Dear Sive sir,On 4H chart we have a kind of B&B "Buy" trade, suggesting at least 5/8 upside bounce. So if you have taken long position recently - now its time to move stops to breakeven and think about either to book result at B&B target or not:
Hi Sive...I value your analysis and opinion and will watch for that upside W&R.Morning guys,
Rahman, and I see a bit different background somehow... Yesterday upward action, based on our 4H B&B Buy was stronger than minimum target, which stands in favor of upside W&R of previous top and reaching COP rather than deeper retracement.
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Dear Sive Sir,Morning guys,
Rahman, and I see a bit different background somehow... Yesterday upward action, based on our 4H B&B Buy was stronger than minimum target, which stands in favor of upside W&R of previous top and reaching COP rather than deeper retracement.
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On 4H chart we could see how market completes B&B, almost returning back to the top. Since daily COP stands above the top - chances on W&R and upside spike are significant
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On 1H chart, we have minor XOP that stands above the top as well, but XA swing extension is more important, as daily COP might be completed by upside butterfly pattern. This is still not a good point for taking new long positions, as daily reverse H&S is still possible. But, for scalp traders who intend to go short, it might be important. In current condition it would be better to postpone entry until butterfly hits daily COP, or we get clear signs of its failure.
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Hi Rahman,Hi Sive...I value your analysis and opinion and will watch for that upside W&R.
Today, 21-May-2021, that 1.22410 level seems to be a hard nut to crack which might or might not go through at or before start of the US open.
Thanks Sive and all the best.
Dear Sive Sir,
I have one question regarding strong confluence ( agreement, DiNapoli Levels ) if ABCD patteran completed near other fibo number let say 50% or 78.6% so in that case it will be also agreement mean strong confluence,
For example in USDCAD Monthly chart their is ABCD Pattren completed on 50% fibo retracement.