this paisr has been weak and now probably has found another resistance at previous structure with targets at ratio confluence. And looks like double top is setting up
We have Cypher pattern and potential ABCD pattern we can use for entry AND along with ABCD pattern completion we have ratio confluence and structure at the left as our profit takeing position. Realy nice risk reward profile.
As you can see this previous resisntance has been like a floor. Once violated became support - now violated again, should become a resistance. You still might wanna go on lower timeframe to check for better entering position however the downtrend might already have been started. As for exiting Im looking at the 1.272 fib retracement and SL above that spike of...
This pair looks like a rally to me at the moment. Its been diverging since the end of May and has broken that bearish channel. For targets If I copy the previous leg then it comes along with the 1.272 and 161.8 ratio confluence AND previous structure on the left. If you dont want to be that agressive then you can set your target at 1.4766 along with the 1.272...
As you can see this pair has tested previous major support level at 1.06283 and rallied right after that. At the momet it is consolidateing but there is really nice fib ratio confluence AND previous structure support whitch should become resistance and reversal zone. Im long here at the moment but if this pair reaches reversla zone im gonna short.
pattern has waaay to go to be filled but you might wanna check out that riseing channel
if you look back at daily chart you can see this channel climbing up the previous structure long time ago....looks like history repeats itself. first target at 0.38 fib level. 2nd at 0.618 3rd at 0.886
what do you think about this? We got pattern filled and nice support/resistence structure on the left.
Pattern almoust filled at 1.272 extention thtas a buying opurtunity...also there is nice ratio confluence. Will the next patter going to be filled any time soon?