According to my previous idea this pair is forming a potential head and shoulders pattern on D1 chart:
Here on H4 chart we can see my closer view accordint to my EW count, i think the las rally is a correction labeled abc blue
The correction is finishing right at the D1 resistance.
The confirmation would be the broken trendline. I will enter short now expecting a long term decline. We see also a bearish divergence on MACD showing the last impulse is finished.
Best regards.
Kommentare
KVE
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Exactly! Big USD short now... I'm short USDCAD, USDCHF and USDJPY, looking good so far...
Koryphaeen
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Hello FTT, I have a little bit of a different view on the situation, I share it with you, perhaps we can sort out the noise...
Koryphaeen
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I think we will be soon in the final wave of an ending diagonal, don't you think?
Koryphaeen
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sorry for labelling mistake, I just noticed, see i,ii ... instead of a,b ...
Koryphaeen
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So, this is my view, and I will take these trades accordingly. Let's see what will happen. GL!
FullTimeTrader
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Hello, COULD BE but its too early to lean on an ending diagonal now and make a trading decision (usually we trade an ending diagonal at last stages). Im sticking to my long term analysis suggesting this pair already reached a top, so the correction is finished now and i can make a trade entry based on that. Lets see. Regards.
webmiztriz
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this bodes well for crude, correct? they are inverse?