The bears managed to keep This down channel in motion and arent showing any signs of slowing down.Thus we can expect price to continue falling at least until its reaches the green zone between 1.85620-1.85318 before expecting bulls to intervene.
With this DOUBLE TOP formation, a break of the neckline and the trendline plus now a possible retest of the SnR, we can confirm that the Bears are still in control. If price fails to break above 0.63497 and gives us a gud price action that will be our go.
We previously expected price to be held hostage and bounce back up in the 0.68920-0.68800 area and forming what looked like an IHS. However price broke that support which now looking like a strong resistance. As a result, if price decides to retrace back in that area and gives us a gud entry raison we will be looking for a gud shorting opportunity.
We can expect price to continue the downtrend channel until it reaches the green zone around 1.68410-1.68120 where it could find support and bounce upward from.
One could open a short position around 1.69132 for a TP in the green zone.
Alright fellow traders, Now that the "famous" trendlines have been finally broken, Do we agree that the downtrend is finally over? I personally believe so. There seems to be a gud confluence zone where the market could bounce back from and continue the uptrend. WHAT IF WHAT IF.
Are we looking at a potential INVERTED HEAD AND SHOULDER formation?... it would be preferable to wait for price to fall back in the green area between 0.68866-068786, get a proper price action signal then go for a buy.
If price pushes up and gets stopped in the red zone between 1.46000-1.46144 and makes it back in the green zone around 1.45677-1.4530 and repeats itself and gives us gudd price action, it would be a gud opportunity for a long buy.
preferably I'd wait for price to retrace back to the 0.63640-0.63699 area for better entry now that the DOUBLE TOP formation is complete and the trendline broken. We have a very strong level at 0.63333 and thats where my first TP will be.
We looking at a good short trade of this pair now that it has broken the trend line and the neckline of the DOUBLE TOP formation. Waiting for a lil retracement towards 0.68787 for entry.
The downtrend movement is getting narrower and narrower. A break above the trend lines could be eminent. However at this stage predicting where the reversal will take place is a bit tricky. Better wait for the pair to give us the go ahead.
We have finally touched down with our TP on this pair with our previous sell position.. Now it is time for a gud long buy if this zone holds it for the formation of the second shoulder (INVERTED HEAD AND SHOULDER). With a little patience, price actioin will give us a proper entry raison for a buy.
#PatienceIsKey. Gud Luck
we've had a very gud bullish ride thus far like we predicted on sunday on the formation of the second shoulder. However it looks like the end of that joy ride (FOR NOW) as price has reached this major area of resistance. We might see a little retracement downwards towards 108.500-108.400 before price bounces back further up towards 109.300..time to look for a...