Bullish Cypher by the books, set your own TP and SL accordingly!
- Price rejection at 38.2% - ABCD in formation - Keep an eye out on 79.9 as an important support level.
- ABCD pattern completed - Hit 161.8% reversal zone - Hit yearly support level SL slightly below the yearly support, below ~ 1.8300
- Hit 61.8% retracement - Bounced off weekly resistance/support level SL around 1.380 TP around 1.340
- Price respects monthly resistance level - Possible Cypher pattern in play - Daily candle is forming a Doji indicating price indecision.
Breaking major support line , wait for pullback before actually shorting.
Details in chart , look for oversold RSI too. Not a signal , just an idea.
Set your own TP and SL , this is just an idea, not a signal!
We are about to hit strong monthly resistance point Potential bearish shark pattern is taking its place
- MA's indicating bearish trend which will result in a bounce off the monthly support level and break the weekly resistance. - TP & SL are based on Fib levels. - The TP might be slightly lower but higher than the 50% Fib retracement due to a small resistance level at 116.75 - Raising RSI level might result in a bounce off the weekly resistance and hit the monthly...
High potential for a short of ~100 pips. - If next daily candle is red the indication of short is correct. - High RSI indicating the potential for a short.
Broke major support line, potential downtrend till 1.2850