Missed my first entry, price never came to my desired entry.
Had planned to test this market with previous trade and if it starts working, go in with proper size.
Now this market looks promising, entered with proper size without my test order.
After the Long Term Analysis; Bullish Gartley O The 4 Hour Chart.
Very Promising With Structure Alligning perfectly.
On this particular pair, I would be targeting first targets only as my final target and would look for a short opportunity after that.
Entry for this pattern happens to be at a great support level and first target could be a retest of the channel...
AUDUSD could test 7600s and give a nice entry before continuing lower. I do believe this pair has a lot more space to go further lower.
A true channel breakout would suggest the price reaching 7000s, However i don't see it happening but rather just go half way/ 61.8 before we could see AUD gaining some strength again.
If i drop down to 4H chart there would be 3 possibilities
1 in blue color arrows
2 red color arrow
and 3 green color arrow.
I personally think that No. 3 is happening most likely and will be trading based on that
This pair is in a range and I expect it to continue in a range for few more weeks, however; looking at the monthly chart i think the uptrend for the EUR is over and we could see a downward move in EUR for quite some months
Looking at monthly chart i think the uptrend for the EUR is over and we could see a significant downward move on this pair. Also Europe is planning to continue with its Stimulus for some more time....
For now this pair is in a range and i would assume it to be in this range for the next 2-3 weeks.
The bigger butterfly pattern from the daily chart, I doubt if it...