This is a textbook example of the Wyckoff the theory that consist of two main structure the accumulation build up integrated with the stop loss hunt that institutions use to get equity and then the distribution which does the exact same but in reverse. Throughout the course, the market has respected the demand zone that held very strong even though the...
1) Change in market structure with price forming LH along with long wick candle rejection
2) price was in a bearish channel ( HFT correction phase)
3) Price touched weekly downtrend line (major Zone)
4) Horizontal resistance
5) Price broken out of LFT correction at 1hr time frame
6) Mini HSD pattern with price retesting the neckline in a 15mins bearish...
EURGBP has found substantial support just above the 0.91000 even-handle number. Price is ranging above the level and then Daily structure shows that the Bullish outlook on the pair is probable as the structure remains Bullish. We can expect EURGBP to find enough liquidity to retest June's High this year at around 0.91754. We can look to go Long if the 4H breaks...
The USDOLLAR can find strength this week as the bearish move has been over-extended now. If we see the 4H creating Bullish Structure, that will push the Buyers in and we can see a domino effect on all the above time frames like the Daily and the Weekly.
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
We know that GBPJPY has been moving side ways in the last week. We can see that Price has been contained under the 135.00 even-handle number in the Weekly Impulse leg. The Weekly candle closed showing Indecision and the Daily candles also showed several indecision candles just below the even-handle number.
There are 2 scenarios we can trade GBPJPY this week:
1-...
Even though the Weekly candle closed strong Bullish Engulfing Candle, the Daily candles show loss in Bullish momentum + Massive Selling pressure due to the Top of the Monthly range and 0.91000 Even-handle number. If the Daily and 4H 'barely held bullish structure' breaks, I will look to short the pair.
PS: This is only for reference and is subject to change with...
If EURUSD breaks the recent Higher High on the 4H, retests and shows strong bullish rejection, we can see EURUSD going up.
EURUSD can also go bearish due to the upper wicks on the last couple of Daily candles, but Daily and 4H Bullish structure are still intact.
PS: This is only a probability of the pair, moving to the upside. Analysis and trade is due to...
Even though the outlook is Bearish on the Dollar Index, it is at a tested Liquidity zone. We can expect the Dollar Index to either move down, break the strong Demand zone and continue it's downwards trend. Or, break the recent Lower High and move upwards to the Supply zone where we had seen many previous rejections.
XAUUSD shorts approaching entry.
On the chart we have marked up my prediction for Gold. Awaiting a retracement to the marked supply zone to continue the sell-off first towards 1490 then 1440 and beyond.
Trade safe & manage risk.
Higher weekly time frame we identify a bullish flag pattern after an impulse from its third touch confirmation. Zooming into the lower time frame we can see a bearish descending channel approaching its third touch confirmation. Further looking into the 4hr we can see a bullish flag pattern within the descending channel so perhaps we need to be ready for a...
A higher time frame bullish flag pattern in the formation with a false breakout and retracement in the form of a bullish flag pattern. As we zoom in to the lower time frame we identify patterns within patterns as we analyse a bullish flag pattern with a three touch confirmation on its low and bullish rejection for entry of LONG POSITION towards the upside.
Approaching a third touch confirmation on the larger bearish flag pattern on the weekly chart, but zooming in on the 4hr and 1hr we see consolidation on the top of the channel in the form of a bullish flag pattern giving confirmation of at least a double confirmation on the third touch before a short signalling a buy opportunity.
On the 1hr chart we can identify...
The weekly timeframe outlines a bigger bearish flag pattern with already prior 3 touch confirmations followed by lower lows towards the bottom of the flag. Considering the approach towards the bottom of the channel we see a lower time frame (4hr) flag pattern which we can evaluate from the analysis I have posted above.
Trade active after the third touch...
