wait for the price to break and close above the neck line, then look for any opportunity to go long.
Current Support Level : 0.68528 Current Resistance Level : 0.69659 - buy @ current price level - or buy @ the retest of the current Resistance Level - or buy @ the break of the Head and shoulders neckline - SL @ the break of the Current Support level.
A bullish bat pattern completes at this fib level and also an AB=CD pattern completes around this area. price may dig deeper to the level marked by the red horizontal line.
point B of the possible Bullish bat was broken and has been retested, price is expected to rally down to the completion point of the pattern.
Current resistance level = 0.97779 Current Support level = 0.96969 if price breaks the current resistance level, i'll be looking at the completion point of the AB=CD pattern at 1.00531 - Point C is at .50% retracement fib ratio so the the BC projection will go up to the 2.0 fib ratio alternatively, if price breaks the current support level, i'll be looking at...
the rule of thumb is to never go against the tide but just to document an analysis i thought this could be a nice to know.
Price trading at around the 89% Fib ratio of the major swing and if you look at the minor swing will complete the 50% AB=CD pattern that has a 2.0% BC projection at around 0.79360.
Potential reversal zone has formed on the 38% fib ratio of the major swing that stems from June 2017, a bullish crab also completed at around this price area.
bullish pin bar at a key area of support
projecting a year into the future in Forex is obviously almost impossible but for the sake of growing your confidence and skill, it's always good to practice to see chart patterns and to have a general outline of how price will move in advance so that you become better prepared in any situation.
If you are more conservative you can wait for the triple bottom pattern to complete before buying but this setup on it's own is a bullish signal.
A sloping wedge on the 2hr could signal a buy opportunity if and when price breaks the channel to the upside.
The NFP results are coming out today, the results might just cause this setup to play out but be careful and set tight stops.
watch out for NFP results but i do expect price to dip into the order block and rally upward.
bearish Head n shoulder, Gartley, downward trendline.