My bias from here is short. Nice gartley pattern just completed. Now looking for targets and noticed how the 1.618% AD extension meets at the exact point of the Nov-Jan 61.8% fib. Also, throw into the mix previous structure and the rising trend line which has formed since last year´s low and which will also meet around that area this month then I´m looking to hold...
Short-term short for the following reasons: 1. Looking at structure, the 1.41 area has recently acted as support and resistance. 2. 61.8% fib from February´s high/low 3. Potential bat - B point formed at exactly 50% fib and an ideal D point of 88.6% would confluence with previous reasons.
If we see a drop to D point of potential Gartley pretty soon then it will also confluence with trend line and could be worth considering a long from there.
I expect test of weekly channel upper trend line and 61.8% fib (2008 high -2016 low) before any longer-term drop and will only consider a short from there. Besides, I´m currently long after what, at the moment, seems to be a successful bullish gartley with my target also being around the same area based on nice confluence (see gartley idea below)
My medium to long-term bias is short. However, I have spotted a PRZ around 1.33 based upon it being Oct/Nov´s resistance, which may now act as support, 4th touch of rising trend line and 50% fib of recent highs/lows.
My bias is short. However, I have noticed a possible PRZ around 1.33 based on it being October and November´s key resistance area, which could now act as support, a 4th touch of rising trend line and 50% fib of recent highs/lows.
Just hit the daily bullish trend line . I´m looking for a reversal up to test the bearish weekly trend line , which currently stands just below the 1.35 handle. 400 pips target with 40 pips risk, nice 10/1 RR. If we did get up to the descending weekly trend line from here then that would also make a nice potential bearish butterfly!
Very risky as things will change quickly once details of EU negotiations meeting emerge.
Also, finished below 61.8% fib (1.3657-1.3027) and has trouble breaking it. Short to at least rising daily trend line, which is at 1.31307 today and rising 4.5 pips per day. Probably stay within mentioned wedge for a few more weeks, so will play it like that, albeit I favour a short and my personal bias is that it will break the lower daily trend line before Christmas.
I´m riding this down to the lower trend line of the rising channel. I wouldn´t be surprised if it happened today, which would currently mean a drop to 30.35 and which would also make a nice double bottom with the low we seen on 06/10. Although less important it´s also worth noting that there is an ABCD intraday on the 15 mins, that also brings us to the exact...
50% Aug low to Sept high. Lower 4H downward channel trend line. Potential bullish bat pattern. Potential formation of rising trend line which started forming last week of August/first week of September (will be 4th touch)
One last leg up before the big drop back down in my opinion. Having problems getting through 1.345-1.347 area for the time-being. Guessing this support will eventually give way if right shoulder forms near weekly resistance area of 1.362 and it starts coming back down (a nice potential H&S on EUR/USD to possibly coincide by the way) I'm targeting 88.6%...
We are close to hitting the lower trend line of a 4H potential bearish channel , 61.8% fib of recent high/low (29.78/27.74) and which is also the second target level for the bearish cypher that you guys kindly pointed out a few days ago, i will take a risk and go long for the forthcoming 4H periods. We also have a potential bullish cypher that CVGOLD3 has...
Just touched for the 4th time, to the pip! Too early to tell whether it will be a successful trade but it immediately reacted after touching and is 10 pips up as i speak so looking promising.
Looks like it has trouble breaking the downward trend line. Lower highs every time. Will keep it simple and maintain short
I´m shorting this down to around 24.75 area. Nice bearish cypher today so well done to those who spotted it. I will be watching the 38.2% and 61.2% retracement areas at around 29p and 28.5p respectively but cant say i am expecting much of a reversal.