Some days ago I published a similar idea () which still looking good picking up more significat "pivot points".
The bearish equal leg ABCD has been completed @98.55. Perfect fib confluence 200 (96.17-93.92) and 161.8 (AB leg 97.11-95.01) with RSI divergence
Why geometry works with numbers ... well, I could show you some of the stuff I have been working on, and numbers... regardless as how random or linear they may seem, have value associated.... sort of like Karma. Guessing when your going to get your Karma, is Forex ... a fickle bitch. The chink in this armor, is pretty straightforward... follow the trend. Guessing...
The following ideas hinge on price breaking out of the current set of triangles to the down side. We've got two concurrent triangles, one symmetrical, one descending. It is not scandalous to state that our over-all trend is still down since $650. A symmetrical triangle will break in the direction of the over-all trend 75% of the time, while a descending triangle...
Buy oppurtunity at perfect bullish Cypher completion then trade management looking for this ideal scenario to happen.
This could be a level for retracement, or maybe not. Don't know. I certainly will try longs. Next level is 31. RSI in extreme oversold area with divergence.
Could be a definitive EW4 with RSI div. although wick below 50fib. still closing above. A beginning of EW5, perhaps? We'll see this week.
Hit the 161.8 of AB on this completed ABCD, 113 acting as res. from previous high. Both determined the 3rd wave, PA turned down for a ret. @50fib., broke out of the narrow descending channel towards completing wave 5.
EURUSD has completed an AB=CD move towards the down side thus giving a bullish signal with an excellent risk to reward ratio. The point 'D' impeccably lies on the weekly and daily support and resistance levels which should probably evidence the hard bounce back up in the following days. First scenario being the stronger the support levels, the higher the bounce...
Price rejected by structure and possible formation of an AB=CD pattern completing in the same zone of a bigger bullish Cypher.
Good R:R trade here we got. Stops & Targets are there pre-established but however with relevance of price action it has to be adjusted accordingly. I believe it will not drop more than 1.4180 handle but if it does than I m going to stay out of it & see the further development. Till it doesnt break 1.4180 we should look for longs.
A pullback above the 38.2 (T1) could lead to 61.8 (T2).
Everything is explained on the chart but to explain a little further: 1. Very, very clean AB=CD pattern setting up here. Couple more pips down and it closes perfectly. BC leg retraced to 0.382 fib on the dot. 2. There are 2 major, daily structure levels surrounding the current position. 3. The AB=CD pattern closes on exactly the 0.382 fib retracement of the last...
Long on bullish shark, possible ABCD completion slightly lower. Bullish butterfly for another long on new Lower Low.
Reasons for entry : - two big FR 23.6 and 38.2 - Strong structure Stop loss : - Below previous swing low (HL) Take profit : - 127.2% FE of the move - ABCD pattern complete at the same level - Major strong structure
If 579 holds I can see 3 waves up to 595 to touch the trend line then a sharp drop to 566/567 followed by a big move to the upside. ***Please note. After looking at other fractal patterns in the the charts I think we'll re-test 600-610 but will break down afterwards. Please see my latest chart. ***
USDCAD completed the bullish bat, ABCD and came to test the weekly TL (orange). Reversed, punched through 23.6 on the way to hit T1 @38.2 (1.087). Good structure res. @T1 with possible rally to T2 @1.10. Still hypothetical bearish shark could become realistic if and when PA breaks the 1.105 level. completing @1.12 for a short