The EURUSD has been recently trying to retrace after a massive 3,500 PIP drop from May of 2014. During this retracement, a nice Flag/Channel was created and then broken to the down side.
Most recently the bottom of the channel has been retested and it looks like the EURUSD is ready for the repeat of history in one of the greatest free-falls in a while.
The...
On FX:EURUSD , the price formed the bearish Flag on 1H bars. The price dropped significantly on monday and it is making its little correction probably. It is hard to predict who is in control of the price, but after the flag breakout we can predict who get the full control....
Eurusd is currently retesting 1.1080 area which is a level that has been respected few times in the past. Recently broken, now is a support. I believe this pair could be forming a bull flag to move higher. Its a low risk trade at the moment. Hope the analysis is clear.
I started looking at my TOS and setting up my alerts for tomorrow. When I noticed the spy chart at 5 min. intervals... wow.
In TOS it shows all the pre-post market data... the two W's of last Wednesday then today look remarkably similar.
It seems like such an obvious flag to me.
USDCAD has been bullish for a longtime. Since Jan 20th, the pair lost its momentum and followed a 5 wave retracement back down. I'm expecting the pair to follow an ABC pattern a little lower before it breaks back up, which may see higher highs such as 1.47 levels . However there is a possibility that prices may break the trend now sooner then later. Keep an eye...
Potential reverse at the decision zone due to the .following :-
1- Valid Bearish flag pattern.
2-Valid AB=CD pattern inside the flag pattern.
3-Valid structure level.
4-0.618 fib retracement for AB leg .
5- Trend hits the upper line of the bearish channel.
6- RSI overbought
Bullish Gartley pattern in direction of trend (shows by yellow triangles)
Trend line going upwards.
Developing Flag Pattern
Head & Shoulders Pattern
Current Trade Long at end of D leg
Risk : Reward = 1 : 0.81 for 1st Target
2nd Target (just below 61% Fib) = 1 : 1.37
And could be played to hit at least top of Channel (in blue)
I want to start things off by saying I don't expect to see much action at all in the markets today ahead of this afternoons FOMC statement. However, I did want to follow up on the USDCAD idea that I shared with you yesterday.
After creating a NSL we are now retracing back into previous structure. I often explain to the traders I work with that I'm not a...
We broke every trendline one could possibly draw in with a big momentum move indicating a swing in market direction at least for the moment anyway.
look to buy the breakout of the flag to catch more upside momentum
Great spot to go long here soon. if we follow the flag on the daily timeframe we have a great runaway target at a retest of the 1.5000 zone, tho that will probably take a couple of weeks if not month.
I tried to buy the breakout today but it unfortunatly moved down for another leg after moving a bit in my favor. thats when the morph from the pennant into the flag pattern happen.
however. the setup is still intact and i will try to buy the breakout tomorrow again. the upside potential is pretty big (all the way to the box) so we could have an amazing RRR.
All I care about here is that green dotted resistance line. Once we can get a 30 mn candlestick to close above that line then we can setup a long trade. If the candle never closes above I don't to trade it. Heres why I think this has a chance at rallying.
1) Closed red on the year just a few days ago, first time in a long time.
2) Sentiment in market is fearful,...
I see a trend change of highs and a clear bear flag. Price can either bounce off support or break down the flag which would make a good short swing trade.
