Trading within this ascending channel, we have currently broken out of a counter channel and are now resting the trend line. we also have an abcd pattern in play and the -61.8% completion is in line with channel resistance and a very key level for this pair.
EURBGP. - Head and shoulders, currently forming right shoulder. - Break and retest of ATL - Daily bearish engulfing (today creates upper wick) - Daily stochastic in overbought conditions - MACD deathcross I will be trailing stops on swings as i have my TP 1 as a projection of the head to the shoulders however will not be closing my whole position here.
Here we have cable, it has broken and retested the ATL which we can see clearly on the 8H TF. we have printed a shooting star at the 38.2 fib with ichi acting as resistance. this could potentially be the c leg of the ABCD pattern and i will be targetting the -61.8% fib.
eurjpy has broken and retested the ATL as well as come back up to retest prior highs and formed a shooting star type candlestick in oversold conditions.
Has failed to break through this support level now with deceleration, intraday low test rejecting this level, long bias on this pair (first post) any improvements/ comments are greatly appreciated.