End of a nice impulse run, fib level from start to finish looking like a nice spread,
Price will consolidate for a short period breaking the uptrend to then retest this areas pull back to the .318 level and im looking for a push to the downside to go short.
This is my analysis for this trade, I post up all analysis on tradingview to keep track of my work.
On this pair i have a falling flag at the end of its run.
Break out forming the inverted head & shoulders.
now price has broken the neckline of the H&S looking for the retest to the go long.
i feel that price will consolidate for a period, then resume to...
Waiting for the Bearish flag pattern to be broken with a engulfing candle on the lowertime frame,
Price has broken the daily uptrend, now its a waiting game for this to occur & price to reach the 0.382 level as my TP1.
After the run from the daily channel to the lower levels of support , I will now expect a pullback to the Fibonacci key levels .318/.50/.618/.1
Patience now will play a huge part of this position waiting for the break and retest of the hourly downtrend, if that fails then obviously will be looking at the break and retest of the support acting as a new resistance...
On the daily Timeframe, had a nice uptrend channel where price was respecting consistently,
moved down to the 4hourly & price broke out of the wedge breaching the daily uptrend,
Down onto the 1 hourly i used the Fib tool at the top of the run,price reached the key lower level pulling back to the 0.618,
Dropped to the 30 minute Timeframe to scope my entry price...