A Cypher with perfect ratios completed at Friday and is impressive how price reacted exactly at the 78.6 retracement from the XC leg. Now I'm waiting for the completion of the Bat and Shark patterns. I think these are good opportunities, as there are very defined structure levels for putting our targets and stops. Good luck for next weekend!
Some supply and demand zones to watch out for.
Looking for this patterns to complete, as the Shark pattern already completed, got target 1 filled and target 2 waiting to be filled. For the Bat and the Cypher, I look for possible targets at important structure levels, this gives me more confidence to move stops to BE one price reaches first structure/target. Also, is good to know that between Bat's point D...
Opportunity for going long is looking very good, as price approaches the completion of the cypher pattern, wich is near a demand zone. At this moment, demand seems to be in control, because supply levels are being taken out, so let's see how this goes :)
AB=CD in confluence with 1.272 extension and near the 61.8 retracement from last major swing. If price goes a little lower from where it is right now, this might change, I will try to update it to find the best spot to enter the market.
I put a limit order on both Bats, as I would expect that after completing the patterns, price might go lower and meet with the support areas. There is also a big Shark pattern, but it has no strong structure to support price at D point, so I won't be taking this one, but is good to know that is there for any future analysis.
Here are two zones that could make the price bounce for quick pips! A very big supply zone (gladly this is a 5 min chart, so not so many pips) above and a really strong support zone below. Let's see what happens...
Very very busy pair here, we have a Gartley, a Bat, a demand zone that has not been taken out and a supply zone above the completion point of the Bat pattern. In this chart, I think I'm only going to trade the two patterns, because my stops for the Bat pattern will be above the supply zone, so it's like I would trade them both, the supply zone and the Bat. Same...
Got in just in time!! :) 1.5:1 risk/reward
I'm watching the reaction of price in the big demand zone below. If it reacts, there will be a recently formed supply level to take out. Seems like supply is in control right now.
Experimenting with custom indicator for identifying supply and demand zones.
Identifying some supply and demand zones to watch out for possible trades.
Just watching some supply zones to be aware of them...
If it completes, there's a nice ride down for profits :)
I think price will continue to go higher, at least until the 102.300 area. I wasn't convinced by the way price reacted to that resistance level, so I'm getting in at the touch of the support zone.
Identifying some key structure zones where price might come back to and react.
Possible Shark pattern in daily timeframe, but price hasn't reach point B, so I will watch this in the upcoming week.
Not sure about what price is going to do, so I draw the possibilities to be prepared.