This pair was stuck in this upward channel after a major down move. Looks like its back up in the zone where we could short it again. Daily level acting as resistance, top of the channel. 1:2 RR.
Just another idea, I wont trade this since I don't trade ranges & this could be a possible trend change. But considering the R:R which is 1:3, this is not bad at all. Reasons to sell -Yen is strong overall against all other pairs. -Currently close to the top of the this range -There is a Bearish CYPHER Pattern, which just completed. -Look for RSI overbought...
Simple trend trade as market pulls back to previous structure resistance which could become support. Wait for it to pull back a little for better R:R
AUD is weak overall, market slowly pulling back up to previous structure. We could also see a small upward channel. I would be interested to short this at the top of this channel or in the highlighted yellow area in the chart as that would give a very good Risk to Reward.If it goes above that highlighted area. It could be a change in trend.
REASONS TO SELL 1- STRONG DAILY LEVEL ACTING AS RESISTANCE 2- NO HIGHER HIGH SEQUENCE 3-DOUBLE TOP 4-RSI DIVERGENCE 5-LOOKS LIKE A BEARISH ENGULFING CANDLE FORMING ON THE 4HR. SMALL TRADE ALMOST 1:2 RR
Potential Cypher pattern. Stops & targets on the chart.
Buying opportunity at the completion of this small green Gartley pattern & if this small pattern triggers, it will also complete the BC leg of the bigger yellow Gartley pattern. TG1 and TG2 at 38.2 & 61.8% of CD leg. Stops below X.
Looking to short this pair at the completion of bearish Cypher pattern. Targets go at 38.2% and 61.8% of leg CD. Stops above X
Bullish Cypher pattern setting up on this pair. Targets go at 38.2% of CD and 61.8% of CD. Stops below X.
Small green bullish Cypher pattern triggered on this pair. Stops below X and Targets on the charts.
Bullish BAT pattern just triggered on this pair. Stops and Targets on the chart.
Buying opportunity on this pair @ point D(Completion of bullish cypher pattern). Targets & stops on the chart.
There are 2 potential bearish cypher patterns on this pair. TG1 goes at 38.2% of CD and TG2 @ 61.8% of CD. Stops above X.
Looking to short this potential bearish Gartley pattern. Stops go above X. Targets marked on the chart.
There are 2 patterns on this pair. Yellow bearish Cypher has already triggered, Im not taking that as it didnt trigger in my trading time. I will be waiting for the Big green Bearish Gartley pattern. Targets and stops on the chart. Targets for the cypher pattern are maked with the arrows and stops go above X.
Red Gartley, Blue Cypher & Big Green Cypher. The Bullish Gartley pattern just triggered. Targets go at 38.2% retracement of leg CD and TG2 at 61.8% Retracement of CD. Stops below X.
Buying opportunity. TG1 38.2% of CD and TG2 61.8% of CD. Stop Loss below X
I am also looking at these 2 patterns. Small Blue Bearish Cypher and Yellow Gartley. If the Cypher forms, that would complete that BC leg of the Gartley. I have drawn the Targets and stops on the charts.