Decided to go long off the 0.382 retracements of the broken and retested market structure.
Waiting for the completion of the D leg to hit either the .786 or .886 (preferably the .886 for a better rr ratio.) for the materialization of the Bullish Cypher pattern. I'm also keeping in mind that this could just be distribution so the Sterling could keep falling until OCt 31. GBPNZD weekly: Price is at support in the deficit zone of this consolidation channel.
Here are some confluences happening with this currency pair at the moment that's leading me to short: 1. Price is at resistance of this consolidation channel. 2. There's a 1.618 fib extension rejection. 3. Bearish candle engulfing a shooting star. 4. The rr ration is good (which in my opinion is the most important).
Long term I'm bullish on VeChain but in the short term I'm bearish. Since VET made an all time low on May 13th 2019 I'm thinkin that it'll fall down and find support at either the 1.272 or 1.414 fib extension levels shown on the chart. We know that when Bitcoin pumps alts fall, and if Bitcoin dumps alts will bleed right along with it. So no matter which direction...
Buy the crap coin, ride it up to make BTC, and then dump it when it hits the triangle.
This move is making higher highs and taking out former higher lows. You can see that price broke the 0.65409/0.65452 resistance zone, then fell back down twice testing support there making a good level of market structure. That same area is also the .382 fib retracement level. And last but not least I want to point out the bullish consolidation pattern that I'm...
One thing I like to pay attention in order to catch the beginnings of swings are .886 Fib rejections. Opening a position from those level give the best RR ratios because all I have to do in place my stops above the 100. If price breaks that level to either make a new high or low I'm no longer interested in that trade for the time being. This trade here is a good...
Selling the top of this consolidation channel. Good RR from this level. EURGBP Daily timeframe:
Price keeps getting rejected from that .886 fib level. Daily timeframe:
Selling the SR flip. TP levels are shown on the way down.
Waiting for price to push down to the support level for a buy entry.
Shorting this .886 Fib rejection off the resistance of the accumulation triangle .
Waiting for the second touch of this support level.