On daily chart we were to overbought in order to break the resistance.
So we needed to do a retracement... Since 15th august we were in an uptrend on H1 chart. On uptrend, retracements are 50%. If you look at the daily chart, we have made this 50% retracement and now prices go back up. This 50% retracement is also a bounce on the overbought downtrend line.
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So, from now on we are on an uptrend on daily chart too.
It could be the beginning of the 2nd wave of the uptrend.
no indicator no EA.. only with FIBO, trenline & candle2 reversal... GJ {image}
Ignored
True... We don't need a lot of fancy indicators to make money. Actually indicators are usuallytoo late and tells what the market is just doing but, this, we can see it by ourself. The only holy grail is in our mind...
Charting is much better than any indicator in my opinion because if your analysis is good you really can anticipate prices action. Prices action is never random.
People such as Mostafa Belkhayate says that we can't predict the price action in forex. I'm very skeptical about this... If you use relevant tools such as charting, elliot waves principles, Wyckoff principles and your brain you can predict what will happen in the future with high accuracy.
Here we are, we are finally at the top of the bullish flag and testing this level. Prices are in a range and will go higher in my opinion.
We have just broken the 50% retracement of the Head and shoulders pattern and we are now testing this level. That was my first target for this trend.
We will continue to go long. But now I'm waiting for a retracement and then maybe go back up for the third and last wave.
On Daily chart, we are near the twist of the cloud. It means that prices can easily pass trough it... So what we can expect with this is prices will continue to go long, break the cloud and then, retracement on the cloud. With Ichimoku charting this will confirm the uptrend.
Any break now of 173.85/9 probably accelerates away towards the top. Any drop now back under about 173.6/7 probably starts a drop that could well make double bottom or much lower
What next ? I think it could be a good place for a short but this pair is so bullish that we have to wait and see how prices react to this resistance...
Target 173.950 hit... What next ? I think it could be a good place for a short but this pair is so bullish that we have to wait and see how prices react to this resistance...
