It's been a year of audchf trading between converging lines, logic tells that at some point, price will break to one of both sides, up or down. But it is the time yet?
I have some factors that indicate it is not:
Price climbed to test two important trendlines, and closed with a nice red candle, then consolidated at ...
Equality between A-C is common, so according to this idea, this may be an opportunity to short.
The risk to reward is really good for two targets.
Short with a tight stop, just above swing high.
Since the decline from 01-02-2016 to 11-02-2016, price retraced, and managed to climb to 618fib, it got caught between converging lines, a sign of weakness, and divergence in macd formed, I was looking to short right at 618 level, but as i was at the limit of open trades, i didnt take it.. Now its ...
This may look a little confusing with all the trendlines and arrows, but it is very simple; what i am expecting now is at least a retrecement of the down trend, i said at least, because there is a possiblity (from my point of view) of price resuming the long term up trend now. If it does retrace, and gets ...
Recent price action may dictate further downside for this pair, in first instance im looking to one more wave down, as i'm inclined to a ABC pattern. Price seems to hold at 0.5 fib, of the 5 wave previous impulse down. Heikin Ashi showed reversal signs. We can fit this in a parallel channel to give ...