Several forms of analysis come together in this picture... WAVE ANALYSIS: 5 wave down then what seems to be a wave a/1, an expanding triangle/wave 2 of an possible abc correction.
SUPPORT & RESISTANCE: Price action found support/buyers at/near the 1.4430/00 handle bouncing off the 61.8 fib level (confluence) with consideration of divergence in play.
FAMILIAR PRICE ACTION PATTERN: 3 Point Turn (3 green arch's) which I would trade the same way each time it is presented.
I mention a few forms of analysis for one reason only.. AS A TRADER YOUR PERCEPTION IS YOUR ONLY REALITY, FIND WHAT YOUR FAMILIAR WITH AND USE THAT AS YOU'RE EDGE. AND EDGE ISN'T NECESSARILY KNOWING WHAT OTHERS DON'T, BUT IN MY OPINION... A REAL EDGE IS BEING ABLE TO CAPITALIZE ON WHAT YOU DO KNOW.
What is your perception and what perception is you're reality ? There no wrong way to view the market, only wrong ways to trade it...
Trade with care.
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Proceed with caution, market is in a corrective phase and could struggle as it finds buyers.
Thank you for sharing, I did take that same weekly price action setup(chart) into consideration but felt that based on the weak bear close, there was potential for price action to retrace to last week's open near 1.4700. In addition price action on the 60m and 240m charts are in a corrective phase. It didn't produced and impulsive up move has I hoped to see coming in to this week since the original forecast last Friday... Please comment on future posts it is good for all traders to share ideas.
DavidCallwood
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mrmyers3133
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i think its going long, im already in on it
Wave-Trader
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nice setup mate
DavidCallwood
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Thank you, let's if it goes this time...
mrmyers3133
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yeah we'll see hopefully we are right about this..... very profitable if so, keep your fingers crossed lol