if you see this pair on a daily time frame,
it is going to make a head and shoulder pattern
and right now we are in the right shoulder
that is developing;
but here on 1H
there is a trendline;
i'd rather wait and see how will price acts on this trendline;
if it breaks,
i would go short...
as you can see there is a cypher pattern.
if it completes and in the PRZ we see a bullish reversal candle stick for confirmation,
then we can enter a long position.
but note that this is a counter trend move, so dont enter with huge amount of volume.
note how price acts; when the price goes to lower or upper bands and the RSI goes to oversold or overbought condition, price rally to other side of the range.
it happened 9 times untill now
is this 10th ?
in the previous post i posted about a butterfly shown in the chart; before that we have a triangle, we can enter long and the target is point D, after reaching point D we will enter short because of butterfly
i dont think break that strong resistance; but if we have a break out there, price action can easily 1.272 fibo ratio and make a butterfly pattern, then because its a bearish pattern, we'll have a good opportunity to go short, cause the main trend is down.
Pin bars are strong reversal candle sticks; if the closes as a pin bar, we can go long; RSI and CCI shows that right now we are in a oversold condition and this pin bar could be a clue that a retracement is in near future. we can see CCI starts to reverse;
our first target is 23% fibo and second is 38% fibo.