Based on monthly bearish channel and resistance level. JPY could strengthen technically against the USD. Tensions with NK could send this pair down to 110, which I'd like. Apart from that, NFP friday in 2 weeks, I may close it before that.
I am Currently going SHORT on this pair and taking 1.38000 as my overall target.
On the Daily Time frame here we have seen a Head & Shoulder Formation with price recently breaking the neckline and finding some Support just past the Monthly Key Level of 1.46000. I was expecting a pullback to have a retest of Resistance before Sellers taking back over and this...
EUR recent spike up has failed to break and close above the previous high level at 1.20700. in doing so has put in a Valid Bearish Gartley Pattern. it has surpassed the traditional D leg completion level (was holding a long position hence why I did not take the trade at that level)
I am treating this as a reversal trade due to the euro testing a higher time frame...
The Asset has produced a head and shoulders pattern, which has already broken out of the pattern, so I would short but watch out for the jobs report tomorrow as the asset already has hit prior support, so if the jobs report is bullish for the dollar then it would be a short position until the lower Fibonacci level.
We are looking for a completion of the D on this cypher pattern to come in around the 142.27. Which also provides structure to the left. With target 1 coming in at the 141.179 mark and target 2 coming in around the 140.157.
we are looking for the D leg completion at 1341.42 if these levels are achieved. it could possible send us on a downward trend looking to achieve a target 1 at 1289.11 with a 2nd target around the 1256.34.
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I'm currently short on GBP/CAD, opened at 163858
Expecting the market to push to the 162950 level.
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1) Bearish Cannel
2) HH'S & LH'S
3) Minor Support and Resistance
4) Bearish pin bar on the 4HR
Plus more in depth analysis.
Expecing price to break below minor support at 1.1842 and should see price full 25 pips to 1.1815
2.Support broken resistance validated
3.Strong drop from 2750.17
4.Counter trend Trading
5.Profit margin 1:4
previous trade was too low in the curve, profit margin has increased.
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