broken down into a Elliot wave major followed by abc retracement. abc makes a .382 retracement which suggests a 1.272 extension, *confluence with major...