AUD/JPY Expanded flat? Running flat? Breaking down structure Hmmm as I progress understanding of wave theory, I like to look at the charts differently and expect the unexpected. This to me appears as a "expanded flat" I've quit trading the animals because Ive realized the importance of wave structure! Have a great weekend!
Correctivestructure
Elliott Wave & Harmonics OutlookAfter a strong impulsive bearish wave 3 , A Flat WXY Side Way Wave 4 is formed which is 3,3,5 in its internal structure
Currently , The final impulsive bearish wave 5 is about to be triggered on the breakdown of the bullish green channel ,
Also , from Harmonic Pattern Point of view , there is an ideal Inverse AB=CD shown by the green a,b,c labels in circles
USDCHF - Quick long playEven though the HTF is pretty volatile I see a good opportunity for a quick long play on this pair. Price has just broken out to the upside of a corrective structure. Looking to enter on a weak pullback into support (top of structure) with first target around 1.0080 and if that resistance folds, extended target would be 1.0100.
GBPUSD - Interesting PA at range lowEven though we are in a bigger range, price is consolidating at the bottom, indicating a possible breakout to the downside.
I would not take the breakout itself since chances are good it will result in a false one. But if we get a retracement to the upper part of the corrective structure I'd look to go short with first target around 1.2450. If we break that support, extended target for me would be 1.24160.
BUY SET UP IN EURCAD - 1H CHARTHi traders,
Planing different trades this week! I see a nice buy set up in EURCAD
I think we have a clear structure in both 1H and 4H charts, looks like a triangle correction from a past impulse.
We had 4 moves already so the fifth move is likely to happen due to the formation of a flag.
If we trade the breaout of the flag we will have the chance of a 140 pip trade and a nice risk reward.
Carlos
ABC PATTERN IN GBPUSD - 1HHey guys,
I have been posting charts on this pair but this is the last one I will post for Buys.
We are probably having an ABC structure after a sharp impulse. Maybe this ABC could turn into a more complex correction but by now I bet it is making a Flat ABC.
I am expecting it to brake the low and reverse somewhere between 1.2410 and 1.2339, then I will trade the move up, hopefully another sharp impulse.
If it makes a sharp impulse until 1.2839 we will complete the H4 three wave structure and I will start looking for sells.
Carlos
GBPNZD - Looking for a quick play during London openLooking for a quick play during London open and a re-test of the lows in this corrective structure. Not shooting for any extended targets though since we are at a solid support level and have not had a healthy retracement on the 4 hour chart yet. Once we have that I think we will break through 1,7050 and see lower prices, down towards 1,6950 initially.
USDCAD WEEKLY OUTLOOK 6 -10 FEB 2017Hi Everyone, Yesterday we got better than expected job numbers, but there is no sign of USD strength. Major pairs are in complex corrective pattern on lower time frames, that is the reason we got some weakness.
Coming week what we can expect means, first two days of trading dollar strength. Remaining days weakness we can expect.
Usd.Cad move to resistance zone 1.3115 - 1.3144 on first two days of trading. we can enter short on this levels. weekly close i am expecting near to the this week close.