1) pinbar at previous level
2) previous level created by long shadow + harami pattern
3) decent rr present
1) another bar closing lower would strengthen the short bias
2) we'll see how it looks in 24 hours when NY opens
3) might take 1/2 off at 1.5620
Here is a chart for mr Wilson. i think you misunderstood me today and i'll try to explain what i meant earlier..
where you stated that it was a good place to short "right now" i noticed another pattern that i think is similar to an ABC short setup. not entirely by book according to Elliot wave by my interpretation is still here.
now as you se we have 3 peaks...
Euro going to a strong level of resistance? we shall see, what i see is some kind of divergence saying that this might be wave 5 going up but how strong is this move? areas of resistance above it and we shall see how this goes. i don't see a trade in this atm.
interesting formation on the H1 chart. with failed attempts at higher highs and a divergence showing, i put a Fibonacci on the chart and this almost makes me want to go short right here. target would be strong area below.
currency pair running back into an area of resistance again? watching the move from last week where we had divergence and stopping at 1.618 tells me that we could be running into a wall here. i do not want to be a part of this one.