5th wave to complete on this last push down then upside projection to the pink line is what I am looking at. London & New York sessions tonight presenting some solid moves perhaps...
This is what I see happening, current position is risk free around 100 pips and I just closed one for around 68 pips. I think a correction will be coming before another drop next week.
Looking for this to complete at the 78.6 where my buy orders are waiting.
Bullish in a corrective phase is what I am looking at, buys in the purple box projection. Now, it does NOT have to go that high, and could easily turn before it. Worth the watch though...
These patterns keep showing up in similar scenarios very often. You can see my buy limit has been hit and is in play already. TP is a tiny bit higher than I recall putting it on for. The overall trend for all GBP pairs are heavily bearish so if you trade this a stop is an absolute must!
I believe we are seeing the making of some either the expanding or running flat correction. Either is in play. My target for anything is the purple box projection, and it could go past, but the highest probability long term trades are to the upside. So you could take some sells for sure but watch because the upside on many pairs against the CAD is going to be...
Lets see what happens, both would be valid if this plays out
You can see my pending order is set for the 78.6 level, this is H1. Lets see
You can see I am already in, and this potential bat pattern is ambitious. I am not setting my TP's to those levels, merely to projection targets I have had. This pair does have one more overall leg upside to create at some point.
The grey area is a strong level of wick action across the chart. If we push up confidently through this level this set up becomes invalid and we will wait for the next interaction level which is higher. TP set near the bottom of the last low just to be safe, I believe we have a higher timeframe pattern forming also which means it should go lower, but TP can always...
Looking at a clear interaction level and a regular flat on the charts, watching for more downside into the coming sessions
Let me say that THIS IS A MAYBE. Looking at this chart I can see another wave up, which makes the cypher still valid if it is within a certain level, but the end point to me overlaps too low with my assumed wave 2, so its a 'so so' projection. Good risk management and tight stop on this one.
USDCAD is at one of my two projection boxes, so watching for lower time frame transition to place a buy order. I don't see it being amazingly fast, but the purple move outlined needs to be matched with another 3 wave move up, in whatever fashion it takes to AT LEAST an equal top which is where you see my profit point
I am convinced the overall big drop is coming soon, but the EUR doesn't seem to want to quit when it comes to AUD and NZD pairs. I am thinking right now an overall ending diagonal, and that we are about in wave 3, and the will be the internal wave 3 of that (confusing I know) Also saw this pattern. Jumped in too early before I saw it, so lets see what happens
Some of our patterns didn't play out yesterday, the benefit of risk management serves you in these occasions. Watch for lower time frame transition here but this looks good
Tight stop here and small lot size. NZD and AUD have some strength, its just a matter of time to me before they turn and we get some upside here.
I see a flat correction being created in the middle before more downside, A lot of USD based pairs looking primed to head south once more.
Looking for good GBP strength heading into London, jumped into this one a few pips early probably but the risk reward ratio is solid to me. Let's see