Will we see bulls step in here for a retracement back to the triangle resistance, or is the Aussie bound to fall even further? This is an area where i assume bears will take profit. If bulls see a smaller retrace breaking structure i will get long up to previous support. Have a good weekend! Cheers!
This is a rough estimate of the patterns that MAY accour. This is not yet a tradeable idea and that should be taken into consideration. However, this is usually how I plan and log my thoughts just to have my system down. "If A does this, then B could probably end up here, which leads to a completion around C, and.. so on." Regardless. This is what im currently ...
As always when taking a trade, look for at least three types of confirmation. This is where the butterfly completes, together with the trendline resistance and the 61 fib from previous leg down. This trade offers a great risk/reward ratio right under the inverted hammer. Never risk more than 2% of your capital. Good luck.
I usually never take a trade unless i have 3 different types of confirmations showing a potential reversal zone. This trade does, and offers a great risk to reward ratio. I will keep my eyes on the Daily, H4 and H1 for possible entries inside or close to the box, with a stop right above previous swing highs. Good luck. Gweedy
The swedish krona is fundamentally weaker than the US-Dollar, which leads us to believe that this consolidation box, with the ab=cd correction sitting right at the bottom, will find it's way to the top of the box and eventually break out. This is a buy and hold type of trade, and SL will be put under the box.