Reading the chart
After a failed push (B) of only 113% extension of O to X, price almost immediately reversed to the other direction, breaking the secondary bearish trendline. Now the 88.6% retracement of O to B could not bring any relief from the bullish pressure.
Prediction
The second level to watch for is the 113% extension of B to O, which could lead to a completion of a bearish Shark pattern at 0.7183. It is also possible that the primary trendline could deliver resistance. If this level holds, there is a good chance that the pair will make a reciprocal AB=CD and therefore a the 5-0 pattern is almost certain.
Setup
entry: 0.7183
minimum stoploss: 0.7216
target 1: 0.7094 (risk:reward 1:1.48)
target 2: 0.7039 (risk:reward 1:2.4
(stop&reverse)
After a failed push (B) of only 113% extension of O to X, price almost immediately reversed to the other direction, breaking the secondary bearish trendline. Now the 88.6% retracement of O to B could not bring any relief from the bullish pressure.
Prediction
The second level to watch for is the 113% extension of B to O, which could lead to a completion of a bearish Shark pattern at 0.7183. It is also possible that the primary trendline could deliver resistance. If this level holds, there is a good chance that the pair will make a reciprocal AB=CD and therefore a the 5-0 pattern is almost certain.
Setup
entry: 0.7183
minimum stoploss: 0.7216
target 1: 0.7094 (risk:reward 1:1.48)
target 2: 0.7039 (risk:reward 1:2.4
(stop&reverse)
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.