EURUSD found support at 1.1760 and has started to reverse as it broke above a falling wedge, arguably a Elliott triangle of the final Elliott wave.
We will be looking for a buying opportunity as the price has already pulled back to the 61.8 Fib level, and the bottom of a probable rising channel.
Our main target will be somewhere just below 1.1900 where there's...
Below the quarterly pivot and previous low. I’ll watch to see if it wants to continue. I get the feeling it wants to push back to these previous highs near the 181 area.
It didn’t get a bounce today. I was watching for a reversal. Now we have the 200d and monthly pivot. It might be too close. If it’s already at that level tomorrow I’ll look at the 39.25 area.
The 50d, the monthly pivot, and previous low. Lots of confluence there. The quarterly will also catch my eye. IF it never gets down to that level, I’ll also be watching 62.80.
As we can see price had been descending in a channel.
Then we broke out where we are now creating a inverted head/shoulder pattern.
I will be looking for a entry on the 15TF where the W-formation is created, what tells us we are going to reverse.
I will be setting 2 take profits.
First around 70 pips where partial take profit is taken.
Second around 200 pips profit.
Double Bottom setup as what we have shared last night during our Mid-Week Analysis if you don't wish to miss any of such, simply like our facebook page to keep in touch of the market movement:
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Exact entry; stops and targets share with my subscribers, if you are interested, PM me.
Market maker basic rules on the trading strategy - LDN breakout, ASIAN consolidation, NY reversal.
M and W formations also lay in line with this strategy, as does the idea of a midweek reversal .
Will take any opinions as I'm a beginner with this strategy!
USDCAD FULFILLED -27.27% FIB LAST WEEK
1.31000 AREA SEEMS TO BE ACTING AS STRONG DAILY RESISTANCE ALONG WITH THE 200EMA
DXY SHOWING SEVERE DIVERGENCE TO THE DOWNSIDE
LOOK TO SELL UPON A PHASE LINE BREAK SHOWN
3:1 RISK REWARD TO KEY LEVELS 1.28300 AND 38.2% FIB
HAVE A NICE DAY
