A nice ideal 2.618 setup... we got 61.8 against structure and looking at T2 for profit at the 127 extension and for extended profit at target 3. wish me luck
I'm watching a 0.618 structure breakout trade for a possible buy setup back up to 140.90.the Asian session managed to push back price up above major structure support indicating a correction move before the next bearish wave.
Two possible trades:
- A Shark pattern
- A confluence between 78.6 fib retracement level and mayor structure level that could become support.
I'm currently waiting for RSI confirmation when price reaches these levels.
Here is a note to myself that I want to share of yesterdays trading setup on a bearish ABCD setup. I took this trade because I missed the hourly Cypher pattern that completed 2 days ago. The emotional part of trading is the most difficult part. Yesterday price touched and rejected T2 3 times. My trading plan allows me that when T2 has been hit I may exit the trade...
Because of the strong support level found at the PRZ, we can expect price to bounce from this level and at least touch the .5 retracement level from leg C to D, wich would give us the 5-0 pattern to go short. So we have a very good opportunity IF the pattern completes.
Stops at 10 pips below the entry level and targets at 0.5 retracement level from C to D
**NT Missed** I have the expectation that NZDUSD will be revisiting the top of it's current trading range. Price needs to make New higher lows in order to create a valid entry.
NSH - New structure High
NSL - New structure low
NLL- New lower low
NLH= New lower high
Made an aggressive entry this morning @0.8625 hoping this Cypher pattern to unfold... The double tops also suggest
a possible 2.618 setup for further proof downside. For now I need to see break and close below 0.8607
Back to basic simple price action entry at key structure short entry @0.9301. Aiming for T1 and extended T1 between 0.9250 and 0.9240. With all those harmonic strategies in my head I sometimes forget this simple pin bar entry...
Sorry guys, lately been so busy with other stuff too lazy to post anything. Here is a V structure breakout trade I took. Target 1 missed by 2pip looking for extended targets all the way up at the 1.886 extension.
The beautiful head-and-shoulders formation effectively led to a downtrend and it seems like a good time to hop on. Risk/reward is very good considering that this pair has a lot of downside potential. Although I do not want to go into the details regarding fundamentals as I want to keep this post short, I’ll say that they are favorable to this trade on a mid-term...
Although it is stated that I have a long bias, it is solely due to probabilities because this pair could get destroyed in the next weeks.
Higher lows on RSI seems to confirm that the pair wants to go up again (continuing 2013 uptrend) and that the consolidation we've been witnessing since the beginning of 2014 was only a pause in the longer-term trend.
If,...
