Abcpattern
Classic ABC StructureBear markets always have counter trend bounces - usually lasting 2 - 3 weeks, and in many cases follow the ABC structure as presented.C
GBPAUD_Crab + Butterfly + ABCD patterns !Potential reverse at this zone due to :-
1- Completion of Butterfly pattern .
2- Completion of Carb pattern.
3- Completion of ABCDpattern .
4- Valid structure level.
5-RSI oversold
EURCAD Sell Setup!!EURCAD has made a down move and was correcting for while which now has completed..It would go down around 1.5000 levels again to make C Wave move to complete the ABC correction. One can go short on the pair now with stoploss just above the high that was made..
Trend continuation style . using some Fibs and ABCTrend continuation style . using some Fibonacci extensions and inversion combined with ABC pattern ,
Possible setup for AUDUSD SHORTC leg is currently on 61.8% fib retracement and shows rejection from the previous trendline resistance.
D extension target 1.272 lines in perfectly with my plotted major support.
Target just above major support so the trade does execute according to spreads and just in case a reversal was to happen just before touching the uspport.
Stop loss above the monthly and major resistance and inside the trendline because if price reaches these zones again the analysis will become invalid
Gold Buy Setup!!Gold has made an A-B-C correction which looks like completed giving a Buy Setup for targets of 1127.
Happy Trading!!
Siraj Hudda, CFTe
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USDJPY two possible scenarios. Triangle or ZigZag?We are in corrective structure after a 5 wave move up on USDJPY. We seems to be in the latter stages of an end to the correction. Overall a breakout to the upside is expected. Remember this is a Daily chart, so it may be sometime before it pans out. Price zone to note is 119.50 - 119.00. Price action in thhis zone would give clues about what possible correction pattern would be completed.
More upside left in the EURGBP ?If the corrective ABC is to complete at the equidistant trendline support, there may be opportunities for short term scalping to the upside.
AUDCAD Pending Corrective Structure Looking over the AUDCAD the daily has broken through a trend line resistance. The 4 hour shows a classic 5 wave structure. It would be reasonable to expect a break at the top of this wave 5 as I see it into a corrective pattern.
On a shorter time frame I will be looking for long setups until this wave 5 trend line has broken through.
This is for my trade journal only. Use good MM and your own strategy
