Just my idea and analysis on the pair for the upcoming week, but on the 4 hr chart. Looks like the beginning of an inverse head and shoulders pattern. The RSI and Stochastic indicators both indicate that it is in oversold territory, and is due for a move upwards. The key to this trade will be the current support line not being broken and a strong move up after...
Hey traders!! We have had a HUGE move up, so I expect a relief. The market made a strong move down and it is now putting a consolidation pattern. I expect a break to the downside at the 1.272 extension which lines up with structure looking left. Good luck in the market traders!!
We have been moving harmonically to the downside, and we just broke major structure looking left. Therefore, I would expect the trend to continue. There are a hundred ways to get involved, but not many ways in which I can get involved. Each trader has its own reasons for entry that match their philosophy and psychology, and you should too. I will be updating this...
Price is reacting from a level of inner structure (look at the HTF), and that is the reason why I will not aim for a re-test of the highs. I am now waiting for a DB to occur, that will be my reason for entry on this trade.
We still have a few USD news events in front of us today, but I will keep an eye on this in case price is pushed down by the news and I get an opportunity to enter.
Very strong movements from the get go today, been watching the movements since 22nd Sept. Decided to jump in with small lots. Currently learning to chart, so excuse errors - learning the basics of ABCD and support/Resistance.
MY 2ND HOMEWORK WITH MR PIPS OF ORDER FLOW MOMENTUM PROJECTION DEPTH