I am not one to trade or even look for such complex price patterns and believe that on the occasions immetations of such patterns do occur the usually fail somewhat... This one however has jumped out at me as being an almost perfect representation of a Bearish Gartely pattern, with price within what I call the Habitable Zone to make such a pattern valid - I...
Following a week of sideways consolidation, price has moved to retest the prevailing trend line. In doing so it looks as if the day will close with a Low Test through the trend and the long term 124.00 Support level.
A Stop Loss as 193.47 and entry above the daily high, the first profit target is at the next major Resistance of 200.00, providing a 4:1 Reward:Risk Ratio.
Hanging man occurred at 1.5500 Resistance level, intercepting the 200EMA and the 0.618 Retracement Zone.
This creates positive sentiment to the creation of a right shoulder. Path of least resistance is Bearish and next significant support zone occurs at 1.5000, creating a nice 3.5:1 Reward:Risk.
Being a Head and Shoulders pattern however and using the applicable...
This trade had 4 factors of confluence and the next significant support at 0.7600, creating a potential profit of 2% thus aligning with our strategy.
After the RBA held off a Rate cut decision on Tuesday, the market acted with optimism, this enabled an important pullback to occur on the pair. Price found resistance at 0.7800, the 50EMA and also the 0.382...
It was noted that price action was manoeuvring within a symmetrical triangle, with multiple bounces on each trend line confirming the strength of the structure. Price then retested and rejected the upper trend line for a fourth time and tested 0.718 as resistance
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After waiting for deceleration and a confirmation of sentiment change, we identified the next major...
We took a long position on this pair, intended for a short term ride up towards the 200EMA with a Take Profit level of 1.5500. Taken on the 4hr chart this provided us with the required 2:1 Reward:Risk set out by our Strategy.
Our minimum confluence factors are 3. On this trade these were:
0.764 Fibonacci Retracement
50/60EMA Bounce
Deceleration and a Doji...
