It's been a rough go around for pattern trades as of late (I'll talk more about that in my Weekend Review tonight www.youtube.com) But if the pattern is valid and meets you ROE's then you've got to pull the trigger. I'm still holding the 2nd half of my position on a EURUSD short from earlier in the week, but today we've got both a bullish gartley and a bearish...
1H Chart: With upcoming data release from BoJ (CPI , and UER ) I have a strong indication that the yen pairs will be reaching a support around $101.2 - $101.5
Quarterly CPI came out soft and Aussie declined across the board + China Flash PMI despite an increase from 48 to 48.3 was still seen as weak. In line with this chart, next support is likely to come in around 0.912 - 0.92 levels. 6 days for NFP data before the next big move. Also on the same day (02/05) Aussie PPI will be released as well. Note that on 01/05 we...
So after a bullish unemployment data, the Aussie hit a high resistance level and is dropping lower. There are some important observations to bear in mind. 1. This could be a possible Cup & Handle formation we could be looking at. (Represented by the blue channel lines sloping down). Its still early, but this pattern is worth keeping an eye on. 2. Price quickly...