Double top with a nice engulfing candle at a level of major daily/4hr structure. This coincides with the 50 EMA acting as resistance also. Also follows the direction of the new daily bearish trend (below). (Also applies to EURJPY)
Gartley completion at an area of daily support in the direction of the daily trend. This recent consolidation period acts as a pullback on the daily timeframe, forming a triangle pattern which we could see the breakout of soon (red line). This might pump to higher levels hence the 3 targets (0.382, 0.618, 4hr resistance zone). If wrong we shall be looking for...
Cypher completion coming up to a level of daily structure. Targets at .382 & .618. This will be adjusted according to the final D point completion. Stops at 113 XA extension.
Possible trend reversal here. We're entering an area of major support on the daily time frame. There is slight RSI divergence. Also, a Butterfly advanced formation completes nicely within the daily support zone.
Looking out for 3 potential trend continuation entry reasons here. Currently at the 50 EMA which might act as support. Potential entry reasons here might be a bullish engulfing candle close above the EMA as seen at the Gartley B point. Failing this, the next entry reason would be the cypher D leg completion. Entry reasons could be a limit order at the D point or...
Shorted this based on higher timeframe trends, daily resistance level, RSI overbought, Wavetrend Oscillator signal, 1hr double top with huge RSI divergence and an engulfing candle and now 4hr engulfing candle.
Just had a nice short position on this pair - Gartley completion with a double top and RSI divergence at an area of daily resistance. Came close to hitting second targets at the 61.8, hopefully we will hit this on the way down to the Cypher completion. Might be looking into entering a long position here based on the strength of the previous pump upwards. Even...
A daily Cypher Pattern is close to completion on this pair. Targets shown at the 0.382 retracement of the C-D leg. Stop placement below X.
A Cypher pattern is near completion on this pair. SL below X. TP at the 0.382 retracement of CD. I personally will NOT be taking this trade. For me, it is not following the underlying trend of the pair on a HT and there is no other strong indication that bulls want to take over. Stick to your plans! Happy trading :)