This is likely, as every other level I've plotted has been tested with lower highs and taking into consideration the retest of the top quarter of the Mod. Schiff. This looks to be a short term Pullback, with potential for a nice profit before heading into lower numbers. Ride the wave.
*This is not a signal. Trade at your own risk.*
Here's an update on the setup. Same basic S/R rules, ignore the wicks, 1HR chart. H/L S/R is determined at the first hourly reversal. Median line is used in conjunction with indicators to determine probability of direction.
Blue arrow: Daily open at 1700 (Ignore the 1600 processing hour)
Yellow arrow: Breakout...
Going back to a simpler time of S/R.
Identifying the day's first H/L from open to close (Blue Arrow; Around the first 5 hours) until either side breaks out (Yellow Arrow), mixed with directional indicators seems to point at a 70% chance of success by processing hour. (Green Check for a win or Red X for a lose.) Not so much in the range but I suppose it's worth a...
(Past performance is not indicative of future results. This is by no means a signal - trade at your own risk.)
I took a break from trading last week to set this up. MACD and CCI both indicate a reversal - even if short term - it could mean a bit of profit. Price has finally broken through downtrend (light blue line) almost perfectly at the Pitchfork projection....
Oops. Did I call it by accident?
50% Fibo was retested twice with the minor resistance staying just as faithful. Replotting the Median line shows a slight slowdown in bearish action, however, it was still strong enough to surpass the 61.8, breaking through and even breaking outside of the pitchfork. Aroon and CCI are both signaling downward strength. The...
Safe TP Zone: 111.00
Risky TP Zone: 111.40
I'm staring at a descending wedge from an uptrend, a downward median line with both a faithful 50% Fibo retracement and a minor support line being tested - which signals at the very least a decent retest - and CCI on the uptrend.
Call me crazy, but I'd go long for now.
Ride the wave for a bit,...
4H, Fibo retracement, XABCD, S/R, Stoch RSI/TSI and Median lines.
The Yen has been on a continuous downtrend, met with decent (40 some pips) but temporary bullish action. This has been perfect for intraday. I've earned a consistent $40 - $80 for the past two weeks simply riding the waves.
There's plenty of room for the bears to move down still, however, selling...