After two great long trades midweek (see the links below), we now have a potential sell opportunity but it may take some time before we get involved. Price is moving into a rising wedge pattern with MACD bearish divergence showing this upmove is about to end.
No setup yet, but watch for price to break below the lower trendline of the wadge and wait for a sell setup to complete before selling. I will update if a bearish setup completes
Kommentar
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As expected price rallied to test the upper bond of the wedge pattern and it dropped, now testing the lower one. Watch for a breakout and a sell setup to complete. I refined a little the lower trendline in the chart
Kommentar
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Price broke below the lower trendline. Keep a closer eye for a sell setup to complete
On daily TF look like a 3 Drives pattern. I am short on this.
dchua1969
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hi
thanks for the chart. could you share if there is any inverse relationship between USDCHF and EURUSD? As in if the former trend up, then EURUSD should turn south....Like to hear your exhibition.....
ChrisKirk
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Thank you sir, what setup are you looking for once it breaks below?