Hey Guys based on the current reversal and my technical analysis I am giving this buy set up a chance 1% risk
After checking the EUR/USD chart it appeared that there were more sellers than buyers, and the price had trouble rising beyond a specific level. The higher timeframe showed a significant resistance level, often called supply, suggesting a potential sell opportunity.
Supply met (resistance) Multiple time frames Higher timeframe correlation
Sell opp Supply met LL created on smaller time frame 3 confirmations
618 rejection reaching a supply area (Resistance) LL Down trending Sexy trade
LL has been broken change in trend direction to Bearish (sells) Channel formed in the weekly for Sells Weekly Head and shoulders 786 rejection
Same as last trade but 100% SL LL Fib Rejection 107.572 Target
Been looking for the pull back I wont write a full descriptions same as the last post just finding the retracement.
As you can see the previous play did broke even and now the market is Bearish we are now looking for a retracement to the down side. As expected I am looking for the 50% or 618% retracement and a rejection of the 107.000 level
Using quarter theory on the quarter point of 250 pips and the 618 fib retracement i found this set up. Now this is not a guarantee trade it never is but I wouldn't mind risking my money since its a 1 to 13 risk to reward just to the 618 TP3 not the final TP but enough for me to be satisfied. I will be holding this trade due to the current market bullish rally I...
HH HL Trending Market Fib retracement Support / Resistance Using a lower risk since I have 3 positions I am 50/50 on this since I only had 4 confirmations Lowwww RISK
Support now resistance Fib 382 LL Same set up as yesterday low risk 15 pips SL run it
7 Candle Rejections Support now resistance Fib 382 Strong candle pattern Previous close Gravestone doji LL Seller are showing strength and buyers are showing weakness.
Waiting for the pull back to enter Major Level rejection - Quarter theory Also 50% fib rejection on the weekly time frame SELL concept for HT
Resistance now Support 50% fib rejection SL: 130.295 TP: 133.000
Buy setup then sell on the 50% Target: 1.08086 You can see that resistance is now support
The bigger move for cadjpy on the daily Timeframe.
Head N shoulders pattern I was looking for buys due to the higher timeframe but I spotted a head and sholder and triangle break taking my RR