Biglotz

Biglotz

It does look like the steep angle means a s/term correction. I count W3 over on D1 chart....so complex W4 coming? Anyway, look for these multi confluence zones as areas to go with trend bias on D1 (pitchfork) ie, LONG.

Biglotz

CADCHF is in a DOWNTREND. Now is in an intermediate up channel, breaking out of an inverse h&S (that another trader kindly posted) and looking strong UP. One:One AB=CD ends at a supply demand zone and 70.7 fib retrace (labelled 'Second hurdle'). IF...it gets there and above, next high would be the zone labeled 'Deep Crab completion.' Let's see....

Biglotz

Breaking S/R level towards bottom channel. It may break MLine of Major Pitchfork down the road as the whole thing is in a downtrend. PEACE.

Biglotz

It has already hit the 79% of prior HIGH and bouncing back a bit. IF it pulls further, two supply demand/support/resistance levels should allow for scalps OR resuming of major trend UP. 79 ceiling would be short term exit.

Biglotz

Small stops for high probability counter bounce towards top channel. HOWEVER, good chance it'll drop to bottom channel for a W3 down. In that case, look for RESISTANCE at the marked GREEN S/R zone....Use shorter time frame entry with confirmation entry a la moving avg crossover, a break out or 79 pullback buy. To each his/her own. PEACE.

Biglotz

79 and 127 confluence on two swings. Common 4H s/r level reached at that point. Bottom of pitchfork channel. 3 Drives down to the level. Already bounced...like GBPJPY (and probably other GBP pairs), will base here. Chance to get in on smaller time frames, like a 79 retrace of an impulse move or other method. 38 % 50 retrace is FIGURE level for exit or short for...

Biglotz

Low risk counter trade imho. Stops 10-15pips below spike bar low.