5TH WAVE PREDICTION COMPLETE! TIME FOR A PULLBACK???
This was a pair that I had posted on my Instagram story and had predicted the 5th Wave from the 1.0000 area. I took a long trade from the major support and psychological area (1.0000) and my target was hit for 1.2%. I did not hold this trade up to my 5TH Wave prediction as personally, I am not a long term trader.
ANYWAY... Now that price has had a nice bullish run as we can see on the daily (Top) chart, I feel price may be exhausted and may need to breathe a little. The next move could potentially be a PULLBACK!
PULLBACK??
On the 1Hr chart (Bottom), we can see a nice ascending trend line that seems to be holding very nicely, So therefore why would I be predicting a pullback and trend line break?
Firstly we already know that price is exhausted from looking on the Daily Chart, Not to mention the Daily closing with an inside bar which is a reversal candle (I have highlighted this candle in blue).
The recent highs on the 1HR chart shows price stalling around the 1.0100 area which is one of my resistance areas. Price broke above but was unable to remain above this level. This tells me that price could Potentially be heading back down to the 1.0000 area after being rejected.
Lastly MACD divergence is giving us signal that price is losing bullish momentum.
In a IDEAL world price would rise to the 1.0090 level which is aligned with my 0.38 Fibonacci level before heading down to target. This would give me a lower high which will add to my confluence and a nice reversal candle would be the CHERRY ON TOP!
(No cherry on top, No entry!)
ANYWAY... Now that price has had a nice bullish run as we can see on the daily (Top) chart, I feel price may be exhausted and may need to breathe a little. The next move could potentially be a PULLBACK!
PULLBACK??
On the 1Hr chart (Bottom), we can see a nice ascending trend line that seems to be holding very nicely, So therefore why would I be predicting a pullback and trend line break?
Firstly we already know that price is exhausted from looking on the Daily Chart, Not to mention the Daily closing with an inside bar which is a reversal candle (I have highlighted this candle in blue).
The recent highs on the 1HR chart shows price stalling around the 1.0100 area which is one of my resistance areas. Price broke above but was unable to remain above this level. This tells me that price could Potentially be heading back down to the 1.0000 area after being rejected.
Lastly MACD divergence is giving us signal that price is losing bullish momentum.
In a IDEAL world price would rise to the 1.0090 level which is aligned with my 0.38 Fibonacci level before heading down to target. This would give me a lower high which will add to my confluence and a nice reversal candle would be the CHERRY ON TOP!
(No cherry on top, No entry!)
Order cancelled:
TRADE WAS'NT ENTERED. EVEN THOUGH WE HAD A PULLBACK, THERE WAS NO REVERSAL CANDLE.
ON TO THE NEXT!
ON TO THE NEXT!