So as we have seen over the last few weeks this pair has been ranging and pretty much going up and down in harmonic lines If we see a close below the line I will enter a sell
We could see a downward movement towards point C at which point I will look to take a long position for teh C to d leg of the cypher. C will be in teh oversold area of the RSI and previous area of resitance and from here we saw the impulse leg up
A straight forward C to D leg Possible here. In teh oversold area of the RSI, and in an area of previous support which saw the pair drop. Point D will see us down in a previous level of support
So looking at this pair there is potential to see us have a harmonic leg up to point C of the cypher which has shown previous resistance and seen the pair drop, this woudl also take us into the over sold area of the RSI. will wait for confirmation
So I started this by looking at a simple breakout from current structure. Looking at the bigger picture we have had teh X to A and A to B legs form of both a potential Gartley and Cypher depending on what you like to trade. Point C is at a pervious point of support and if this plays out then Leg C to D would bring us back down to previous structure as well
Just a straight forward .618 retracement possible, or there could be a breakout below before. will watch and wait
Bearish Cypher complete, got my targets at the 382 and 618 areas
So we had a double top form and we have see the price break previous structure and when we hit the oversold area of the RSI price has started to make its move back up. the .618 area is in that previous area of support which could see us bounce back to the downside
So looking at the 30 min time frame and hour we can see that this Doji formed which could see us move down, this would also take us down into the oversold area on the RSI. Completion of Point D see us down at a previous point of resistance which could act as support. The targets of .382 and .618 if the pattern completes would see us meet previous resistance levels
So I did ride this pair down to the lows we saw yesterday, a few trades and so good pips. Didn't go quite as low as i initally expected but still hit previous points of support and was pretty much inline with the oversold area of the RSI. But from this level it has shown a good move up before. So it could drop lower, but loowing at teh lower time frames does...
With the fall in oil prices and everyone talking of a Bear market taking place think there is more to come to teh downside. That said in the bigger picture a bullish cypher has form all the way to point C bang on the nose to each point, we could see the lows to Point D in the coming weeks All imo of course
So we have a double bottom on the Hourly chart If we can break structure up to 0.64255 this has been a previous area of support which could act as resistance. The retracement from this level back to the 618 level woudl be right in lince with the last area where we saw a good rise. Alot of if and whens but will see how it plays out
We have have hit a double bottom, if we break structure to the upside of 0.64255 this could act as an area of resistance, it has shown as support before. IF this happens then i feel we could see a retracement down to 0.63091 which has previously been an area of support and where we last saw a big rise up. Will see how it plays out
Nearing teh top of the C leg right in the oversold area of the RSI Leg D will be back down to a previous point of support which its twice bounced from Its been in a Bullish trend for the last couple of weeks which i feel looking at teh weekly charts 1.6 is goign to be the real test to see if we go higher or lower
Over the last week or so we have hit the a,b and c legs of a possible Bullish cypher. Looking at the RSI there is some bearish divergence. If this continues it should take us down to complete at point D and be in the oversold area of the RSI. There is a possible opportunity to get short down to the 0.67242 area. Would also be looking for an entry around this...