- A 61.8 retracement of the previous swing down
- The upper band of the channel has been tested, expect the lower end to be hit
- A counter trendline has given way to the downside
- An extension of the move will provide an area for targets along with previous structure
Reasons for getting long this pair:
-A trendline break and a retest of the trendline.
-50% retracement which also comes to a round number of 74.00
-Higher Lows indicated by the yellow circles
-A break of the retracement trendline initiating my long entry, targets are at the 127 extension.
The chart on the right is showing the whole setup of this move with a retracement trendline that has now given way to the upside.
- On the chart on the left, the lower time frame, we can see that price has broken this trendline, come back to retest it with a 61.8 retracement of the initial breakout thrust with ...
Price on this pair is looks to be resting at a decision point. Will this level hold?
Potential short once price crosses 1.2820 level
Confluences for a short opportunity below:
- Rising wedge pattern which typically favors a break to the downside
- 38.2 retracement of the previous swing
Initial targets are ...
Currently short this pair with confluences:
- 61.8 Fib retracement off area where price previously struggled to get above
- Counter trendline break with price heading back below 0.720 Level
- Targets are at the -27.2 Fib extension which also lines up with the lows of early March.
Last post on this pair didn't go so well HOWEVER:
- 61.8 Fib holding
- Top end of a channel which provides a great risk reward
- Lower highs and lower lows on the higher timeframe
- Hanging man on the daily chart.
Tight stops are in place as a daily close above the channel/2.100 level may indicate further ...
With this pair stepping lower, it has now pulled back into previous structure providing a great opportunity to short this pair along with a 61.8 fib retracement. Initial target for this pair is at structure down @ 2.0200 with extended targets at the 127.2 extension which also lines up near with the big round ...
With the overall trend of this pair still short on the daily, a great shorting opportunity may be around the corner with a few confluences lining up in pretty much the same zone:
- Possible 3rd bounce off descending trendline
- 61.8 retracement
- ABCD completion
- Gartley pattern completion
This pair was bearish for 7 straight weeks with an overwhelmingly large number of traders going short.
Since so many traders were short this pair for weeks, the only way for the big players to make money is to go against the trend and this typically happens with news releases.
Stop losses would have been ...
Looking at this from the bigger picture (HTF) a lower low lower close has occurred possibly indicating further bearish movement.
Price is trading at a daily resistance level which it has tested a few times with each time less strength. Will this level hold?
Price is hovering right at major structure and with a series of higher lows, momentum may be building to break this level to the upside. A Bat pattern has just formed the C leg and this may be a good opportunity to hold it all the way to D. Initial target would be 187.400.
Price looks to be edging higher slowly through the daily resistance that held well for about a month.
Since we did print a higher high higher close i'd be expecting another higher high and a move to the 1.272 extension to also complete the ABCD move.
A large potential Cypher setting up. Completion is at the 123.500 handle with minor structure looking back. Price action previously spiked down to these levels but was rejected the last time it came to 123.500 which could present a good opportunity for the bulls to buy this market up.