Quick 2:00 clip of, LTF trade signal and entry for potential short-term reversal trade.
This is a more risky version of my trading strategy which doesn't put much emphasis on the HTF trends and structure. Do not take this trade - this is just an example that if signals lined up with HTF and there was confluence, this is how I would trade it.
Happy trading :)
Curvy channels always end up the same way - retracement to the downside - but keep an eye on the level I marked with the arrow - RSI will most likely get oversold there - it will be a sign to long!
Summary: Short now, Long later.
Cheers!
We broke out of the descending broadening wedge, we confirmed resistance as support twice at B and D of the bullish harmonic pattern.
We did by my count 5 waves up and we are currently in a ABC correction.
Forming a head and shoulders pattern with a measured move below support line at around ~31.5k. That is still a higher low but that would break support.
Fib...
Updating my DXY chart I came across a possible trade forming on the lower time frames (5M). The blue lines are my 5M zones and I'm willing to risk in about 10 pips or so.
The chart is pretty self-explanatory. I have further provided the support zone and the resistance zone it is targeting. This will play out pretty quickly BTC style. Enjoy the volatility guy.
Short term trades
If we stay inside the triangle on the 15 minute TF, look to long a breakout with TP at the magenta trend line 11560
TP at the 23.6 fib 11750
TP at the purple trend line 11900
look for lack of volume on the breakout and use stops in case of fakeout
If we drop out of the triangle short
TP 11200
then watch for bounce and retest of 11300
If...
Shorter timeframes appear to be showing somewhat of a fractal pattern. I think we might see some movement downwards before continuing to move up again.
at the moment NO Trade, taking a back seat on this... but for you consolidation traders this is a possible direction for me...
main confluence.. liquidity run and then drop
as no-one is currently buying the sterling, am sitting down on this.
