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Pivots analysis (support and resistance)
As the gnomoneey said that there is a good chance for this pair to go to 1.294 level, I agree with that. But that is not all. 1.2926 level it's not such a big support, maybe it is only on an intra-day base analysis.
I think the big resistances are only on the upside area. I mean, the pair shifted its bias once again, as you can see in the image bellow. The price turned back from gray area where was located the neutral bias. Decreased amount of lot sizes should have been traded on that area. No doubt...
Enjoy!
@tomspin
Like I've said to another forum user, the levels watched by you, excepting the one from the 1.3060 (red moving average), are unimportant from a daily perspective (only if you go under daily chart). I am not saying that you shouldn't trade them but the reaction in that zones could be minimum. Try to zoom out a little bit to see the perspective of the whole chart. So, I've posted an analysis as a response to your analysis, down bellow.
Medium term
The price continued it's wedge shape down movement, after decisive breaking the 1.3380 pivot (as you can see in the image in the purple arrow area). The pair is still trading under the pivot of the 1.3380 so the bias is still down and further down movements are expected. The break of the 1.3380 level will change the bias in neutral and that could send price sideways or broader correction can be seen towards 1.3552 (50.0 Fibonacci level of the downward movement 1.43768-1.27271).
Enjoy!
Like I've said to another forum user, the levels watched by you, excepting the one from the 1.3060 (red moving average), are unimportant from a daily perspective (only if you go under daily chart). I am not saying that you shouldn't trade them but the reaction in that zones could be minimum. Try to zoom out a little bit to see the perspective of the whole chart. So, I've posted an analysis as a response to your analysis, down bellow.
Medium term
The price continued it's wedge shape down movement, after decisive breaking the 1.3380 pivot (as you can see in the image in the purple arrow area). The pair is still trading under the pivot of the 1.3380 so the bias is still down and further down movements are expected. The break of the 1.3380 level will change the bias in neutral and that could send price sideways or broader correction can be seen towards 1.3552 (50.0 Fibonacci level of the downward movement 1.43768-1.27271).
Enjoy!
- Joined Jul 2011 | Status: Heads is a buy. Tails is a sell. | 1,031 Posts
shorted at 1.2940 sl 50pips tp 160pips
no close beyond fib 62 shows a high probability of retrace completion
no close beyond fib 62 shows a high probability of retrace completion
- Joined Jul 2007 | Status: Member | 17,077 Posts
COT : the precious data ignored & FX investing: mid/long term ideas
In this sell transaction case, closed on profit on 17.7 pips, I used Elliot wave theory. As you can see in the image bellow, we were situated in the wave 3 (navy), of wave 3 (black), of wave a (dark turquoise) of corrective wave C (medium spring). However, the pair needs to construct another 5 wave (black) and only then to correct deeper this up movement, in a three wave structure (dark turquoise zig zag).
Good luck!
Good luck!
