** Update: first target obtained for a total of 97 pips. The stoploss of the remainder position is set to breakeven. The goal with this trade is to grab some pips fast with two (relative) small targets. The market did react at the beginning of the monthly structure zone of 0.7091 - 0.6335, giving the pair a little relief. However, the overall trend is very...
An initial test of the 0.7091 - 0.6535 range has taken place. This test could mean a temporary relief of the downward pressure. Now with this in mind i see a few opportunities to trade this pair. The first one is a so called 2618 setup. For those aggresive C to D pattern traders, the 0.618 retracement at 0.7073 could be a turning point to go long. The second one...
I've spotted two potential bearish patterns completions which lines up with the beginning of the major resistance zone of 122.93 - 126.87. At the rate of 123.54 completes a bearish butterfly pattern. At the rate of 122.99 completes a deep crab pattern. These two patterns in conjunction with the major resistance zone gives me a PRZ of 62 pips to keep an eye on.
We definitely could see more pressure to the downside in the upcoming month or so if the bears can hold the price around the 1.9739 area until the end of the month. The candlestick of March 2015 can technically be seen as a hanging man. This idea can also be complemented with a monthly RSI divergence. If this view comes true, there might be a few structure zones...
Will there be a "bigger correction"? Well, what do i (want to) see? On the monthly chart I see a hanging man forming at the upperband of the longterm channel. I Also see an RSI divergence and I see that the price is moving away from the upper bollingerband. The potential cypher on the 4H chart is an excellent shorting opportunity, although you may have to use...
As expected the bears tested all of the fib extensions of the butterfly. I also expected the bulls would start to kick in at the predefined zone of 1.9383 - 1.9363. Price even pinched lower to 1.9293 to trigger the bat entries. Unfortunately I didn't see the bullish bat, but that price alignment really gave the bulls a good risk:reward ratio. Now I'm both long...
I like to trade harmonic patterns on the EURGBP on the 1H/4H, but recent months have been very difficult as you can see the pair was trending. Not many opportunities.. Now to me it appears the pair is heading to a consolidation zone, a previous range of between 0.7096 and 0.6415. I might be wrong on this zone. What do you think? I think that in that zone lies...
update: stopped out My previous trade was a loser.. Now I've entered again, countering the trend with a bullish Shark completed at 1.5169. If this one works out, It will maded up my previous losses
** update: stopped out, re-entered at 1.5169 long After a very big bearish shark which completed at 1.5551 after 56 days, the GBPUSD rate retreated 50% of leg BC. Now, on a 4H chart you can see that the pair recently broke out of an upward channel. Also, the last advance to the C point of the bigger shark, extended 1.113% and did not touch the 1.1272% extension....
Was the pop down enough to shake out the bulls? Refining the possibilities of different scenario's I've come up with a resistance zone: - the 0.236 retracement of the midterm bullish trend at 1.9363, - the 0.382 retracement of the prior bullish AB=CD at 1.9383, - the 2.0 extension of AB of the bullish butterfly pattern, - the 2.24 extension of AB of the bullish...
A descending triangle is shaping since the 14th of Februari. Notice that this triangle is forming after a pretty bullish trend starting from December 2014. This could mean a trend reversal triangle. There were still people buying up the 1.9600 level. I assume they have a relative tight stop because the first stronger support level is at the 1.9380 area which...
** Update: stopped out Spotted two potential patterns: the cypher (green) and the bat (grey). I always take the first pattern that completes.
Alternative bat pattern short. I use this pattern as my 2nd preferred entry technique when the normal bat fails.
A couple of observations: 1 The 1.618 extension with a prior 6.18 retracement seems to have slowed down the pair from moving higher. 2 A daily AB=CD pattern / 3 drives pattern have completed. 3 The pair recently broke out of ascending triangle on the 4H chart. 4 The Bollinger band shows extreme price movements on the 4H chart. Looking for an entry setup with at...
potential reversal zone 0.7771-0.7759 for continuing downside pressure. Based on: 1. retest of previous weekly support!!! 2. people take some first profits at the 0.382 retracement of a daily bullish butterfly. (I know i would take off some profits) 3. 0.618% retracement of an intermediate move down. (point C of a potential AB=CD down?) 4. 1.113% extension of a...
Potential deep gartley setup with a nice risk reward ratio. This setup lines up with a minor daily structure. The Daily timeframe gives a better view of this pair consolidating. Also RSI is slowly diverging. Could this mean a delayed pop to the north? With that in mind i would definitely tighten my stops and play some kind a stop and reverse. As af now, price...
On the 4H chart a bearish BAT has already completed. This could be a second chance with a 1H entry setup, a bearish Shark. The risk:reward for the bearish BAT can be pretty good (depending on your strategy) if you are willing to take this 1H trade and let it run for the 4H.