Although my overall bias on this pair is long (higher time frame - monthly level break), a Bearish engulfing candle at a level this strong feels too good to ignore. I have a very effective method of trading engulfing candles, this means i'm already in and already risk free. We also have divergence across the last two peaks.
After a break and close below that was followed by a close back above and retest of lower part of consolidation channel, this pair has confirmed the fake breakout and is now well placed with an opportunity to ride the next swing leg and the creation of a higher high on the daily TF.
Target can be set at the 127.2% fib extension taken on the retracement. Entry can...
Planning to buy if market breaks previous high. using the Elliot wave strategy, with market structure, fib, support & resistance, moving average, trendiness, top down analysis to confirm my trade, so quite confident
A daily break and close above, then retest of structure would present a good opportunity to capitalise on the possibility of creating a higher high on the weekly time frame; targetting the 127.2% fib extension of the weekly retracement!
Potential H&S forming on daily time frame. The completion of the pattern presents the possibility of the pair creating a lower low on the weekly time frame to reach, at least, the 127.2% fib extension of rally on weekly time frame.
Coming off the back off an extended period of bullish gains for the pound, it looks like momentum has reversed. The UKX has fallen 200 points today and expected covid-19 lock down extension announcement tomorrow should add pressure to the pound.
Today's price retraced to the 61.8 level and has since rejected the uptrend support line and then resisted the 1.25304...
EUR/USD is currently in a down Capital AB with an unfulfilled 38.2%, but has also, most recently, created a bearish sub-crown with a formation of the Right Tip @ the max. 78.6% retracement. Following the huge sell-off, we were anticipating a rally back to resistance, which has now occurred. At resistance from the backside of the downtrend line, it appears as...
We all love a pending order where we can set, forget and collect.
Set the order
- Pending buy @ 107.700
- Stop Loss @ 107.200
- Take Profit @ 110.00
- We can leave and forget our pending buy with some confidence due to the quality of the setup. This is a straight forward Fibonacci setup on a high timeframe, using a high timeframe adds weight to the...