Since February, GER30 has tried to cross the demand zone, however after multiple attempts, we haven't seen a major correction, just a series of up's and downs.
This time, it has aggressively went down almost touching the demand zone but it is now approaching another important support line which has been in a bullish tendency since November 2013.
GBP/USD felt to really important level if there's an chance that it will conitnue the uptrend that we might be just getting to the entry point at the moment. There's an confluence of green marked Demand zone, 50% Fibo retracement of last swing up (1,669-1,719), daily trend line and the previous smaller leg up low at 1,685 level (red circle). Todays down move was...
This is a trade I will not be taking if it doesn't meet the test of time.
After taking the time to reread Carney's books, he mentioned with emphasis the use of time in regards to harmonic completions.
From Carney himself:
"Although time considerations are not as significant as the factors of price, an understanding of when a setup should complete can optimize...
Looking for bullish PA at the zone marked. I see this going to 1.60 before any real selling pressure comes in. The daily trend line is crazy, lets see if we get anything good here, if not there are good levels below which may also bring that trendline into play.
EG is coming to a weekly level of demand which also holds 61.8% Fib from 08/09. It will also be a big double bottom possibly so I will look for bullish divergence nearer the time. This could also be seen as a big bull flag. Even as it is the RR is good with a 1:3 minimum if you take it to the first fresh supply level but potentially this could go much further,...
These are the levels i'll watch for PA. I have had an order waiting at 172.5 but yesterday bounced 173 more or less to the pip so lets see what happens. Might look at the zone below as risk trades are giving JPY strength.
Here are some possibilities to trade off in the EURUSD pair:
1) Blue Gartley completion at 1.36250
2) Orange Bat completion at 1.35578
3) Supply level at 1.36300 (big round number as well)
I'm not convinced right now with these patterns as they lack strong structure at the completion point D. I mean, there is a bit of structure, but I would prefer to see how...
Currently waiting for price to reach the demand levels marked below to go long. Target and stop are marked in the chart. I'm only interested on the one at 0.9375 because a demand level below another demand level has more chance to success and more profit margin.
Let's see how this goes.
There is a Bat pattern forming right now in the USDJPY pair. If it completes at around 102.276, targets could be at:
TP1: 102.068
TP2: 101.939 (be aware of the demand level above)
There are also two demand levels below current price, although I'm only interested in the lower one, as price left that level with strength, so there might be a lot of buying orders...
I would expect price to break the small demand zone and structure level to the downside to reach the demand zone labeled as 1, go long there, take some profits and then wait for a reaction on the previous broken demand level to continue lower.
Let's see if it works!
As i have labeled in the chart, AAPL has broken out of its triangle formation and is pushing higher to the next SupDem level. It's important to note that this is a MINOR supdem level and that it has already been tested once already on 2013-12-05, so the chance of it bouncing off that zone AFTER breaking out of a triangle pattern is very slim.
I am predicting...
Price has returned to a demand level on the daily chart with clear red candles indicating that there may be little to stop price should it rally up from demand. I'll be waiting to see if we get an engulf on the H1 chart before looking for an entry. The dollar index is at a similar level as you would expect with this pair
