Get started

Pattern)short

Bearish 5-0 USDJPYAfter hitting resistance at 118.6, price has been in a downwards trend. Admittedly I have recently been looking for setups that support a bullish dollar and retest resistance at this level. This has not happened and I have decided to look at the potential set up that continues the weakening of the dollar and this trend's downtrend since the beginning of the year. Price bounced off support at 112 twice and has now broken through. Sticking to my preference of harmonic patterns, the 5-0 pattern suggests that price will reach the 161.8% extension of wave AB (2/3), and retrace 50% of the BC wave (3/4) before price continues in the downwards direction. a 50% retracement at this level would fit the bill as previous support would then becoming resistance. The 5-0 ratios identify the BC wave as an extension that should turn between 161.8% and 224%. If price edges past 224% then the pattern is not valid. If price turns after the 161.8% but still before the 224%, then the 50% retracement at which we enter should be adjusted accordingly. Good luck! 5-O Ratios B(3):1.13-1.618 C(4):1.618-2.24 D(5):50%
Short
by KyleMcQuade
EURAUD Short Opportunity ?It seems that we have a good opportunity to SHORT the Eur/Aud pair on breakout of structure on a 1 Hour chart. My Elliott wave analysis also shows a SHORT position to trade Wave C on the Minor time period (Hourly) as well. Although RSI shows mid level, Stochastic shows a high probability of a SHORT also. MACD indicates a potential down move also, where the moving averages is dead center, after an up move (meaning down move is highly probable). ---------------------------------------------------------------------------------------------------------------------------------------------------------- DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar. Please do not trade this chart if you do not have your own strategy. Trade only with your own strategy. Some very wise words: Plan your trade and trade your plan... and IF in doubt, stay out. .....::::: If you like this chart, please click on the THUMBS UP ! :::::..... ----------------------------------------------------------------------------------------------------------------------------------------------------------
Short
by UnknownUnicorn661419
2