This pair has been bullish up until we made a new structure high and failed to break it on a second test, forming a double top . Price then was able to break the previous low confirming the buyers are running low on energy. A retest and break of the new low would confirm a change in direction. Entering short on a clear rejection of the fibb 618 retracement with...
1.Trenline break on daily
2.Weekly timeframe changed sentiment (short) weekly downtrend
3.Break of opposing level on 4hr
4.Profit margin (1:4)
5.If price action shows signs of reversal than we exit trade otherwise we hold until all major support lines/zones are broken
Since price actions spike up! we have seen strength in the dollar! my bias on this pair is currently bearish due to price action pulling back into previous structure (with fib confluence in the same area) and having a instant reaction once in that zone.
i predict price will drop down to the 1.28100 level (previous resistance now acting as support) BUT WE SHALL SEE
Have a valid bat formation D Leg has already completed and have entered the trade late looking to take 2 targets as usual
TP1: 0.74762 0.382 Retracement from the A to D leg
TP2: 0.74217 0.618 Retracement from the A to D leg
Major chance of Downward Gap Tasuki pattern.
Would make sense to respect target of 3rd touch of TL. (blue ellipse)
Closed for weekly just shy of 50% Fib. Last 2 candles were doji.
Ma looks to be crossing on Daily period.
Target for downside of 140.000
This is not unlikely due to the close of last week. With the general election in 2 weeks and the recent...
Hey folks, here we have a Bearish cypher on a 4 hour chart that I'm just about to take, from my analysis I can expect a reversal is about to take place.
The valid measurements for a Cypher pattern are:
This is an excellent trading opportunity with a risk/ reward ratio of 1:2
I hope you's all have a great week ahead trading.
After hitting a significantly strong resistance it has come down to support level one and broken it. We aim to hit support level two in a couple of days!
Make sure your risk management is in check!
Very good opportunity!
Potential short opportunity here. The candles have broken through the rising wedge pattern, waiting for price to cross below the major resistance (dotted line) and the 13 EMA (purple line). If price breaks these two lines then would expect price to retrace around the 200 EMA (red line).