Been eye-balling this zone for a couple of weeks.
Now we have approached it, we have a decent sign of deceleration as we test the zone.
One of 3 I am looking at. The others are AUDUSD and GBPUSD
This pattern has approximately a 71% chance of retesting the previous highs.
However, the market first of all has around a 50/50 chance of pushing up or down. We either see a break to the upside or a small 20% rollover before then continuing up to re test the previous highs.
Two ways of trading this.
1) the breakout buy stop order above channel high
2) The roll...
After eyeballing this zone all of last week, we can now see that price has entered the support level we were looking at to potentially get involved.
We have seen an AB=CD completion at that level which adds a 19.5% higher probability to the play.
Lower time frame we have a nice retest of that level too.
Targets at previous structure giving us a 1.5:1 RR at worst...
Looking at 2 types of entry here.
the first is "at market" in the form of a Fib Inversion entry.
The second is a more confluence based strcuture trade where entries would be a little higher but consists of equal measured moves (ABCD), major structure and Fib cluster.
Would need to wait for more conservative entry signals for the second entry.
Daily indication of deceleration at major structure.
Ascending channel with 4 tests of the channel and short signal at 8819.
Divergence on RSI.
Targets at start of channel formation.
stops ATR above highest high
Looking at this pair for a while. We have reached a significant level of price structure and should provide a decent level for those looking for the short term rally.
Not the best divergence but still a great looking set up at market.
Following the bullish fun the last couple of weeks, I have just taken advantage of this very nice high probability short at structure after watching the deceleration on the higher time frame. Coupled with the double top on the 4 hour (entry signal at market).
There is also confirmation of an FTB candle on the 6 for lower time frame entry and trailing stops.
Looking previous structure resistance, we have a nice ascending channel complete at the upper level of the zone.
Also completed slightly lower, was a ratio pattern (Gartley).
Divergence on the RSI too makes for a nice high probability short.
Targets as indicated.
Following strong bullish rejection and a time/price symmetrical DT, we now have an ascending channel on the 2nd test which confirms strong bearish prediction.
High degree of certainty (78%) that this market will test 1506 following a rollover here
NIce set up on the AUDUSD showing a strong sign of continuation o the upside.
Either a breakout and rally or a small rollover then rally.
Conventional flag pole extension targets line up with previous structure resistance.
Following a strong bullish run this morning, we have hit a major level of structure and as a result seen recent deceleration as we approach the resistance level.
The market has shown an ascending channel with bearish divergence on the RSI.
Target would be at the start of the channel with stops an atr above the highest high.