1hr
EUR/AUD hitting daily resistance.On the daily chart, it is showing that the market is hitting the daily resistance and the RSI is showing that the market is close to being overbought.
On the 4 hr chart, it shows RSI being overbought and the 1 hr shows it being overbought again so that is confirmation that we will go short on this trade once an entry has been found.
Currently I placed a mini black resistance line below the daily resistance so when price breaks this, you can simply execute a sell stop order and ride out the market to your preference.
There are three profit targets which I have placed. Once it hits profit target 1, I am confident that it will hit the other 2. First profit target is a 4 R/R
Thank you guys and have a great weekend.
EURNZD bearish cypher.Here we have a Cypher pattern on the EUR/NZD 1hr chart.
Most NZD pairs are currently at a level of string support, and with my expected weakening euro, this pair should dip. (Albeit weak) daily support has been broken and I can see this Cypher formation taking price lower still.
As always with this pater, we will have 1:2 risk and our first TP level at 38.2%.
Cypher ratios
X:B = 0.382-0.618
A:C = 1.272-1.414
X:D = 0.786
EURCHF Bearish GartleyExpecting in a drop in the Euro across the board this week, just going through the process of picking the best set ups.
As per usual, I may not take this trade depending on the candlesticks but I will keep an eye on the progression as price approaches the PRZ. This bearish Gartley (on the 1 hour chart) comes as price recently reached its highest level since 2015. This pair dropped rapidly in one day and has steadily retraced ever since. The weekly chart is now showing as overbought and I believe we should see some consolidation as the retirement begins to level out.
Gartley ratios:
X:B = 61.8%
A:C = 38.2%:88.6%
B:D = 127.2%:161.8%
X:D = 78.6%