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I am nor sure if the Gartley is valid as BC exceeds AB, but the 0.786 retracement of the XA leg has a confluence with 0.618 retracement of the 5th wave inside the falling wedge.
Based on the bi-weekly engulfing, pattern and the level where price is with respect to the channel, I am more biased to a pull back to 10800s. Please share if you have strategy on getting on-board on either side.
Entry: 98:00 SL> 99.1 TP1 ~ 94.4 TP2 ~ 93.10 Move the stop loss to Break Even, as the price approached 96 level, to enjoy a free trade.
I am currently short, the gold to 1180; Then will look for signs of reversal either at this level or when the price reaches the 1-4 line resistance; Watch the price action carefuly.
Watch the interaction of price action as it approaches to pink box. The rejection from the with trend-line will send the the price price to next target at 88XXs. A stop loss, entry and takeprofit ide are shown in the chart
Trade idea, is shown on the chart.
Once the price action traded above 1.1008, enter on the intra day, and the the pair long to the defined targets. The period between two minimums takes between 36-48 days. we are in 38th days now and I expect resumption of the bullish trend any time from now, unless the price trades below 1.09098 support level (shown with yellow arrows). The RSI is approaching...
Reasons to enter this trade i) Negative bullish divergence RSI ii) Price at lower trend-line iii) Confluence of the trend-line with Support at 1.105 A buy stop order at few pips above 1.1087, with a stop loss below 1.10963, targeting a profit at 1.15.
i) The candle on 06/11/2014 made the high of this move. ii) The candle on 12/11/2014 closed below the low of the candle in (i). iii) This reverse candle formation appeared right at the bottom of the Kumo Cloud, which typically acts as a Resistance area. iv) A re test of the previous low is expected at 8406. v) the dashed pink lines are the immediate support...
If Dax shows a sign of reversal at the PRZ, go short, targeting 9080, initially and lower. Trading above 9400 will increase the potential of Dax going higher. At the moment I am more short biased.
Belt holds (Previous week Candle) are often important pivotal candles, since high and low occasionally act as support and resistance areas in subsequent price action. The halfway point of the real body (in the current case ~96.70) of a belt hold also should be monitored for a possible price reversal during a price swing. i) This week an indecisive Spinning top...
i) Rejection from 200 EMA and 50% Fibbonacci retracement line on the daily time frame in the form of an umbrella line ii) Kumo bearish twist on 6H time frame iii) Rejection from the baseline iv) Lagging span below price action. They indicate a medium risk short trade on this pair, as i) the price action is still in the cloud on this time frame. The...
If the price doesn't succeed to break the cloud, we might see a retest of 8920 level (at least) and 8400, 8110, subsequently. i) Rejection from daily Kumo Cloud ii) 9400 was a strong Resistance
Please see the links below and the chart.