On the EUR.USD 4hr chart we have a potential short opportunity at the D leg completion of bearish Cypher setup.
The price reversal zone on this pair is between 1.0759 & 1.0870 The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move. There is also opportunity to look for extended targets at around 1.0400 Stop loss would be placed above X leg structure resistance .
Target 1 - 1.0597 Target 2 - 1.0500
Kommentar
⋅
Kommentar
⋅
A break of 1.0650 should confirm a test of the D leg.
Kommentar
⋅
Price now approaching the D leg completion, potential short opportunity in the coming days.
Kommentar
⋅
This setup is still valid and something to consider into early next week.
Kommentar
⋅
Kommentar
⋅
Price now approaching the D leg completion, potential short opportunity in the coming days.
Kommentar
⋅
14 days later price has now completed at the D leg.
Based mostly on Market Profile and Price Action (daily charts) the strongest levels for short swings are 1.0710 and 1.0765. Heavy volumes were traded between those levels (accumulation) followed by strong rejection of higher prices resulting into renewed sell-off. I think that the sellers will be active there again.
Only thing to watch out for is ECB meeting on Thursday. Basically anything can happen there and I won't be trading during this event.
You can see my analysis here:
UnknownUnicorn180388
⋅
@Trader_Dale, Nice setup Dale, I don't personally take fundamentals into consideration, if it meets my rules we take the position.