Good Risk to Reward at this price. 3:1 or more if you can enter on a smaller timeframe.
2:1 on EURUSD (short) Entry around MP SL up top Target to MS2
CHFJPY Entry - yellow circles (may or may not pullback) TP - 2:1 EXTENDED TP - 2.5:1
Daily breakout pullback on Silver. 3:1 target to Monthly pivot
68K = Target using multi-timeframe wave counts 34K = 50% Retracement (MIDDLE GROUND)
LOW 1.87 - Wave 4 (Orange) HIGH 1.89 - Wave 5 (Orange)
Longer term forecast with 2 possible (OVERALL BULLISH) routes heading into the coming months.
My levels of interest for the week on varying timeframes. May or may not be useful to somebody else.
Possible Trend Channel and Wave Count for the next move up (pink). Check linked chart for bigger picture.
Multi timeframe waves terminating around 69k. ABC retracement of 50% comes in at 42k (red)
Some visualizations to help my trading bias for the week ahead.
IDEA 1 Wave 1 - Extended (50% of rally) Wave 2 - Shallow (0.236%) Wave 3 - 100% Wave 4 - 50% Wave 5 - 0.618% ABC - 50% IDEA 2 Wave 1 - Impulse (0.382% of rally) Wave 2 - Shallow (0.236%) Wave 3 - 1.618% - Extended Wave 4 - 50% Wave 5 - 0.618% ABC - 50%
OVERALL BIAS = BULL 1. UP TO 1.97-1.98 2. UP TO 1.95 (FAVE) 3. DOWN TO 1.89 4. DOWN TO 1.865
If some bearish divergence shows up on the daily chart we could see some downside to 30k where I'm sure a LOT of interest will be waiting. ================== Please take it with a pinch of salt as we all know that ANYTHING CAN HAPPEN.
Looking for shorts today, pushing deep down to 1.85.
Two possible routes for Intraday shorts during 6th Jan 2021