Movement for Monday trading, during Asia and early EU. A lot of support / resistance points in a 25cents range. Interesting crossings and important values.
Price has reach a level where more than one factors showing we should watch for short setup. Climbing a little more and it will soon test the median line of a up slope fork, the slide parallel of a long term median line. the 0.786 fib level of the previous impulse and a previous structure level (look left). If a sell setup completes at this zone it's a go, selling...
1) Bull Triangle forming on major price level 1.312
2) Pitchfork suggest more up movement expected (reversal to median)
3) Wait for reversal around 1.3 price level for a good entry to long (see coming week how this develops)
The sign are go for a bullish move somewhere next week or the week after. It looks to reverse around the SR zone first, so wait for a better...
Likely move to strong former SR zone, as well as a move back towards the median line which it has been following for more than 3 years.
Enter this short for a good 1:3.8 RR, be aware of the minor SR at 0.72
Good trading this week and leave a comment if you have anything to add
Thanks!
Price is looking to move back to the main median line. To confirm, wait for the; break of this channel, and strong SR zone.
Comments or idea's, let me know below.
Thanks for reading!
This pair has been moving between 1.4 and 1.44 for more than a month now. The 8 hour charts shows good reversal signs once again. There's therefore a good chance for a reversal towards the mean.
I've set a wider stop loss to accommodate for some volatility from the ECB rate decision tomorrow.
Comments or idea's, let me know.
Good trading today!
The main trend on the daily chart has a bearish bias as shown by the pitchfork setup. Price at the moment is near SR and the median parallel line, There's a high probability for a short towards the median line (in red on the left). Price needs to make clear bearish moves first.
When price makes those lower lows, there's an entry possible for a 1:3.2 RR ratio...
Moving chart slightly and superimposing an Inside Pitchfork on shorter timeframe to describe recent weeks it seems we are at top of Fib channel although it doesn't preclude a move into the purple slip band already tested . Very short term short followed by bounce
