Bearish Flag / Breakout Possible on the Hour chart,
We have come down and retraced to the 618 on the Impulse leg.
The fib extention of 1.27 and fib inversion of 1.414 line up with the lowest pin bar on the daily.
We are oversold in the RSI as well
I still think we have more downside to come.
Looks to me like an outside return and now a possible breakout into a harmonic move like we just had.
This also puts us in the area of a D Completion leg for a Bullish Bat on the Daily and a area of support which saw the pair move to recent highs
Looking on the monthly chart its still looking like a bear flag formation imo
Eur/Jpy has broken overall uptrend structure on higher timeframes so dropping to the 2 hour time frame and measuring key levels with fibs isnt a bad idea. This past week the 114.000 level has been holding firm as a resistance point for this structure which happens to be our 50% retracement level for our last swing high.
* Weekly resistance still stands firm at...
So we can back down to the Daily Support and have bounced.
Last time we did this the pair had a 618 retracement back up before the recent drop
Im looking at a possible 618 retracement again before a further Test of the daily support
couple of thoughts on this pair.
I first saw a possible Double Top as we have come back up to the area of the previous highest wick and we could see a drop back from these levels as before. Also looking at the movements a pbeasigh cypher is almost complete.
Also we have had this recent impulse leg up which if we saw an outside return it could co inside with...
We see a strong bullish market that formed a V-formation. In the last hours we formed a small corridor of consolidation with a lot of buying pressure at the bottom edge of the corridor. Candles show that. Because of the overall upwards market trend I believe that we will continue this trend and hit previous highs in a while.
Risk Reward Ratio pretty decent with...
After todays breakout out of the bullish flag (in d1 chart too), we generate a bullish buying opportunity, which follows the general upwards trend of the USD/JPY.
Since we are currently in a lightly overbought market (RSI close to 70) and after many big bullish candles in the last hours, we will be waiting for a small pullback to the level of about 122,85 which...
Due to the insecure overall political situation in Europe, plunging chinese stocks and industrial metals, the testing of the upper channel edge and a relatively oversold market , we may see another breakdown at least to previous structure level of at least 10700. Another support zone at around 10600 marked with the thin green line may also indicate a potential...
1. If price reaches the completion of this GARTLEY pattern I will sell. There are three structure highs close to the completion point of the pattern.
2. Stops will be placed above the highest point which is also the A point of the potential BULL BAT pattern. When several highs are close together the highest point often gets tested.
3. Target 1 is slightly above...
After double topped, the kiwi made a strong break down and now it retraces to 618 area, which could be a nice selling oppurtunity with two potential targets and stops above the double top - as it is written above.
VIDEO: www.youtube.com
Looking for a target extension on the EUR/USD pair.
Please refer to the video above for more details.
Star Prosper
Philip Stewart
VIDEO: www.youtube.com
Good morning traders, Philip Stewart here. Today we're looking
at some structures and patterns, as well as the AUS RBA
opportunities that were presented to us.
Please watch the video above for more details about what we're
looking at in our trading today.
Star Prosper
Philip Stewart
We are getting a bat pattern with complition on support area, really nice high prob trade. I have my pending orders in place, just waiting for the market to deside meet that zone :)
This is my first Publish Idea this would be a cypher and a bat pattern ( I set thouse patterns based on my own rules )
but before that there is a structured based trading oportunity, so with any luck we could get 2 consecutive trades with STOP AND REVERSE
NOTE: I Know my english sucks so don't bother leting me know that xD
