Greetings,
As soon as downside reversal has happened, we're watching for moderate retracement to get better price for short entry.
Initially we've expected to get upside AB=CD pattern, but as soon as CD leg can't get started and turned to flat action, it becomes obvious that something different has to be formed.
Now, with wash& rinse of recent lows, we've got potential reverse H&S pattern. Thus, upside retracement is still on the table, but with different patterns.
We're mostly focused on short entry, so do not intend to trade it long, as our context stands on daily chart. That's why we're waiting for either 4000$ level and completion of H&S target, or... H&S failure
Scalp traders who trades on 5-15 min chart could think on long position around right arm bottom.
As soon as downside reversal has happened, we're watching for moderate retracement to get better price for short entry.
Initially we've expected to get upside AB=CD pattern, but as soon as CD leg can't get started and turned to flat action, it becomes obvious that something different has to be formed.
Now, with wash& rinse of recent lows, we've got potential reverse H&S pattern. Thus, upside retracement is still on the table, but with different patterns.
We're mostly focused on short entry, so do not intend to trade it long, as our context stands on daily chart. That's why we're waiting for either 4000$ level and completion of H&S target, or... H&S failure
Scalp traders who trades on 5-15 min chart could think on long position around right arm bottom.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.