sikhumbuzo

short trade, small profit

who else is mouth watering over this price?

could go short if a harmonic pattern forms in the lower time frames with caution, experience does dictate that when price breaks back into a triangle, the momentum almost always continues in the same direction

although it might be too much to ask for a HnS pattern from inside a channel, the fact that this is a bearish flag that's met all the conditions, i'm convinced that the bears will now look for any excuse to turn the tables around

a bullish pennant has broken it's structure to the upside on the 4hr chart but has hit a very strong area of resistance that can be seen in the daily chart. the next 4 hour candle will be the deciding factor of where the market will head to next.

clearly someone has been learning about triangles :)

wait for a solid break out and a retest

the price action around the 13.21941 area will be quite interesting, i for one will be looking for any selling opportunities around this price.

there's a much needed break of the current support that's needed to entice the bears to take over, wait for a solid break out and a retest before committing.

look out for the price action around 1.10494

a bearish Cypher has occurred on the 15min chart at a key area of support

it's always splendid to see price respecting certain levels on a chart, it's unfortunate that i didn't enter the trade when price hit the defining moment for this pair because of my last encounter with it but i'm giving it a second shot.

Price might just break away to the upside but if it doesn't, i'll be looking at the (yellow) highlighted area for any opportunities to go long. the one issue i have with the blue box is that it may act as a very key area of resistance when it's time for the market to turn to the upside.

After 360 pips bagged for this pair i'm closing the trade. what compels me even more to do so are the problem areas highlighted in yellow and frankly i don't see price even making it to the 62% fib retracement level, this is due to the order block on the 50% fib level identifiable by that last bullish candle right before price took off to the down side. going ...

price is approaching a very good area in terms of price action at the 70% fib zone, if you check the weekly you get to see the number of times price has bounced at that zone. on the on set there's a head and shoulders pattern on the daily chart

came late to the party but because the trend is on a daily time frame i'll be looking for a good price to sell on lower time frames.

My bias is to the long side simply because there has been some aggressive price action at this level in the past and there's been a couple of price flips (support turns into resistance)when looking at the horizontal line. going forward i will monitor this level on lower time frames for more confirmations but from the outset, a head and shoulders pattern is just ...

a bearish bat pattern formed on the 15min time frame which indicates that there's a good chance that the bears will be taking a lead from now on.