Natural (planetary) angles that formed support and resistance. Last touch of the 3x1 angle also was the 5/8 level (62.5%) giving it more strenth to sell the triple top.
Sold EU Futures on Friday and today the double top has confirmed for lower prices as per chart. Nice to see how this pans out.
Both 0.5 % chart and 1% chart would need to touch 1780 to break support. (0.5% = $10 and 1% = $20). Even with NFP 1780 could not be touched. If 1800 is touched next week then a test of 1830 (Planetary Cycles) will be major resistance. Refer to my below associated trade entered on Friday.
This is my buy level based on a fail on the Weekly at the 50% followed by a double top on Daily which you can expect 200% of the previous move. Good luck!
On a hot summer night,would you offer your throat to the wolf with the red roses? 45 degree angle of the price of planetary averages Bought at 1784
I thought I would share a trde that I started on Wednesday catching the daily swing low. From my analysis we should remain on trend on the weekly long term but have a pull back around 1850 when price meets resistance at the 2x1 of price and time angle and the 5/8 level of the weekly swing. This could also bring the weekly swing target of 1911 under jeopardy...
Still short @ 1.1540 just before the breakoout, however a new swing has started so wee will be tageting P4 but watch out for a possible fail at the 1/2 or 5/8 area. The 5/8 area has an old low that could offer support around 1.1180. Anyway be safe and wish you the best in this upcoming trade.
Target P4 --------------- 1.1407 EU in a break out so you should be still short
After taking a small loss on my last trade, this opportunity appeared. Noting that 1520 was unlikely to be penetrated based on point & figure charts and a bullish divergence bar on the 30m TF, I went long at 1.1526. Hopefully this turns out better as I start the week up 51 pips and will continue to hold for the rest of the week until 1.1700 is tested.
Went long at 1.1640 with projected move to 1.1735 which is also the 50% reaction point on the weekly
Failed for two weeks to counter trend at 33% area Sold out longs and went short as per chart
Normally you can expect 200% from a double top but in this case confirmation came in at 150%. A test of 50% is needed shoulld the downtrend want to remain in place.
175% crosses 2x1 line for a sell opportunity. Expecting a 2 day reaction before continuation.
Target 200% Bought last week at 3.23 Charts highlights 2 day swings
Refer to 2 July post. Should be ready for a reaction now but I will imagine it will takes a few days to top here so probably no rush.