Since the highs of 1.6821 Cable has been wondering around like a drunk, three days after New Years Eve. Of course, corrective overlapping price action usually means that eventually the trend on a larger degree will resume. On the other hand non trending markets do offer lots of pattern trade opportunities. So, it does not help when the harmonics offer more than...
I'm not really crazy about either of these patterns But, seems like everyone has got their focus bearing down on shorting the 1.3750 - 1.3800 area, So, from a contrarian perspective there's no way it will reverse until it's gone high enough to take out all those shorts. Perhaps the .618 fib, if it arrives in 3 waves will be the more likely point of reversal. I'm...
The larger degree looks pretty good for finishing 5 waves with a thrust out of a triangle allowing for an aggressive long opportunity possibly harvesting pips in an a-b-c- corrective move. {{should this come to pass a Great Selling Opportunity, Too}} Drilling down it looks like the final 5 of 5 that could bottom @ 1.0940 or so just slightly above the triangles...
The requisite 5th wave over throw would/might be perfectly met with the resistance zone on the Daily chart Hoping the candlesticks will light the way for a clear entry trigger and thus a logical place for stops starting in the 1.0865 area. Daily chart in the comments
Divergence is setting up nicely and there are several larger time frame patterns published on TView and elsewhere that signal a short is eminent. Of course, it could just blast off into the stars . . . which makes this a great little trade as risk is well defined and very low. If the highs are taken out there is little in the way of resistance until 98 and then...
Missed the end of e wave Either we've seen the end of wave 5 thrust from this triangle or it is about to extend in 5 waves to the tri projection that is right around 1.1425 from a simple a-b-c correction into nice support at the trend line break. Target 2 is the length of wave 1 depending on where wave c finally reverses. The question awaits an answer . . ....
Not perfect but, it may be worth a shot. Where will c wave seek support is the biggest question left to answer. (assuming this analysis is right) Given the b wave height .382 is the most likely place for reversal. Stops are a bit of a moving target so maybe the candlesticks will rescue me from my indecision ! {and an obvious internal 5 waves in C wave} 2nd target...
BUT, here's another reason to go short. Yet, 2 things keep me uneasy with this .9200 area Retail traders, including lots of posts for short positions on TView, are already short. Sites where retail traders report their positions have proven rather good contrary indicators in the recent 6/12 months and Aussie tops the list. www.forexfactory.com Additionally, RSI is...
Large AB=CD with an ab=cd within 1.272 fib extensions .50 % fib retracement from Oct highs Also resistance on the 4hr chart A = C waves All lining up right around .9200 I've set no precise short entry as I'm hoping the candlesticks will give me a trigger/stops will go just above the .50 fib retracement for a low risk opportunity Targets are .9140 then .9050 and .8950
Price action since the impulsive highs has been overlapping and corrective - possibly creating a huge double zig zag with potential short entry at the start of a final C wave down. Low risk to know if I'm right or wrong with stops just above the triangle highs. Reward is Big if this works out and C = A. I've been trying to catch a triangle e wave 2 or 3 or is this...
Looking to short @ 1.0285 with low risk to find out if the gathering resistance will have an impact. Reward could be Huge ! AB=CD ~~~ A = C ~~~ 1.272 fib ext ~~~ .618 fib retracement going back to the weekly highs to recent lows. And a potential Ending Diagonal for wave C. Won't take much to now if this is right or wrong. My kinda risk !
Harmonics and the symmetry have a pretty good "look" It's low risk and divergence on the RSI with broken 4hr support a sure sign this is wrong. Might have to wait a while for a decent spread. On the open my platform's spread is 20 pips.
The depth of A to B leg makes this a questionable Shark, I suppose, But, it completes right into strong resistance on the 4hr/Daily chart. {{famous last words:https://www.tradingview.com/v/BKtawqgQ/}} And, the case has been made for a bullish trade up to the 98.00 area. So, if this gives way to the upside I'll switch sides and look to go long on a retest of...
Cable can always do strange things. Someone once said that "It's The Devil's Currency" in his frustrations. Cable also likes the big numbers so a double top is a large possibility in my mind. Maybe the candlesticks will shed some light on the entry. My biggest problem is where to put the stops. Smart stops should probably go above the high @ 1.6821 for both...
Decent looking Bat pattern completes right near the bottom of the Triangle Wave E and stops are the same just below C which is also X making both patterns invalid should price trade below. Looks confirming too me and low risk to find out if I'm right or wrong.
Reasonable harmonics for this Cypher, BUT, the stops, when you look left for resistance areas since the 1st of the year make this a questionable trade to simply place the stops above X. It would be very easy for price action to trade into resistance 1st. So, it seems to me that "smart stops" would really have to go above 94.30 ~~~~~~ I think I'll wait and see...
A nice little trade to fill the gap - If - you think it still needs to be filled. Low risk at entry. My only concern is that it will turns around before it reaches entry level. The candlesticks might get me into this trade early ~~~~
This triangle is spot on with the Cypher: although e waves of triangles are always notorious for turning on their time not the charts. All of this is occurring within this channel: Risk / Reward is exceptional for the possibility of wave A = wave C as much as 400 pips if harmonics complete.