Well so the ascending Red Channel has done its work and the price is back up. I believe that the effects of this channel are waning and the bulls are done. Hopefully, we can get the down move now so I can exit a winner.
Yeah we have divergence stacked upon divergence. I don't understand why so many are bullish now, but that usually happens at a top anyway 
Regarding that ascending Red Channel that caused today's rise, you can see that it probably has hit the top of its effect by looking at the H1 and M5 situations too.
M5
M30
H1
Regarding that ascending Red Channel that caused today's rise, you can see that it probably has hit the top of its effect by looking at the H1 and M5 situations too.
M5
M30
H1
- #4,025
- Edited 2:00am Jun 14, 2014 1:37am | Edited 2:00am
Yeah we have divergence stacked upon divergence. I don't understand why so many are bullish now, but that usually happens at a top anyway
But yet I see a possible double bottom on the daily chart that could play out to 0.91+
Do you see it too? And if so, I'd love to hear your thoughts on it.
I don't normally trade this pair, but I couldn't resist a short at 0.9000...
{quote} I think it should start turning bearish real soon too, nice big number level, bearish weekly stochs, daily SMAs that are under... But yet I see a possible double bottom on the daily chart that could play out to 0.91+ Do you see it too? And if so, I'd love to hear your thoughts on it. I don't normally trade this pair, but I couldn't resist a short at 0.9000...
The second most strongly felt gravity line (dark blue) is now at .9106 so yes I can see that. The Fib 161.8 extension level is just a bit above that. Just above that is another gravity line that can be seen intermittently in the dark blue line just prior to it switching to the current gravity line. The double bottom is pretty strong too. I just have been thinking that the double bottom will get swamped by long term bearish fundamentals (seen M1 lately? WOW...) so that means that it should bounce off the blue line. The blue line is the strongest felt gravity line and has served since September 2013 as resistance for retracements in this long term downtrend.
OSCILLATORS
This is a close one. We are right now on a tipping point. I can see cause for an extension of the upmove. But I also see a lot of tasty potential divergence forming and CCIDER is screaming that the upmove has just had to take a big breath. The resumption of the upmove has not really matched the magnitude of the 'breath' the market took during that downmove post ECB. So to me, that looks like exhaustion, not resumption. MACDADDY is a little later than CCIDER, but it appears to be possibly forming a juicy divergent top situation. Looking at BANDTASTIC we can see that the 'post-breath' upmove has not come close to the upper band, and the candles are saying TOP as well. I never learned classical candle interpretation and I don't know the names, but to me, in my system, that looks like a lot of attempts to go higher with little success. Nobody is keen to buy above .9010 it would seem. We will find out soon.
- #4,033
- Jun 24, 2014 12:44am Jun 24, 2014 12:44am
On the daily chart, we see a reversal by having a Shark harmonic pattern formed. We are expecting to see a drop by the pair if the supply fuels up across the market.
http://forex-fa14.blogspot.com/
http://forex-fa14.blogspot.com/
- #4,038
- Jul 2, 2014 1:36am Jul 2, 2014 1:36am
{quote} you are very much on point @HareshBM.....the market have been rangy since today but from my analysis and indicators there is a likelihood that that market will break the support at 0.8848 and that will be a good moment for the bears to smile down the lane of 0.8800 - 0.8750
But would like to see it move above 0.8900 mark and reclaim 200-d MA for any sustained up-move.
Would still be buying cautiously at current levels but probably would reverse the position if it fails to hold 0.8850 region support.
