There has been a break of the counter trend line. I am looking for a bullish confirmation candlestick pattern at the blue line. This is a support and Fibonacci zone as well as a trend line. If there is a confirmation candlestick pattern I will go long.
price is hitting the 4 hour 38.20 fib level which is also previous support. there is also a trend line on the 1 hour chart. take profit at green line and add stop loss at red.
On the daily chart there has been a candlestick pattern known as the 3 inside up at a major support zone, one of which was also an engulfing candle. One the 1 hour chart there is a bullish wedge being formed.
On the 4 hour chart there has been a head and shoulder formation, subsequently i will wait for a retest of the head and shoulder pattern which is also near...
Price has recorded a bearish engulfing candle on the daily chart where there is also a resistance zone. there is a head and shoulders pattern being formed on the 1 hour time frame. I will wait for this and the trendline on the 4 hour time frame to break and then I will short it on the retest.
We are going to wait for the channel to be broken as there is a double bottom recorded on the 4 hour chart as well as this there is an engulfing candle on the daily where there is also a major support level, I will buy on the retest when it breaks out of the channel.
This pair has recorded a tweezer top on the daily, furthermore it has broken below the bullish wedge that was being formed on the 4 hour chart, there is also a head and shoulders pattern being formed on the 1 hour timeframe, I am going to wait for it to break below the head and shoulders pattern and then I shall be going short on the restest.
This pair has created a double bottom which I believe the long term trend is bullish. For the short term there is a tweezer top at resistance level on daily chart, also there is a wedge shape where price has broken below and so I think price will be bearish short term. when it breaks above the resistance I believe it will be a good long position after a retest.
THE RESISTANCE HAS BEEN BROKEN I EXPECT IT IS GOING TO RETEST THE REDLINE AND THEN SHOOTUP. PERSONALLY I AM GOING TO PUT STOP LOSS 15 PIPS BELOW THE REDLINE AND TAKE PROFIT AT 25 PIPS.
The pair is approaching a major resistance level off 1.18387, this has caused a lot of volatility in this pair previously and I am personally thinking that there will be at least a 50 pip drop when it hits this level.
