Expecting pattern completion at 0.98240 before anticipating a minor rally. However, the butterfly pattern can also complete at 1.618% so I'll be keeping a look out for price action at both of this levels but I am favouring completion at 1.27% (0.98240)
Expecting a break of structure past the 137.900 (previous HH) level to the completion of the bat pattern at 138.600 which is within the 88.60% and 1.618% point of the D zone.
From there I will be expecting a minor retracement (50.00% or 61.80%) to TP1 which is point B of the pattern, from there I will be looking for signs of a trend continuation to enter long...
I will be looking for shorts @ the 1306.000 zone, my TP will be 38.20% or 61.80% of the Daily retracement level (check previous post); from here I am expecting a continuation of the daily rally following the break of structure. There is also an inverse head and shoulder formation on the 4H TF which is added confluence for this trade idea.
All feedback welcome x
I am anticipating a break of structure of the daily (down)trend. I will be looking for shorts around the 1306.000 zone (which is also the D completion of the 2H bat pattern) before going short.
My bias is that price will retrace to the daily 38.20% or 61.80% retracement level before continuing its new rally.
Feedback welcome x
This is a more in depth view of my previous post.
- D completion (1.618%) Is also the 2H Lower High point measuring a 61.80% Retracement (Note that this is also the third touch of the 2H trend line)
- From the D completion of around 1.30940, i will be expecting a decline to 1.30300 which is also the right shoulder of the 4h inverse head and shoulder...
Expecting a minor rally to around the 1.30940 point which is also the 2H 61.80% LH retracement level as well as the 3rd touch of the 2H trend line. Current formation of inverse head and shoulder on the daily TF.