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Bullish Bat at Previous Structure lowsI'm a little late on getting this idea posted, but we had an abundance of advanced pattern trading opportunities setting up as my live trading session came to a close. Some have since rallied and some have been stopped out. This particular one is still at market and for those who like to take more of a conservative approach, may be putting in a retest of structure in the form of a double bottom. Take a look at the RSI as well, significantly oversold. I've been doing a lot of work with this pair over the past month or so and this pattern happens to be in line with my underlying prediction for the pair. Coming back into previous outside returns provides a nice structural level to place stops. Hopefully we'll see another bounce off of this area and make our way back up to the 53 even handle. Have a great weekend traders, and if you missed it yesterday, here's the link to my latest Weekend Review video www.youtube.com AKil
Long
by Akil_Stokes
4
NBG Almost finished Double Zig Zag Wave 2NBG Long term Chart: I strongly believe we are currently in a corrective wave 2 of a long term wave C pattern that should complete near the fall, end of the year. What I previously thought was an expanding diagonal () now appears to be a double zig zag corrective wave 2. If A=C in the corrective zig zag, then we can retrace as far as 2.95, but using channeling, fibs, and market sentiment as a whole, I believe we might start to bend up before that, around the 3.09-3.18 mark. That would be a great LONG entry. If we dip below the bottom of wave 1 (2.90) then ALL BETS WOULD BE OFF, as wave 2 can never retrace more then wave 1. However, if this turns around when I intend, we should experience a strong wave 3 move to the upside soon.
NLong
by Nathanael
8
EUR/USD Channeling up to previous High, Resistance & Fib. levelBased On: Structure, Fibonacci levels, Channel, Stochastics, RSI, Momentum.. IF EUR/USD Reaches 1.3648. Economic Calendar events will effect this heavily, i am looking forward to a volatile day (TODAY:EUR Interest Rate, Decision, ECB Press Conference, US Nonfarm Payrolls, US Unemployment Rate, ISM Non-Manufacturing PMI ) If these events will be positive for EUR and Negative for Dollar, this could be a fast move (1day). Then ==> I will Buy EUR/USD, I may however buy it at a slightly higher price as the price action up has already strated, but it would be safer to wait till the price drops and then but, it could also not happen. (IF EUR/USD will go up very slowly THEN i will take some profits of early) IF Today's big economic calendar events goes in conflict with a move up THEN ==> i will close my position and possibly open it again if an opportunity presents itself. Thoughts & Why's UP SIDE There is a clear channel that is going up and is likely to continue. Stochastics RSI is Oversold at 11 (11.4) Momentum is gaining Strong structure (6-8 points) US Dollar INDEX (DXY) look's like a sell along with USD/CHF ( ) so EUR/USD should go up as dollar weakens. There is also a double bottom, which is also a medium sign that EUR/USD is going to go up in short term. DOWN SIDE 1. Major Fibonacci Level 0.382 2. Structure (Confluence with Fib Level 0.382) A major 0.382 Fibonacci level at 1.3689 that and structure right there as well. When Fib Level 0.382 (EUR/USD=1.3689) a retracement will probably take place if Dollar index goes down. IF you like my ideas and want to say thanks, please like&share them. As always thank you for viewing & till next time.
Long
by Wizard
1