We ended the previous week on top of a BEARISH CHANNEL with an initial bearish signal suggesting further down side move. Take note that this coincides with the RETEST of the BULLISH TREND LINE support witch was recently broken through. RSI is already pointing downwards and SPX500 is forming a double top giving me 4 signals to be bearish on the pair. If we break...
I just noticed this a while ago while I was observing what was happening to my GBP/USd trade on its way up..(Obviously so much of it)
Is the pair giving us a flag? Does this mean that we are about to see a prolonged USD down side across the board?
I don't know... only time will tell.
Note: Daily RSI is already in extremely oversold condition.
Good Hunting...
Just an update to my previous post:
As it turns out.. there is another pattern here that I previously did not see.
A Bullish Butterfly (RED) completing at 100.150s.
From this area, we should be able to retest the resistance at 101.675 (Fib. 0.382/ Target 1) that which is expected to HOLD STRONGLY since it was a Very Strong Support previously. Then ideally...
The recent bearish close last week suggest further downside move for the pair.
And why not? Aside from the luck luster data coming from the US, the recent decline month on month of Foreign demand for US Treasuries (with the distinct exception of Belgium) would suggest that the US Dollar should in one way or another find lesser and lesser support. Not to...
As i mentioned in my previous posts, an almost complete Bearish Cypher pattern is in the works, as well as a possible Bearish Gartley could provide a retest of the recent Highest High for the pair.
Observed here is the continuation of the Bullish Trend Line we have since Nov. 12, 2013.
In my post "Part 2 Bearish Essentials", conditions were met (4Hr Oversold...
Its just crazy. I won't blame you if you get confused.. but each has its own merit of support and resistance.
Just enjoying the hunt!
Good luck on your trades!
A highly probable Bullish Cypher pattern in the Highest High of this pair (the 1.27 extension from Point A @ 1.68215) could drag us down to 1.6400s to 1.6380s. In the near term, a Bullish Bat Pattern could emerge if the conditions becomes favorable. (ATR less that 25 with extremely oversold RSI -20 at a 4hr chart) projecting the pair up to 1.6900s. Could be...
On the 4Hr, an emerging Bullish Gartley pattern could provide a retest of the Highest High. Failure to break above would justify a Bearish outlook to a possible Bullish Cypher pattern on the Daily/Weekly Chart
On the 4Hr chart, a possible Bearish Bat pattern to emerge, shorting at 1.09830s for a run till 1.07440s.
Long from 1.07440s till 1.1150s for a (C - D leg) Bearish Cypher pattern completion. Shorting from here to 1.0510s for a (C - D leg) Bullish Gartley pattern completion. Buying from here for a move up with Target 1 @ 1.0805s and Target 2 @ 1.09830s Ending...
