Despite drop EA is still in a very strong uptrend and closed above some very important areas.
Looking at breaks on multiple fronts and Fib confluence for the retest of the Daily & 38.2
Currently at an obvious level of importance on the Heavy Support on the 50% Fib level, it looks like this is the completion of Wave 1-2 before going up however todays USD news has made it more bearish so lets see if it pushes through 0.973 - Until then its definitely a buy.
Trend has been broken, now completing Double-top. Sell in supply be careful of the 4HR
Looking for Candlesticks similar to previous peaks to get into the sell here for the triple top to be complete.
Exhaustion out to the top I am looking for candlestick confirmation and EXY slowdown to get in
Nothing to it, as it approaches a Supply zone to Double top expect a drop to the 38.2 or 50%
Epicly strong resistance... check. On the 61.8... Check. Supply zone check, short the retest and stack on the trend line retest... more 61.8ness
As usual, using an assortment of D Trend breaks, Fib Confluence e& Supply / Demand we are looking for GBPCHF to finally push lower for good.
EG been teasing this trend-line for a while now. Will this Fib confluence & trend-line retest of the Daily finally be enough to make it drop?
Using Fibonacci Confluence & Supply / Demand I have forecast the 5 wave up-to double-top. Green = Demand Orange = Supply Purple = Volatile Reversal Zone (Both ways) - I avoid these if I can.
Current candle has broken the Demand zone from 2015, if it stays here at weeks end I'll be looking for a buy!
I actually prefer the Long set-up on this overall even though everyone else will be looking at the H&S formation. Its broken and cant get back through a Trend-line and the Aussie Dollar has weakened substantially with the Kiwi.
Broke out of wedge a couple of weeks ago and tested the Daily. Retested the wedge and shot up. Alot of potential upside here.
Now far surpassed the supposed end of the move, ECHF quiet sneaks out above the range and into thin air. Brexit gap above.
Now far surpassed the supposed end of the move, ECHF quiet sneaks out above the range and into thin air. Brexit gap above.
Its important to analyse why & how we failed. I took this entry on impulse last night based solely on respecting the wave-line, the Weekly support & the Bullish Candlesticks. I did not look left for supply zones/resistance and I didnt put a Fib o it, not to mention it follows a huge drop. With current Draw-down at 7.2% I need to take some time to manage this on...
Im in Shorts on ECHF, EN & EJ because they were good set-ups and I am hoping this will happen. Currency Indexes are an excellent tool to gauge currency movements if you chart them as well.