this is a possible but not infallible theory,
as seen in the past the price has formed a hard, durable roof, which makes it like a wall space backwards,
Indeed that could be repeated in the future, but Villains with a stronger and vigorous market in every way this wall could be broken easily.
Long based on flagpole length just happens to complete ABCD pattern.
Convert longs to shorts around .05 if this plays out.
Stoch turning up from oversold level and MACD likely to reverse at zero line.
A tight SL is appropriate in this situation
Not finding any of the usual patterns. An equal distance A-B-C-D terminates at 155.165. With RSI divergence;
Buy 155.65 with targets at
156.70
158.00
159.13 (3.6:1 reward:risk)
(A Stochastic RSI lower than 25 would be ideal and its current levels indicate potential for moves lower however 155.60 should provide good support)
An ABCD pattern is in formation, a bullish divergence and bullish pin bar are present inside PRZ, so it could be a good idea to look for a long position, however the PRZ is wide (+150 pips), still there is a possibility that the price push down a little bit more.
So, my options:
1) Buy limit at 109.64 / SL = 109.29
2) Wait for a reversal bar pattern around 108.99...
Hi there,
Recently found this great trading opportunity in USD/CAD 1H, where Market is retracing after a good uptrend.
The idea is, that we're looking for a market over extension at a 1.618 Fib. Inversion, in expectation that we're gonna see a move back into trend after price reach that level. Which happen to be at the same area with an ABCD pattern completion...
Hi there,
Here I found a beautiful Gartley pattern with a very good R/R ratio. The completion of this one also happen to be at the same level as good psychological number and a structure looking left. Given the volatility ahead of The Fed statement, trade like this one (good R/R) is a good way to approach the market.
Regards,
Fedro
Steadily gaining since the end of last year, this pair has recently broken through a key resistance level around 0.79000 after putting in a daily breakout pattern.
The swings on the 4 hour chart are very harmonic and even in size. They are increasing in time though. If we get a weak pullback into the zone around 0.79000 which lines up with the measured move...
Combo Shark / 5-0 pattern at sight. I hope that the price completes bearish ABCD pattern on D1 chart for future short position.
Waiting for reversal bar pattern inside PRZ
H1 chart view:
Fundamentals
Japanese governor Haruhiko Kuroda has been on a mission to boost the Japanese economy from deflation, and was doing really well until 2014, when oil began to slump, which dragged on the growth of the Japanese economy.
Inflation has since sunk to near 0%. Kuroda began introducing heavy stimulus measures to weaken the currency and boost inflation to...
Fundamentals
Japanese governor Haruhiko Kuroda has been on a mission to boost the Japanese economy from deflation, and was doing really well until 2014, when oil began to slump, which dragged on the growth of the Japanese economy.
Inflation has since sunk to near 0%. Kuroda began introducing heavy stimulus measures to weaken the currency and boost inflation to...
