About meI'm Nick. I trade the Forex markets via price action and harmonic pattern study.I hope to share with you an in depth look into my personal market analysis. Always follow your trading plan and risk management rules.
Shorting based off of structure and candlestick analysis.
RR ratio is great. We are on top of the downwards channel , as well as laying on horizontal structure. a great position to capture >100 pips.
Target is the 1.27 Fib extension of the last leg, and then bottom of the down channel.
This is simple. Continuation of the bearish trend. Price is below all 3 MA's , we have broken previous support, and are now retesting these levels.
These levels (which line up with our MA's) should provide resistance for this bear trend to continue. Look for price to continue lower until either a close above these dojis/levels or a golden cross.
I have entered this Gartley Pattern on the retracement wick highlighted in the blue rectangle.
Target profits at the .382/50DMA zone.
The Gartley shared confluence with the bottom of a sideways channel
I am posting this position late as I just added to the position.
I first got involved on Sunday the 29th of July candle, around the .382 retracement, in the support zone.
I added the position today on the doji wick bounce off of the 9DMA.
We also bounced (and closed above) the white trend line, which was the monthly resistance trend line, which gave us some...
Low risk high reward short opportunity. I am following the bearish trend downwards because all of my signals are met. I only look for shorting opportunities when we are trading below the Kumo Cloud. We are in a strong downtrend on the 4H chart with successive 382 retracement pullbacks.
We have some serious RSI divergence on the 4H chart. 886 retracement of all time highs swing move is our last chance for a support level. I think this may be the beginning of the end, lets wait for some price action bullish opportunities, perhaps a double bottom here coming up.