After a breakout this pair has made an Eliot wave pattern. If ABCD will complete, it will be right at previous structure. Look for buying oppurtunities.
There is a bullish bat pattern that completed yesterday already but along with that there is double bottom forming up right before the news so you can still hop on this one just in case you missed the bat pattern completion yesterday. Risk - reward profile depends on your rules but stops should be below the X leg of that bat pattern. Good luck!
Im already short on tjis pair but im goona look to buy if the market comes down to one of those patterns - Bat (green) and cypher (blue).
another pattern filled with double bottom and bullish divergence
I would consider to put some wider stops since this pair loves to move
For some reason advanced patterns turns out to be incredebly profitable on yen pairs.
How would you play this? 1. There is potential ABCD pattern setting up whitch means buying opportunity. For target you can choose harmonic retracement at structure and selling oppurtunity for potential three drive and then again you can buy this pattern at ratio confluence. 2. If this appears to be ABCD pattern only then there is a cypher pattern whits means...
if it comes to 0618 retracement it is gonna be sell for me
Harmonic ABCD pattern with possible harmonic retarcement that comes along with 0.382 fib retracement and major structure level at the left.
This pair needs higher high - higher close above 1.6600 to make sure we have a new trend to the upside but there is loads of ratio confluence and structure on the left. Resistance now should become support or at least should identify this level. If there will be some kind of indication(double bottom/ Bullish divergence on RSI) There might be an opportunity to go long.