After a five wave up there is a clearly visible three wave down. It retraces nearly 78 percent of the 1 or A wave which tells us it probably is a B wave correction. I'm waiting the price to go up in the fallowing days and it will reach new high above the 1 or A swing high.
I am already going long on USDHUF but also this pair shows bullish potential because of the bullish pin bar that formed at this support level and I would be targeting previous resistance.
Do to the huge gap in interest rates between the EUR and the HUF it seems like it will only be a matter of time before a bearish pattern like this were to play out.
This is simply just me revisiting the chart as we have gotten both a Bearish Backtest of the old uptrend and have broken through the neckline of the Bearish Head and Shoulders.
A potential inverse head and shoulders pattern on the chart (not the prettiest, but whatever) and on the RSI as a possible sign of a reversal.
Let's see if price can rise above the neckline around 415 HUF, if so:
Buy in: above ~415 HUF
TP: 433 HUF
Time interval ~1-3weeks
Fundamental background:
The European Commission has concluded that Budapest has not...
Do to the huge gap in interest rates between the EUR and the HUF it seems like it will only be a matter of time before a bearish pattern like this were to play out.
Basically, this market is a no trade for a long time, I guess... definitely between the long and short trigger zones.
A lot of stop before the impulse of the primary may begin.
I see no opportunity right now, I just publish it because some of you asked for it.
Trade safe! ⚪️⚫️...
Market corrected all the way down to the daily support zone, and may come back into the countertrend of the countertrend , then long trend may resume at the long trigger zone.
Long term shorts are only below the short trigger level.
Trade safe! ⚪️⚫️
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ANYWAY, a lot of Qs about...
EURHUF made a sharp move in the correction zone all the way down to fibo 61.8%. From here, taking back the lower green level means that the correction of the correction starts.
The question is what price draws us next? We can have another wave down, or above the long trigger zone, the uptrend may resume.
Fundamentals don't bother me, price tells everything, and...
Hi✋🏽
A sharp move into the correction area means that some traders must take profits. A good entry has been up in the target zone when H4 closed down the previous start of the impulse wave up (see related idea).
Now it's time to wait what waves emerge from the market. Sometimes the best trading is staying out.
What do you think???
Trade safe! ⚪️⚫️...
Hi✋🏽
Price has reached the daily target fibo 238.2 after an extreme hike, and immediately started to show signs on H4 that the correction has started.
Target zone is marked by pink. There may nice day trading opportunities in this countertrend, but the best ones come after the break of the countertrend that's about to be built.
What do you think???
Trade safe!...
EUR/HUF strong pullback on Friday. Price came down to a previous resistance. Now acts as support. The pair has to decide the direction. Important support and resistance levels are marked on the chart.
I've been trading for over 7 years and I've come to love pivot points! I see pivot points being used constantly and i just wanted to show you EURHUF on a 15 minute chart as an example. When the US market opened they made big moves around yesterday's price level until it hit the first support level. I use pivots to scalp the market so i can compound my longs and...
Hi Everyone!✋🏽
EURHUF has triggered the long trade, and it's heading to the targets. Please check the related EURHUF analysis.
Happy trading! ⚪️⚫️
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Thanks for reading my analysis!🤘🏽
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