I thank this pair for my new boots collection :D
But I digress.. Nice ABCD play here. rejection of the blue monthly zone. Tweezer tops. Channel resistance. It's all abit juicy!
If this pair breaks that pink support zone we could see lows down to the monthly support were the 1st target is (1.3720). second target is the swing low (1.3623). If there is a break any...
BUBBLY, BUBBLY! LOL
HEAD AND SHOULDERS IN PLAY.. DECIDED TO RIDE THIS ONE OUT EARLY
ENTRY: .78712 JUST AFTER THE EVENING STAR.
STOP LOSS: .79771 1/2 AN ATR (30PIPS IN THIS CASE) ABOVE THE HIGH OF THE RIGHT SHOULDER
TARGET: .73650 WITH PLANS TO UNWIND ON THE POSITION AS IT TRAVELS DOWN
VIEWS ON THE MONTHLY SHOW PRICE STRONGLY REJECTING THE BLUE ZONE ABOVE THE...
I actually done A review of this last year july. When the 61.8 C leg completed. And have seen the trade come to fruition since then. Now getting ready for the full ABCD completion in the GREEN ZONE. Another ABCD pattern playing out now with the EXACT same target area. Once in completed, looking to ride price back to the GREEN IN BLUE
The bear flag has just been broken so we are heading towards the full length of the flagpole. Lets not forget Mr.Draghi's speech later and the 2 opposing central bank spectrums of these the EUR and USD. If he just so happens to add stimulus and Yellen finally follows through. Then this could give us the ammunition to break below parity. TBH. Once price has broke...
ON THE VERGE OF A POSSIBLE BREAKOUT TO THE UPSIDE ON THE DAILY.
I BELIEVE THE 1.34-1.39 AREA IS GOING TO BE RANGE BOUND FOR A WHILE IF WE BREAK INTO THAT TERRITORY.
HAS BEEN A RANGE-BOUND AREA IN THE PAST (SEE RED CIRCLE).
THE RECTANGLE WE'VE BEEN IN ON OVER THE LAST COUPLE OF MONTHS (SEE DAILY CHART) IS EQUAL TO THE PROJECTED HEIGHT OF 1.34-1.39...
I'm already short from 135.7 . HOWEVER, 61.8 of the last swing high. retest of the bearish channel. Head and shoulder pattern imminently completed. as for me, this is a long term short. target is the 126. swing low. stops above the blue zone at 136.50. expecting a pullback at 131.250 to head and shoulders neckline. potentially gonna add another entry after the retest.
price retested broken TL. 50SMA in support of bullish momentum as well as the 50 & 200SMA crossover on the 1hrTF. long lower wicks show strong rejection of lower levels
Potential for double bottom which would push price to 0.8027-0.8037 upon completion.
1ST TARGET: 0.7876 (50% FIB)
2ND TARGET: 0.8027 (78.6% FIB)
Waiting to add a position just below this bear flag. 1st entry was 6937. waiting for a breakout to the downside for it to complete the butterfly pattern i posted a few weeks ago around the 6450-6440 region. stop entry order at 6718. stop loss 6815. around 270+ pips up 4 grabs.