Fibcluster
USDCAD Strong Support + Fib ClusterI will be buying USDCAD at 1.3125. There is a 38.2 retracement as shown by the red arrow, a 61.8 fib retracement as shown by the blue arrow, and a 1.414 extension of a potential ABCD pattern shown by the pink arrow, that all line up at the same level. Plus this level is also a significant S&R level.
EURUSD : Trend Continuation Go LongEURUSD is in bulish trend from March starting and we had decent pullback last week.
We have marked our entry zone, where we do have Fibonacci Confluence also.
Exactly in our marked territory ABCD pattern gets complete which increases chances for EURUSD to move up after reaching this zone.
Happy Weekend ! Happy Trading !!
USDCAD - TCT & Counter Trend OpportunitiesWhile waiting for an entry for the counter trend opportunity, market presents a potential trend opportunity on USDCAD
We have a potential Cypher Pattern - it is nice way to enter long and retesting the high with stop below previous major structure level.
If price doesn't fall, I'll be looking for the counter play - we have a fib cluster right in our potential reversal zone.
It would be best if we can enter on the trend opportunity and ride it towards our potential reversal zone and the enter short.
Both opportunities present really nice risk/reward ratio.
Long USDJPY: Long-Term TL Support + Fib Cluster + EngulfingUSDJPY has formed a bullish engulfing candle on the 1HR chart, indicating possible upcoming bullish movement. The candle is supported by a strong 12-month-long trendline that price has respected 3 times previously dating back to January, 2015. At the PRZ, a bullish pinbar has formed on the daily chart. The wick falls on a series of fib levels from structure lows to structure highs, adding to the probability of support in that area. Entry is placed at the broken horizontal resistance on the 1HR chart with SL at the .886 retracement and target at the unhit monthly pivot for January, 2016. This setup yields a R/R of about 5.6.
EURUSD Short: Cypher + Crab + S/REURUSD is nearing the completion of a highly confluent bearish PRZ. The projections and retracements of two harmonic patterns coincide in a tight area of resistance which falls in a broad area of S/R. Entry is placed at .786CD with SL at 1.13XA and target at .382CD.
Confluence in the PRZ:
Bearish Cypher
1.618BC Projection (Cypher)
2.272AB=CD (Cypher)
Bearish Crab
4.5BC Projection (Crab)
1.5AB=CD (Crab)
Short AUDCAD: Bat + Crab + Fib Cluster + PivotAUDCAD is nearing the PRZ of two bearish harmonic patterns. The PRZ is confluent with resistance from a Fibonacci cluster (.618 and .786) formed by two structure highs and lows. To add to the bearish bias, there is a missed monthly pivot below price which coincides with .618CD. Entry is placed at the center of the PRZ with SL at 1.13XA (bat) and targets at the .382 retracement of the CD leg.
Confluence in the PRZ:
Bearish crab pattern completion
Bearish bat pattern completion
3.382AB=CD
3BC Projection
Fibonacci cluster
Missed December, 2015 pivot below price
Thanks for your continued support and don't forget to click the thumbs up button and follow for future updates and more trade ideas!
