Stag
Sergeant
- Messages
- 206
The decline from yesterday's peak is still a three-wave structure and the Euro is above 1.1352, a critical key level and structural support. If 1.1379 holds, be prepared for 1.1423 - 1.145x or higher.
Forex FOREX PRO WEEKLY, November 19 - 23, 2018
- Thread starter Sive Morten
- Start date
The decline from yesterday's peak is still a three-wave structure and the Euro is above 1.1352, a critical key level and structural support. If 1.1379 holds, be prepared for 1.1423 - 1.145x or higher.
Deltoid88
Master Sergeant
- Messages
- 278
Update on EUR.
Price action proved that we have already printed five waves in wave 1, and now ABC retracement to upside develops. I expect it to end in rectangle zone to complete wave 2, and then bearish wave 3 can start.
How to trade this?
Sell entry in zone = 1.1410-1.1450, SL1=1.1473, SL2=1.1501, TP zone = 1.1154-1.120
Sive Morten
Special Consultant to the FPA
- Messages
- 18,664
Morning guys,
Happy Thanksgiving to everybody! I guess not many people will read this today
Actually here is not much new, I just want to take a look how market response on our trading plan that we've specified yesterday. On daily chart everything goes as we've suggested - minor pullback inside of reversal session and now we look for second leg down to ~ 1.13 area, which should become the right arm lows of our reverse H&S pattern here. In fact, that's the point where we intend to go long.
on hourly chart first stage of our plan is completed - market has shown AB=CD upside retracement. All patterns and events that we would like to see here have been shown - AB-CD pattern, "222" Sell right from 5/8 Agreement area, trend line also was re-tested. If you've taken shorts there - now you could move stops to breakeven.
Now I could take some lines off the chart and keep only second stage of our trading plan - CD leg down. It should lead us to 1.13-1.1310. And that is particularly what we want.
Happy Thanksgiving to everybody! I guess not many people will read this today
Actually here is not much new, I just want to take a look how market response on our trading plan that we've specified yesterday. On daily chart everything goes as we've suggested - minor pullback inside of reversal session and now we look for second leg down to ~ 1.13 area, which should become the right arm lows of our reverse H&S pattern here. In fact, that's the point where we intend to go long.
on hourly chart first stage of our plan is completed - market has shown AB=CD upside retracement. All patterns and events that we would like to see here have been shown - AB-CD pattern, "222" Sell right from 5/8 Agreement area, trend line also was re-tested. If you've taken shorts there - now you could move stops to breakeven.
Now I could take some lines off the chart and keep only second stage of our trading plan - CD leg down. It should lead us to 1.13-1.1310. And that is particularly what we want.
Stag
Sergeant
- Messages
- 206
Went a bit lower but not much change here. If the low at 1.1381 holds, it is more likely to go up to 1.143 - 1.148x.
Stag
Sergeant
- Messages
- 206
That's what I was talking about, 1.1433 is done. There is no evidence a final top is in.
Sive Morten
Special Consultant to the FPA
- Messages
- 18,664
Greetings, guys,
While EUR takes the rest, let's take a look at AUD. On daily chart we could get nice setup for trading. Actually it is very similar to the one that we have on EUR.
Recently AUD has hit major XOP target and broken long-term downside channel. Currently we easily could recognize potential reverse H&S pattern here. Once neckline already has been tested - we're waiting for culmination - forming of right arm, as usual. It should stand around 0.71-0.7140 area. At the same time this area is invalidation range. Market should hold above it to keep valid potential H&S setup:
On 4H chart head takes the shape of Double Bottom pattern and its target has been hit on the way up. Now market is forming widening top, which is good for potential drop to 0.71 area. Here we just need to keep an eye on the action and see what will happen around 0.7140 - major 5/8 FIb support. We also have AB-CD pattern with the same target. Thus, if action will not become a collapse and we will get "222" Buy around 0.71-0.7140, that's could be the setup to try H&S trade on AUD:
While EUR takes the rest, let's take a look at AUD. On daily chart we could get nice setup for trading. Actually it is very similar to the one that we have on EUR.
Recently AUD has hit major XOP target and broken long-term downside channel. Currently we easily could recognize potential reverse H&S pattern here. Once neckline already has been tested - we're waiting for culmination - forming of right arm, as usual. It should stand around 0.71-0.7140 area. At the same time this area is invalidation range. Market should hold above it to keep valid potential H&S setup:
On 4H chart head takes the shape of Double Bottom pattern and its target has been hit on the way up. Now market is forming widening top, which is good for potential drop to 0.71 area. Here we just need to keep an eye on the action and see what will happen around 0.7140 - major 5/8 FIb support. We also have AB-CD pattern with the same target. Thus, if action will not become a collapse and we will get "222" Buy around 0.71-0.7140, that's could be the setup to try H&S trade on AUD:
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