Looking at the COT report, there seems to be some profit taking on the Euro. Because of this along with some other factors I will be looking to for a long entry near the trend line and 50%. **A Gartley formation is possible within the blue lines Previous Analysis linked below.
Previous Analysis below.. GJ seems to be slowing down and is currently about to test a smaller trend line. There are two levels that I'm looking at for reactions to determine what I do next.
Price has been moving within this ascending channel. We are approaching a key level of resistance which I expect to be broken; however, I will try to react instead of predicting. Price has also printed a Shark Pattern (Zig Zag Period:10 , Error Rate: 10%) on this key level and had a strong rejection within PRZ. Fib levels are from the 1-Month TF. DXY is also...
Price has finally slowed down after the huge impulse recently. It has also been respecting the trendline and seems to be on its way back down to a key level which was broken on the impulse. The larger TF shows that there was a larger down trend line which was recently broken. I expect a retest of the trendline, however there is no telling when that retest may happen.
Price pierced through the BB at 2.5 Standard Deviations, which is a high probability rejection zone to the midline (20ema). Based on the volume of the push, I expect a short retracement, and continual move up. This retracement would be part of complete the right shoulder in a H/S pattern on the Daily TF.
Price broke out of the channel and formed a harmonic Bat Pattern which signaled a reversal back towards the trendline. The nose of all harmonics represent an area of strong support or resistance, and in this case it will be serving as support. Also in this area is the trend line which price just broke through, about to retest. There are fundamental factors at...
Price has respected this recent downtrend line 3 times and is approaching once again. There's currently a Gartley Pattern, however a Cypher Pattern can be formed at the trendline which will provide a better RR ratio. I have a short bias for price to make it down to the 0.96700 area from looking at the higher timeframes. Ill post my views below. If you like to...
Tried to make the levels make sense. I used a line chart to draw the fib using the Open/Close. Open to opinions.
Price has printed a Deep Crab harmonic formation at the top of the range. I will be waiting for some seller volume before looking for an entry. Disregard the entry line , Ill be looking to take profit at 0.382 and 0.618.
I'm expecting price to make it back up to the range, which is a key level in determining the next trading opportunity IMO. There is a possibility of price breaking with strong buyer volume and retesting , and at that point depending on I see, I will be looking for a long to the -0.272 level. If strong sellers come back in at this level, we may see a rejection...
The Dollar Index has been on a strong up trend recently. Looking for price to test the TL and continue upwards in the direction of this recent trend. There is big fundamental factors for the US next week, therefore there will always be the possibility of price breaking the trend so I will not be looking for entries unless the probability of staying long is...
Bullish Cypher on the Daily, expected short retrace to create 2nd shoulder on H/S pattern then move up to the base.
Price has formed a few W's within the range with price having a full retracement on each. Yet another W is forming. Looking for price to show rejection at the previous nose of the first W. Or continuation to the top of the first leg of the first W and a retracement of at LEAST 0.38 then 50% with the Fib at the top of the range.
If price can break the 0.618 level, we can expect that it will complete the formation of the M, where it would then be a high probability of price retracing at LEAST back to the 0.618 level. EURAUD is inverse to AUDCHF which is showing the exact opposite producing 3 W formations.
Price didn't make it up tot he top of our zone to complete the BAT pattern, however an updated chart shows that price made a disproportionate M which turned out to be a GARTLEY pattern. There is currently rejection at the base of the final leg. I expect price to make it to the 0.38 level and then 0.61.
BIIGG bullish candle, assumingly from the BOE interest rates decision. Could this be a liquidity grab for the move back down? Could this be the start of the move up after broken trendline on the Monthly TF?
Price has printed a very nice Gartley pattern on the 4H, which is also a retracement to 0.38 of a bigger Gartley on the Daily timeframe. I am unsure if the Daily Gartley will continue to drop, however since it is at a key resistance on the 1D, I am expecting a retracement to 1.75071 (0.38) on the 4H timeframe.
Amazingly enough, price moved outside of the box it was ranging in for a few days onto a key level which completed 3 harmonic patterns on the 4H along with the other timeframes. While they may be subjective, harmonics are a great help to any strategy you may be using.