Hi All, I wanted to share these potential shorting opportunities here for next week trading.
Not sure if we will see the large BAT pattern hit these levels next week but anything could be possible with the current situation with the US Dollar, I would expect next week and halfway into the following week we see USD pairs continue downwards and other pairs like AUDUSD and EURUSD see bullish moves.
I have marked 2 key levels which I will be focusing on when price gets there. Being these 2 advanced patterns.
As always Stops Entries and Targets marked
Orange Big Bat - Stops Red - Targets Orange Lines Entry just below 88.6% - Stops Minimum 113% above X - Targets just above 38.2% and 61.8%
Smaller Bat - Blue - Entry just below 88.6% - Stops Minimum 113% above X - Targets just above 38.2% and 61.8%
Remember to adjust targets after we have a completion of the D Leg and price starts to move downwards.
If anything else forms within next week I will update charts accordingly
I will be hoping for long opportunities up to these levels as well.
Good luck and Happy Trading this week.
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Oztrade
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Well done to all traders who held this trade - targets hit
Oztrade
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After we adjusted our Targets on D completion - Hit T1 - well done for all traders who held position - as wee see very close to stops on this trade. Enjoy your weekend and look forward to a fresh new week next week.
Oztrade
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Targets have been moved up after we had D completion - so close to Stops on this trade - I had mine at 1.15100 I wanted to keep them a safe limit above the even handle. Looks to be we may hit T1 touch wood.
Oztrade
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1H we have violated the X leg on the smaller bat with a close above - keep your eye on the 4H and lets see if we have a close before being stopped out. Close above normally indicates price increase so I would be very careful if we have a price drop - if we can get back to entry level with the close above its important that you manage your stops in this case.
IvanLabrie
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And what about bullish patterns lower? Say 1.097-1.11 range?
Oztrade
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Hi Ivan, I just performed top down analysis on the EURUSD and there are no advanced patterns BAT CYPHER or GARTLEY with an entry around these levels. I dont study or trade anoy other patterns - We almost had a potential Gartley Completing for entry at between 109-110 but we missed the 61.8% retrace on the B to C move. And also a potential Bull Cypher entry around the 107238's - but we violated the B leg - Very Close
IvanLabrie
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Right...Maybe ABCDs then.
Anyway, that's what I'm getting from the charts. A drop and a big rally after this week. Maybe Friday.
Oztrade
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Yeah it will be interesting - Price action shows we had the break and close above previous structure - HHHC (HC3) and also making Higher Lows with no LLLC yet, but as we know it can consolidate sideways and go either way, just looking at Price action and structure it has a lot of signals indicating price upwards. In saying this if we do continue downwards there is an AB=CD completion close to 109690's which is not far above the 1.414% Fibonacci Extension @ 109575's - But we also have Fibonacci Confluence @ 78.6% and the 1.272% Extension putting the Long Entry @ 110079 and 110016 Which is close to the Psychological Even Handle Number.
IvanLabrie
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Look at higher timeframe action. And the close...if an advance can't be sustained, then it's weak.
Oztrade
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Yeah it will be interesting to watch what happens at either retest of the lows or retest of the highs. Good one