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!
Found this yesterday in bed and could log on to show you guys until now.
We are at a crucial retracment point, and investors are still looking at the 1000 as next potential big target.
This might be the last leg that takes us there.
If not. At least get on while you have a good RR.
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.
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.
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.