We see triangle formation, support area of double W formation and longtherm trendline, which is support. So, there is the area, where We can expect pullback in longtherm downtrend....
A Valid Bullish butterfly pattern is almost at completion. Targets on screen.
Ok now that we have Weekly and Daily covered with a short bias time to look for potential set ups on the drop down TF's. To kick things off and get straight to technicals... 4HR: We can see after our extreme high we put in a new LL - 4HR Now I've identified a possible AB=CD to Monthly SUPP upon taking fibs from these levels - 4HR We could retrace from 0.71620 as...
If candle closes below this trend line then i am short with take profits at 0.73654
Here we got a little different situation than normal, we got a small Cypher patter about to complete, but its not at a very good level cause the very strong resistance is at the area where the bigger red Cypher got its potential reversal zone "PRZ" So we got 2 options, take both patterns and if price retrace further up against the resistance and the first small...
Adding a final long at the .77 level will be holding this until December if not stopped out currently still holding to longs back from .763 and .768 I feel that I wan't to enter 1 more time though and just leave it to grow. Added with the DXY weakness and beginning of inflation for AU I believe this can be a great long term trade with the potential for big rewards...
Currently there's no detailed explanation for the pattern as it has not fully completed. Look at previous structure for PRZ
The requirement for a gartley pattern is a 0.618 retracement of point B and 0.786 (0.7855) retracement of XA for entry point. BC projection should be either 1.272 or 1.618 which in this is 1.272 (0.7876) Previous structure is crucial
Yellow levels are daily support and resistance. Red levels are h4 support and resistance. There are two possible trades here, if PA suggests when the price trades up to the red level that there are loads of sellers I would short. Otherwise if the red level breaks (which I think it might) that level is essentially useless to me as it was previously...
$AUDUSD recovered from the intraday structure of 0.7755 on Tuesday. This move is the begining of the anticipated long pullback that we have seen in the weekly chart. We are long from 0.7840 with 0.8022 as our initial target before any extenssion to 0.8288. STOP: Below 0.7831