Realise how the chart is telling you exactly what he is intending to do.
It reveals itself by geometric models, angles and structures across time and different degrees.
Lines serve as a guide to point the observer how "time-space" travel looks like on the charts. Might sound crazy but you can see it on the charts. Otherwise accurate results as this will not be...
WE HAVE A BREAKOUT OF OUR WEEKLY TREND LINE.
THERE IS POTENTIAL OF A BULLISH PUSH UNTIL OUR NEXT MONTHLY TREND LINE, WHICH IT BE ABOUT A 138.2% LEVEL.
THE NEXT STEP TOWARD THIS SET UP IS WAITING ON A CORRECTION ON A LOWER TIME FRAME CONFIRMING THE UPTREND MOVE GIVING US CHANCES OF GETTING IN.
DOUBLE CONFIRMATION OF THE UPSIDE MOVE
- AS EXPECTED MARKET BROKE OUR WEEKLY TREND LINE
- THE MARKET JUST MADE A CROSSOVER 50 EMA (BLACK) ABOVE THE 200 EMA (ORANGE)
- CONFIRMING THE UPSIDE MOVE WITH 2 CORRECTIONS WHICH GIVE US A HIGHER PROBABILITY OF A GOOD TRADE, SET UP OUR TARGETS TO REACH THE NEXT CONFLUENCE ZONE (GREEN)
- THIS OPPORTUNITY IS OFFERING 162 PIPS...
WE NOTICED THAT THE MARKET COMES FROM THIS SAME LEVEL OF CONFLUENCE IN THE PAST, WHICH HAS BEEN MULTIPLE TIMES TESTED AND IT CREATES ALWAYS A BOUNCE/CORRECTION ON THE MARKET.
- WE CAN EXPECT AN UPTREND BREAKING OUR 50EMA AN USING IT AS SUPPORT FOLLOWED BY A DOWN AGRESSIVE MOVE BREAKING THIS LEVEL OF STRUCTURE.
-FOR NOW, WE JUST KEEP AN EYE ON THIS PAIR WAITING FOR...
MARKET PRESENTED AN OPPORTUNITY OF A RETEST OF A BROKEN TREND LINE LEVEL
- RETESTING A LEVEL OF CONFLUENCE
-UNDER THE 50EMA
-50EMA UNDERNEATH THE 200EMA
-HEADING TOWARDS LOWER MONTHLY ZONE LEVEL
-POSITION OPENNED AT 1:1 RR
MRKET COMES FROM A UPTREND FOR SOME TIME NOW, SO VERY LIKELY FOR A CONTINUATION
THERE IS AN OPPORTUNITY FOR A CORRECTION WHERE WE WANT TO TAKE ADVANTAGE OF
-THE MARKET BROKE THE LOWER TREND LINE AND ON THE DAILY PRESENTED A VALID ENGULFING ENTRY
-ON THE 4H WE HAVE A CROSSOVER OF THE 50EMA UNDER THE 200EMA WHICH HELPS US DETERMINE WHERE THE TREND IS HEADING TO OR...
WE ENCOUNTER A DEFINED TREND LINE WHICH THE MARKET BROKE AND AT THE MOMENT IS USING IT AS A RESISTANCE CREATING A TRIANGLE PATTER(SEE WICKS OF THE CANDLES, THE OBEY THE PATTERN)
-WHAT DO WE DO NEXT?
- THE MARKET FORMED A TRIPLE TOP WITH ENDING UP AN VALID ENGULFING ENTRY TO THE DOWNSIDE
- THE MARKET TOUCHED OUR UPPER TREND LINE, TELLING US THERE A POSSIBILITY OF A...
ANALYSIS:
- THE MARKET IS NOW ON A MONTHLY LEVEL FOR THE SECOND TIME
- LAST TIME THE MARKET FORMED A TRIPPLE TOP TRYING TO BREAK THIS LEVEL.
- WE WILL EXPECT DIFFERENT TYPES OF RETEST/OPPORTUNITIES
- IF THE MARKET BREAKS THIS LEVEL WE WILL THEN BE LOOKING FORWARD FOR AN POSITION AFTER OUR RETEST
WE CURRENTLY HAVE A BROKEN TREND LINE WHICH AT THE MOMENT IS DECIDING WHERE TO GO
FACTS TO TAKE IN COUNT:
- THE LOWER TREND LINE HAS BEEN TESTED MORE TIME, MEANING THAT THE SELLERS ARE STRONGER
- 4H GREEN SUPPORT LEVEL HAS BEEN TESTED, REPRESENTING A MEANINFUL LEVEL OF CONFLUENCE.
- THE MARKET HAS NOT BEEN ABLE TO MAKE HIGHER HIGHS
- THE MARKET IS CURRENTLY...
MARKET COMES FROM A DOWNTREND MEANING THAT THIS IS A POSSIBLE END OF A EXHAUSTION.
TRIANGLE FORMED AS WELL AS IN OUR PAIR GBPNZD, WE CLEARLY SEE THAT THERE IS PRESSURE BOTH WAYS AND IT IS VERY HARD TO PROJECT A PRICE RANGE, WHERE THE MARKET IS HEADING TO,
AT THE MOMENT:
-50EMA IS ABOVE THE 200EMA AND IT IS FUNCTIONING AS SUPPORT FOR THE PRICES.
-OUR APPROACH...
WE CURRENTLY HAVE A DEFINED UPTREND WITH POTENTAL BREAKOUT TO THE UPSIDE.
OUR 50EMA IS CURRENTLY ABOVE THE 200EMA MEANING THAT THE MOMENTUM IS ON THE BULLISH SIDE
THE MARKET HAS NOT BEEN TESTING THE 50EMA AS SUPPORT
WE ARE CURRENTLY AT A DAILY LEVELOF STRUCTURE.
MEANING THAT:
- WE WILL WAIT FOR A BREAKOUT OF THIS PATTERN CONTINUATION, ONCE BROKEN WE WILL WAIT FOR...
FOR THE RECORD, A HEAD AND SHOULDERS FORMATION AT 1HR CHART+ ENTRY AT THE TOP OF RIGHT SHOULDER + CONFIRMATION WITH BREAKOUT OF THE NECKLINE AND TARGETS UNTIL THE NEXT DAILY LEVEL OF SUPPORT
we set up daily levels support and resistance on the Daily chart, looking for levels that where tested multiple times. Same with the 4hr chart and finally in the 1 hr chart we look for possible entries.
Once found, supported by levels of support and a flag pattern we will be looking at an possible uptrend, at least until next level of resistance.
Possible breakout to the upside, after various retests on the same level of structure, we are waiting on confirmatiion on a breakout to the upside confirming the head and shoulder pattern we previously predict.
Good luck
