A possible repeating pattern can be seen of a descending scallop, this is supported by a rising RSI. Other chart patterns present include a diamond top reversal, an Adam & Adam bottom, and an Eve. The Diamond Top led to the formation of one of the descending scallops.
Hi All ,
This pair has presented itself again , Gave us 70pips last time out with the form of right shoulder and now going back to point of entry .
5.29017 we buy & Sl 5.27005
TP: TS
Many Thanks
Could be a great opportunity to short the AUD against the Honk Kong Dollar
Waiting a signal at the horizontal resistance but if price pushes above then i will be waiting for a signal at the diagonal resistance - incase the big boys are trying to catch people on the wrong side of the market.
Will see how this materialises over the coming days
if you are on the 4hr , then price might just be retracing as it doesm this analysis can be applied to smaller time frame than the daily.
LOOK LEFT SUPPORT HAS BEEN ESTABLISHED !!!
This is my adaptation on a Cypher harmonic and where i expect it to reach. I am currently waiting for a completion of the D point which should show a reversal candle or pattern, once it does i will enter the trade. The current Risk:Reward still 1:5.8 what is acceptable as i believe that it should hit the Take Profit. I have set the TP below the expected level...
The pair is on a standard 4H Channel Down (RSI = 33.623, MACD = -0.012, Highs/Lows = -0.0225, B/BP = -0.0448), which since it crossed the 5.5788 4H support is expected to continue lower. The expected Lower Low is estimated at 5.5380 where a pull back to 5.5788 is expected.
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Trying to play a long term trend change here. Had a dropping trend channel from the start of 2018 and this month we have had the first breakout of this channel. We had a nice double bottom in Oct which already reached it's target. At the moment it has dropped but it could potentially make a right shoulder for an inverse H&S. I am going to scale in several orders....
