USDCHF is in a corrective pattern (4th wave at daily) within a corrective pattern (hourly ABC) WITHIN a corrective pattern (hourly ABCDE triangle) . The setup is similar to USDJPY as you can see at related ideas. Happy trading!
Cable may be oscillating in a consolidation pattern before goes on sale around $1.578.
Reading the market before trade to be triggered.
Hourly I see EURGBP trending up. The current retracement is seen as an opportunity to hop on the trend. There are some fibonacci confluence of the impulse retracement and the extension of the correctional impulse. The long position will be triggered there. Target two is were impulse and trend targets confluence. Target one will be the top of the trend...
Another sell trying to trade the correction of the dollar. The entry level is the confluence of retracement of the downward impulse and the fibonacci extension its ABC correction. It gives a nice risk/reward and fits in the current behaviour of USDJPY. ___________________ *For now on I'll reveal the money management of my trades. There are two major targets: the...
Here is my attempt on the dollar correction. First I figured out a leading diagonal withing a leading diagonal. I used MACD to identify which were likely to be the 3th Elliott wave. Than a correction may be in play: an ABC pattern The strategy is to buy at 62% retracement of the 'A' leg. Happy trading! ___________________ *For now on I'll reveal the money...
These are my views and expectations for the waves. The square's technique show the minimum time for a consolidation. It is based on the assumption that the impulse is quicker than consolidation-mode. So, the area of consolidation must be at least +1.0x the impulse.
Selling around fibonacci cluster. Happy trading!
Finally I've figured out what is going on with GBPUSD. My last forecast:
I foresee two biased scenarios.
That is my attempt to figure out what is happening. An ending diagonal usually occurs before a reversal.
For some time this pair was in idle for me. Since it is a major cross, any attempt to trade other crossing without EURUSD to help to do assumptions is just to difficult. Hope the difficult ends with a triangle breakout.
This is my trade from the first journey. At the chart you see the reasons why I closed my position with profit of +100 pip. Most of the reasons to close the long position are just the same to engage in a short one. Trade #17:
Trading a possible 'A' leg correction. Expecting a breakout of current consolidation channel.
My new journey has just begun. Happy trading!
We can observe a correction of a well-defined bull trend. Although, is the demand stronger after the last sell-out? Price expectation on the chart. :)
Grexit seems nice. Share a LIKE!