On a 1H chart we have a bullish pattern Price is currently at 38,2% Fibonacci retracement area (Filtered to 1H timeframe) in a relation to 1D Chart However I Will look for a bearish short term entry setup (based on 1H chart, trade will be left for minutes, but position will be closed in parts and using a trailing technique, will try leave it open for a...
Price direction on a Quarter chart is up, as a new higher high and higher low appeared (price direction is not the same as a trend direction), Last quarter's close is above 5MA what gives a bit more power to bullish signals Currently none of the major chart patterns appears (Quarter) Price is currently at 61.8% Fibonacci retracement area in a relation to...
Clearly a short entry , price reachest the highes point in the past week and is one of the nest paterns for me to trade
Update: 50 pips loss. __________________________ The prices almost touched the estimated target based on my previous analysis. It made a ABC correction and it feels like a begining of a 5 waves down (possible a ending diagonal) to the $1.076 area.
Forecasting a possible short position after ZigZag correction.
Update: the market responded late to this trade. The gap somehow invalid the forecast ____________________________________ The last bullish momentum was just a gap-closing action. Demand seems too weak to expect another bull impulse. All clues leads to a short position.