Price brake structure on the weekly, the fib placed on that impulsive move has a golden zone(50-61.8) that rests on a valid buy zone. liquidity has been collected once before during the retracement. I had a buy limit placed with 2% risk halfway through there valid H4 buy zone. Taking profit at swing points circled @ 80.5 and 81.5. The target being at the previous...
MACRO:On the last week of July, price attempted to reach the highs(1.61) but could not and is retesting support(1.56). On the weekly chart you can see the strength of the 1.56 zone as price failed to close above after attempting to for the entire month of March. On the last week of July, price attempted to reach the highs(1.61) but could not and is retesting...
On the daily chart you can see that price has broken the strong support circa 1.763, the 200 EMA and back into a major consolidation box on the weekly and daily. The H4 however reveals the real juice. A high, low, lower high, and lower lower has been created. The first leg finished around 1.7625, which is the 38.2% fib of the second leg. At the very least we can...
EN has been in a consolidation box since 2011, (when i started high school) it broke out of that box at the beginning of March and is currently retesting it, we have seen a failed attempt to re-enter the box(4/28 17:00- 4/30 13:00 UTC -4) which acts as a spring based off our wycoff principles. The aforementioned fakeout to the downside acts as the beginning of a...
Overall structure is bullish, however i see a break of the trendline on the RSI. If price breaks the trendline the sell is on but price is also at a point where it could continue the uptrend. My bias is still short for UCHF at the moment.
What we have here is a basic rising wedge(purple) which brought us to a double top at the 50% fib level. You can enter now or wait for the break and retest of the 133.7 area. The channel extension where we would be looking to exit is represented by the lime green trend line. Happy Trading.
