Hi guys, EURUSD is currently forming what looks like a Bulish shark pattern on H1, with the following measurement
OX = 0.5 (0.382 - 0.618)
XA = 1.13 (1.13 - 1.618)
AB = 1.618 (1.618 - 2.24)
0B = 0.886 (0.886 - 1.13)
CONFLUENCE: The Support trendline seems to be holding on a higher time frame, also on daily, the support trendline is holding, price is at exactly 0.618 high to low on daily.. we all know that 0.618 is a strong fib level.
So we anticipate a reversal at the PRZ, scale down to lower TF for a good entry, and R:R
SL at 1.07038 (1.13 fib level) since the pattern is expected to complete on the 0.886 OB Retracement, not at 1.13
expect a pullback to the PRZ. entry BUY limit order at 1.07853 or you could enter at a reversal candle formation on the PRZ.
wishing you guys a wonderful trading week.
OX = 0.5 (0.382 - 0.618)
XA = 1.13 (1.13 - 1.618)
AB = 1.618 (1.618 - 2.24)
0B = 0.886 (0.886 - 1.13)
CONFLUENCE: The Support trendline seems to be holding on a higher time frame, also on daily, the support trendline is holding, price is at exactly 0.618 high to low on daily.. we all know that 0.618 is a strong fib level.
So we anticipate a reversal at the PRZ, scale down to lower TF for a good entry, and R:R
SL at 1.07038 (1.13 fib level) since the pattern is expected to complete on the 0.886 OB Retracement, not at 1.13
expect a pullback to the PRZ. entry BUY limit order at 1.07853 or you could enter at a reversal candle formation on the PRZ.
wishing you guys a wonderful trading week.
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.