Channel = Bearish 200 Day Moving Average = Bearish Gartley = Bearish
Look to buy at 127.2% retracement or 161.8% retracement of BC
AudJpy, again on the 23 month descending channel resistance and 200 moving average line. Also close to the horizontal resistance and 61.8% Fibonacci retracement
Gartley pattern in play = Sell at C Very good risk reward ratio
Triangle = Bullish/Bearish Descending Channel = Bullish Elloit Wave Theory = Bullish Inverse head and shoulders = Bullish
10 month Ascending channel and a possible head and shoulders . Both = bearish implications
If Euro breaks lower I’d be be looking for a possible exhaustion low with 1.0917 & 1.0872 both areas of interest (key support). Interim resistance stands with the descending slope in yellow with a breach at 1.1026 targeting 1.1060 backed by the upper parallel 1.1120.
Inverse head and shoulders with good risk reward ratio 1:2.5 Worth risking my capital
Almost the perfect Head and shoulders (Inverse) The only problem with this is usually inverse head and shoulders forms after a bearish trend. Which in this case is not in the picture? Head and shoulders usually a bottoming or top pattern (reversal signs)
Maybe a setup for next week? First wait for some good price action before taking this perfect Gartley setup
Target : I’m sure you recall the March 10th ECB-inspired move on the EURUSD. At nearly 400 pips, it was the largest single-session move since the previous ECB rally on December 3rd of last year. In fact, it remains the second largest single-session move of 2016 behind the June 24th Brexit. The March 10th low at 1.0820 has teamed up with the post-Brexit low at...
Triangle within a triangle A close below 1.4500 would expose 1.3800 an then 1.3000 Current levels good risk reward ratio to target near term support
Note how the last 3 years Gold's low is in November/December. Note the low is always lower than June/July low Gold made lower highs and lower lows, but 2016 is the trend change!! Look for a low below June/July low between 1210 and 1170, for a big move in 2017
Seasonal tendencies indicates a low during October/November Long Gold around 50% retracement of 2016 bullish move Levels to watch for bullish price action 1210 and 1170
Pound is crashing. How long does it go? We don't know but it's wise to have these price action patterns and resistance lines in front of you when considering to trade. Also note the Pin bar on the 4 hourly chart
Wait for breakout, target triangle resistance
Upward sloping flag = Bearish implication Ascending channel = Bearish Implication ABCDE = Bearish implication Fibonacci 1.272 Horizontal resistance + Pattern resistance = Confluence of Resistance