Third touch of the broader structure has just come in. Price is also flirting with a key DAILY zone and has just 'faked out' of a key WEEKLY zone.
Looking for a BIG SHORT on this pair. Will probably only execute during the London Session.
We are expecting a big impulse to the downside, depending on Dollar sentiment post FOMC.
Almost textbook setup developing here!
After a long ascending channel we already had our fake out, then came the impulse down with the small corrective flag waiting to continue to the downside and break the trend line. I'm expecting us to move between these two important higher time frame zones.
Been Waiting on this setup to become valid by creating the double top in this key area.
The broader structure just completed the IMPULSE-CORRECTION-CONTINUATION and now we are expecting the impulsive reversal wave to the downside/
Price action moves in steps so we are more likely to see a retest of the trendline after breaking it to form yet another top possibly.
Great ascending channel to complete the second top of this structure.
Will be looking at price action during the London Session on Thursday morning for better entry point confirmations and validity of the setup.
As seen with our EUR/USD analysis we are anticipating one lat touch on the outer structure before we impulsively move to the top on this pair.
We expect some variation of market psychology to play out at the bottom end of the structure with some kind of fakeout.
We are anticipating that we have completed 1 of 3 corrective waves to the third touch of the (Daily) outer structure.
Again, at the third touch, anticipate typical market psychology with many people retail short entries too soon - causing net shorts to rise and institutional (smart) money only executing their shorts after one final fake-out.
Last call for LONG passengers at the bottom of the flag correction, then a continuation up to the third touch of the outer structure.
Retail traders will be caught out on the wrong side of the trade trying to enter at the horizontal resistance as price action corrects up, causing stop losses to be hit and pushing price up for the last time with a sharp spike -...
Three touch on the smaller timeframes.
High volatility trading at VIX of a 10-year high, I expect this trade to be complete very shortly,
Stop losses positioned further than usual given current market conditions, we hope to walk away with a decent risk-reawrd ratio.
Probability for a short on the pair due to a possible touch of the outer trendline (descending channel) which will be a confluence point with a third touch of the corrective bear flag structure.
Execution will be a risk entry type trade with a tight stop,