Do You Know About The Cup & Handle Pattern?
Well This Is A Possible INVERTED Cup & Handle Possibly Forming On BTCUSD
This Is Valid & Can Still Play Out... Price Could Possibly Shoot Up More Into The 61.8 Fib Area Before Possibly Reversing To The Downside.
I Would Look For Rejection Before Entering & Of Course Use Proper Risk Management ALWAYS.
I'll Post A Link...
Whats Your Thoughts?
Lets See If It Reaches D.
Now, It Can Reach D & Continue, OR Possible Reverse A Bit, Then Continue To The Upside, Or Of Course Continue To Fall.
We Shall See What Happens.
Check Out My Related Idea Too.
Here's a little update on my DXY analysis.
Looking for price to reject nicely in this red zone on H4, to look for possible buy.
I'm looking for short term buy first, if price breaks through trend line/resistance area and retests then I will possibly be looking for long term buy. I will post an update.
Heavy Confluence Area
1. Retest of broken H&S support
2. Creating possible Lower high for 3rd drop
3. Still respecting trendline as of now
4. At the 50% (high PRZ)
WAIT FOR REJECTION IN THE
AREA OF GOLDEN BOX FOR
A POSSIBLE SHORT.
I linked my last analysis to this post.
I believe price MAY wick up to trap traders at the previously broken support area before selling 133.964 area
If price breaks through 134.650 area close sell (SL area)
I will not personally enter again for another GBPJPY sell/short until I see rejection in this area 139.96 to 134.2 on the 4H chart
Remember ALWAYS use...
GOLD BOX POSSIBLE ENTRY FOR SELL
1. Restest area of broken support
2. At the 38.2 (right rejection/continuation area)
3. Price could possible wick up into the 50% retracement (LOOK FOR RECECTION FIRST)
4. High confluence area
5. Divergence possibly happening on 4HR
I'll personally be looking for reversal candles/ rejection on 4HR around the trend line (38.2...
GJ Is still in a heavy downtrend.
Iv'e been in since the right shoulder of the H&S pattern.
Im currently up over 300 pips on two positions.
Now, GJ is selling heavily so price may not reach my zones but its possible, and it if does what I believe it will look for all the confluence and take your position using PROPER RISK MANAGEMENT.
1.) Possible reset of this H&S support breakthrough
which is now resistance (if price rejects)
2) Wait for price to draw back to trend line / resistance and fail to look for sell
3. If it draws back to this zone its at the 50% drawback of last drop
LOOK FOR RESISTANCE & REVERSAL CANDLE BEFORE ENTRY
GOLD BOX IS POTENTIAL ENTRY AREA