We have higher highs and higher lows with a recent jump through structure in the 92.90s. I'm waiting for a retracement to our last higher high @ 93.45ish where I'll enter long. Jumping down to the 30 minute chart, I picked 92.90 for my stop because price action will have to break through structure at 93.45ish and some minor structure at 93.15ish. Our next piece...
Stops above X TP 1 @ 133.38-ish TP2 @ 132.90-ish
We're just about to complete a Gartley "222" for EURJPY on the hourly chart. Remember that in a valid Gartley "222": - D cannot exceed X - BC cannot exceed XA - AB cannot exceed X RSI(7) shows we're almost overbought so: - Stops below X - BUY @ 132.90-ish - TP 1 @ the .382 retracement of AD (132.78-ish) - TP 2 @ the .618 retracement of AD (133.9-ish) and don't...
We're just about to form the CD leg of a potential cypher pattern, so if your trading plan permits you could trade the CD completion, and then the cypher completion. Remember what makes a cypher: - AB is at least a .382 retracement of XA and doesn't have a candle close above .618 retracement of XA - BC is at least 1.272 extension of XA and doesn't have a candle...
If we retrace down in the 176.40-ish area we might have a bullish cypher pattern. BUY @ 176.40-ish TP1 @ 177.40-ish TP2 @ 178.00-ish I'm new to the cypher pattern but I think it's still valid if CD completes @ the .886, so I'll be placing my stop around 175.91. Would love some verification from someone more experience at this than me!
We might have a bearish gartley forming on the EURAUD 60 minute. Since the AB leg is between the .618 and .786 retracements of XA, I'm assuming if it forms this gartley will complete at the .886 retracement @ 1.4340-ish. SELL 1.4340-ish TP @ 1.4270-ish if you're conservative TP @ 1.4230-ish if you're aggressive Stops above X as always
USDCAD has been bullish and it might be time for a retracement. I think I see a 3 drives pattern completing in the 1.2480-ish area, so that's where I'll go short with a TP @ 1.2310-ish area. If you're trading multiple contracts 1.2205-ish might make a nice TP 2.
Remember that the ECB press conference is happening in < 8 hours so that might mess this up :) We might have a big bearish gartley or butterfly forming on the EURAUD; we're at the AB leg completion with RSI looking overbought, so I'm hoping we fall down to support around 1.4152-ish to form our BC leg, retracing after that to form our CD leg, which could complete...
I messed up and thought we had a gartley, but it's too early and since the BC leg would exceed XA, that invalidates the pattern. I'm still going to buy @ 117.01 with a potential TP1 @ 117.78 though. Original Idea: We *might* have a bearish gartley forming in the USDPJY. I'm going to buy @ point C and monitor as we get closer to resistance @ 117.78 and then...
It's looking really overbought with an entry around 1.0750-ish :)
There's a butterfly pattern within a gartley giving us a sell zone of 119.85 - 120.15 and I think we'll have our first target @ 117.45-ish at previous support.
We might have a Bearish Gartley on the 4 Hour Chart: - We have an AB=CD pattern in there - AB completes close to the 0.618 retracement - CD completes close to the 0.886 retracement - Fairly symmetrical time-wise (AB = 30 ticks, CD = 40 ticks - what's 10 ticks between friends?) I'm a little suspicious of those long bars toward the end of the CD Leg, but the last...
Looks like we might have a Bearish Butterfly for EURCAD on the Daily Chart: - If we have time symmetry between the XA and CD legs we'll have two right triangles - RSI(14, 20, 80) shows we'll be overbought at pattern completion - B is only slightly above the 0.618 Fibonacci retracement Watch out for pattern invalidation if D exceeds the 1.27 retracement (1.618 is...
The Aussie Dollar continues to be very weak and the Swiss Franc continues to be strong. 4 Hour Chart: Current Price: 0.7937 Resistance: 0.8028, 0.8129 Support: 0.7922, 0.7824 The latest bar on the 4 hour shows a solid sell off because of the small wick and large body. The last 4 bars were bearish (though one was close to being a doji, possibly related to news)...
The pullback we're seeing is the result of a Bearish Gartley Pattern (although D didn't close right on the .618). We're right below the 0.5 and were also above the 50 Day SMA and approaching a crossover of the 200. There's some resistance at the .618 so if we can get a close above it, I'd wait for that resistance-turned-support to be tested and then get in after...
I'm calling this a "Messy Bearish Butterfly" because B isn't quite at 0.786, but when we hit the 1.27 extension there's a good chance that there will be a pullback based on RSI. That being said, I'd only expect the pullback to hit the 0.886 because the Euro is stronger than the Canadian Dollar. I'm going to try out this bearish butterfly with a tight stop at 20...
We're seeing the result of a Bearish Gartley and we're approaching the 0.764 which is an area of short term support. If we can break through that there's a nice risk reward for a small 50 pip move. Stops above the 0.764 Take Profile near the 1.00
Monthly: Resistance @ 0.8671 Support @ 0.8206 Support @ 0.7895 RSI (80, 20, 14) shows we're almost oversold so I think when we hit the 0.8206 area we'll definitely be oversold and see a retracement. ---------------------------------- Daily: Resistance @ 0.8548 Support @ 0.8153 RSI (80, 20, 14) also shows we're on the way to being oversold so I'd...