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- Breakout happened
- Now I will wait for the pullback and go for short
- Price about to break two resisitance lines on the same time
- If break out happenes go short if you are an agressive trader
- More convervative ones should wait for the possible pull back
-Rising Wedge and BAT Pattern end points are on the same area
-Important Economic Events:
- FOMC Economic Projections (18:00 GMT)
- Fed Interest Rate Decision (18:00 GMT)
- Strong previous support became resistance (green line)
- Bearish BAT pattern forming
- 0.886 CD leg retrace and resistance line will meet in yellow zone
- Open sell inside the yellow zone (Area of action)
- TP1 is 0.382 of AD and TP2 is 0.618 of AD
- SL goes just above the 1.130 of XA
- Price approaching the area of a possible resistance between Fibo 0.382 and 0.618 of the last move
- This area includes the 0.618 Fibo of last big move
- If the price bounce back from this area the next strong support level can be between 1.18500 - 1.18300
- Breakout finally happened
- Last swing Fibonacci extension 1.113 worked well and stopped the price falling down too much
- Long term swing's Fibonacci 0.618 broken but from now can serve as a resistance area
- Price may retest the 0.618 and than countinue its way down
- Long and short term swing's Fibonacci on the same level
- Price stuck between 0.382 and support line
- Wait for a breakout
If the breakout happens price may bounce back from .618 fibo, than pull back and test the resistance line (previous support) before the bears take the power over finally.
Support line and fibo .382 on the same level. This area can be a strong level, price could respect.
Will the price respect the previous support line?
Looking for a breakout
After price rallied to point D, a short position will be executed with stop of 1.130 XA. The first target comes in at .382% of CD, followed by target 2 at .618% of CD.
Watch out this two triangles. Trade the breakout upwards.
Wait for breakout and retrace.
Will the price respect this area and bounce back?
A possible correction forming before breaking through the main support
Will the Pin Bar be strong enough to break the next support at 1.18200 ?
Bearish bat on the way, lets see if its gonna hit point D.
Bullish Bat just completed