Big picture shows current price @ key resistance.
There is a multiple of confluence resistance, which validates and gives higher probabilities to any topping chart pattern.
Tx plots a 1234 and this is in combination with a potential WR4B. However due to limited chart history, this is all that Axitrader can show.
D1 full version
the full significance of this price pattern is revealed in fxpro charts.
It has been a while since I have managed to find such an amount of confluence.
This is also a potential EWUS.
1)mega w1 df fib3 ( green) clearly has price reacting to it
2) ED channel containing price for 5 months
3) Price clearly reacts to all 52 weeks level (purple)
4) monitoring resistance confluence as pt 4 of potential WR4B
5) whole ED channel can also be seen as an ugly Head and Shoulders
I assume the ED channel with invisible flagpole will be the topping chart pattern.
Alternatively I may see it as a HNS as well.
Right shoulder play using the bear flag to smash thru 6 motnhs 13TL
Based on this I assume CHD, EUR to be weakening for remaining of year and hence EURAUD trade is another go-ahead.
Some technical issues i may need to deal with:
1)check out possible swap, will it be better to trade in SGD , or CHF account.
2) calculate spread, as I intend to trade an unusually large amount; will be good to get all the help I can.
A trade checklist
Checklist suggests trade setup is not matured yet, but it has the inherent elements to make it a A+ tade, now will be waiting smaller fractal setups to appear to minimize risk. We are getting close.