After a Head & Shoulders, this could be a .618 - .382. with a .272 target making this a CLASSIC ! TIME WILL TELL !
Price has broken through the 134.170 level (this is a previous day's Asian Session HIGH) after a BULLISH trend reversal. Price is looking GOOD for the 3rd Wave Analysis ! This pair has been BEARISH all week with an Inverted Head & Shoulders terminating that trend. We bought (4) CALL contracts @134.250 strike price for $55.88 each. We also Scalped (2) contracts...
We are looking at plenty of SHADOWS at the 'D" section of a BEARISH CYPHER. Price could very well close below 1.2525 for a SWING trade set to expire Friday 3 p.m. There is also a Descending Triangle !
This FOREX pair could very well be at the point of exhaustion and throwing back to the BEARS for a swing trade ! We've been following this all week and it is OVEREXTENDED, if such a thing is possible ! Good Luck !
We have a 3 p.m. expiry @ .9660, but will probably take profit early !
As a newbee ( I am) - I'm matching the Fib line up to make sense of a that .785 target ! Help me if you can ! Or, is that close - I started off looking for that lower low which is .5 to .618, then on the next low .382 to .5 ! Then the rest seems to fall into place ! Found that .272 to .414 target !
This is the end of a SWING which can expire above .8875 strike price in an overall - Weekly BULLISH trend. Hopefully this confirms the type of patience required by a SWING trader. This is the END of an INVERTED Cup & Handle where the price goes UP, lets see if it does !
Looking at a Friday expiry for this Cypher pattern as it looks good for a couple of strikes ! Placing trade based upon the LOW created from Monday's 2100 hour to Tuesday's 0300 hour pricing, then wait for price to BREAK downward again below that LOW !