WATCH OUT FOR GBP?USD? I have serious itch on my back that GPB will retrace very soon. It has been a progressive bear market but I think the tide has turned. I know this sounds kind of funky when I said I believed the market for the US is strong in their favor but I feel like price will fall 60+ pips and test the big market levels for retracement. However, I honestly don’t think price will reach that point unitl later tomorrow or early friday. I have entered in the market at a very unfavorable position. I am here to test my weekly theory.
I have just noticed on 4 hour time frame that market structure has been broken. The reflection point does not comply with the anticipated level 5 wave pattern. This can go either way. It can retrace now since the reflection level was reached or continue the down trend market to reach anticipated level of volatile support. I have made my bet that it will go up but at the moment, I believe it will still try to retrace back down 60+ pips to reach the level. It is a stronger level to be tested. 4 hour would be minor to what the levels I am comparing it to.
Here is the chart I am referring to:
I am trading in the range of wave 5. I have several points of attraction for wave 5. One would be big figure level 1.02500, 1.02448, 1.02536, and lastly, 1.02178.
The last digit is for a last greedy attempt for price to reach. However, price at the moment does not seem to be in my favor. I hope it continues down into a bearish market. Fractals show lower lows and higher lows. We should still be within market structure and no reversal anytime soon.
Really pissed off. I should have taken the reflection point and entered into the market and instead of being supeer greedy. I would have netted atleast 100+ pips at closing.
u need to have a traders mentality, stay super cool. u should learn from ur mistakes and avoid repeating them. market presents many opportunities so keep searching.
This pair has hit every level that I was anticipating. It took the reflection point and rocketed up as news released? However, there can be a strong indication of it trying to reach the next higher level. I missed this trade and am upset because analysis of this pair took many hours.
This pair hit the level I expected. Maybe by a pip or so but I decided not to take this trade because I wanted to focus on the UER and GBP pairs. This worked better than I expected. I believe that the market is still ina bearish mode and take caution when entering.
I have patterns set up conveying to me that the market is now turning. Wave 4 is complete- but be cautious because it would be very helpful if a fractal formed confirming this upward trend from the last week’s downfall. I believe that there will be a struggle upward at the 1.34202 price level? Why? This level conforms with the previous market swing high. Expect some kind of resistance inorder to move up. Once that swing high as been broken, look for the next level for resistance 1.35811.
Yes, I need to strengthen my mentality. I found it very unbearable to see my hours of technical analysis slip away. I should have went with my gut but I felt a little curious about how far the length of the price market will travel. Thank you for your kind words, I hope success surrounds you in all forms!
Here is my updated Eur/Usd. I am long on this pair. I believe it is quite risky. Why? Market flow could have already switched. I am betting against that. I see an optimal trade entry. Not only that but the channel that it flows it lies directly below it. It can be a dynamic support line for the market to go bull. Reaching for prices above 3, [3] and {3}. This can also be a retracement of ABC of C.
from the lower and multiple time frame analysis, we can see several waves forming. I am betting on the retracement of wave A and the formation of wave 3.
I believe gBP/USD will still fall. The reason behind this is the formation of an expanding correction wave that is forming at wave 4. It has flopped and market price have reacted accordingly. This explains why GBP/USD kept falling at the beginning of the week. This expansion could vary because the lower low (current price) has not made a fractal yet. So, I shall go short and wait a could 50+ pips to get out although market suggest nearly 200+ pips-maybe wrong.
This is the AUD/USD. Price suggest a reversal after many wave formations confirming price movement. We should be expecting various waves of interest: 5, C, A, A. Awaiting price to reach around 1.01980, big figure level, to test the support line. If price were to jet past this level, then we know that alterations to this chart is necessary. That means that wave 3 and 4 (different) will be just an extension.
Correction. Price trading to the 61.8 fib level. Not only that, it traded to an area of support from jan30th. Should expect some resistance trading up but I feel like market is still bearish. If the market does move above the level, we could be reaching for 1.04500 levels.
On a lower time frame, we saw how wave 2 was just consolidation. Now compare that to wave 4. I am not sure if wave 5 have formed just yet. Wave 4 reacted quite precipitously. I think Wave 5 is in motion. However, what is conflicting is that USDX has been fairly weak. I think by looking at the USDX chart, you can see that market flow has been broken on a reactive price move. Price may have retraced back up but from what I ahve learned and seen, USDX might be bearish. I do hope I am wrong because the USD/CAD I have set up is more bullish.
Closed EUR/USD. Checking out the news for the EUR and USD. I am assuming now market structure will be broken down and go bullish. Combined with the initial claims, this can strengthen the EURO. What is conflicting is the USDX has been rising. However, on a higher time frame, we can see that the market is going bearish. Fractal by fractal. This could be a sharp retracement if the market premise if predicted correctly. Wave 2 was a consolidation.
Reduced position of the GBP/USD to 10%. I feel like the GBP have finally had its filled. British news coming out friday which can influence or serve as an injection to stimulate growth in the GBP. I have set my TP at 1.54843 where previous support levels lie. However, in the blue box located in the photo, you can take TP at any levels within it because that is the level of the wave 5.
I have high daily projections for this pair. This pair, through, my technical analysis shows a bullish move. This may take weeks to months to actually complete. This is a work in progress (still demo).
Just closed the AUD/USD at +75 pips. This did not work out as anticipated but in a good way it did. This is a powerful zigzag and can be another 5 wave formation. We will see how this ends up because I have not seen any strong/intermediate retracements. I kind of have speculation of things. When Wave B is bigger or as B as wave 5, then a powerful wave C can occur or a very small C can occur. This has been notably conveyed in my word charts.
I am expecting another retracement around this time. RIght now, I am seeing the bulls fight the bears. Price action in the 5 is really something you have to see. Price now has broken through feb 19th support level. IN order for the price to follow the wave patter, price should make a wave A any time soon within the hour or so.
