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EUR/GBPEG is approaching the .618 level (which would break high if it did). But you can see the pitchfork and all the intersecting trend lines of structure. It is potentially a very large sell down. Looking at the one hour, the wave it is on is coming off the 1.618 extension in an impulse, so i would expect some consolidation and another little push. So, basically, i would like to see a reversal pattern on 1 hr before i considered any short. gbp/usd was at trend line approaching .618 level also. gbp/cad is at the .618. Obviously pound is in a strong down trend, but looks like we might be getting at least a retracement soon. but be careful...
by thillygoosth
Understanding GBP/USDI wanted to update and post charts today and do a video (maybe later), but my A/C broke and my office is upstairs in a sauna. But I just wanted to post GBP/USD if anyone is trading it and wondering what's going on with it. At this point, that is what we have. The .618 level is below it... (Gcad hit its .618, hopefully you caught that but don't just go entering a buy on that one right this second). GU may be in the process of producing an ending diagonal (as the dollar index seems it may be doing one), but the pattern GU actually created was a running triangle (see how 'E' broke?). I think GU will probably be a nice buy upcoming, then another sell, but I am not trying to swing it on a buy right now. I drew the pitchfork in attempt to show you the structure it is currently in. I put some trend fibs to point out equal length to 1.236 extension, but it will come down to how it moves from here before I enter a buy on it...
by thillygoosth
Eur/Aud sellOk, if you saw my Aud/Usd chart, and if you watched my live stream, then it makes sense for EA to be a sell. Seems to be swinging seven down. 1.236 extension lines up with 50%. I underlined your levels, so watch out for that first one because it can make another shoulder there, but totally worth getting to break even and at least letting it run to the 50% fib at that point. It is possible that EA is making a zig zag down In the larger scale which would be a huge sell. If aud/Usd reversed to at least retrace it's last wave, which is possible even though I am only anticipating a flat pattern to break the high at this time, then I would expect EA to be on its "C" leg on the weekly to break the low even, but it is probably a 50-60% "X" wave retrace right now. I explained this one pretty thoroughly in my live stream I just finished. Channel link below.
Short
by thillygoosth
NZD/CADNcad seems to have finally completed a 5 wave pattern ending in an ending diagonal. Considering the larger structure, I would expect some sort of a larger 3 wave structure, considering it just completed a larger 5 wave prior to this one... If it completed a 5 wave, then it will have to make a 3 wave correction. It is still possible that this "ending diagonal" could be the wave 4 correction to continue up in another wave, but doesn't look like it right now. I would be looking for setups next week to enter for Cad bullishness. We seem to have reversals happening, but still need confirmation on a flag pullback, but definitely have a lot of patterns that seem completed.
Short
by thillygoosth