I did well to spot the trade opportunity in EURNZD. However I did not have the conviction to follow through.
D1 line chart shows EURJPY possibly a bull trap has been formed. Last week was a bearish expansion week that closed below a 6 weeks high. Also, It day closed below 2 x d1 line chart S.
I will be looking to play off this potential H4T via a multiday 1234 should it WR. The R n fib levels confluences nicely near the top of a projected bear flag and i hv placed sell limits there.
Once WR, I will be looking to add on.
Crucial for this topping out will be to monitor for testing of the d1 line chart on h1. I will also be looking out for some smallish distribution pattern at ard pt4.
week charts show the high of 2013 n 2013 being flushed. A trend continuation might be in place after this flush.
from D1 chart, a big move below 13 weeks low can be seen and this is registered with a bearish expansion week. Also denoted will be several d1 line chart which acts as a SnR that traps a multi 1234.
a multi day 1234 can be seen but more importantly the context of it is that this bear flag is stuck within the zone of the d1 SAR line chart. A decisive day close below the Support will also mean the breakage of a large D1 13TL.
Hence I consider this trade to be in line with momentum but attempting a trend reversal as of now.
Tracking with tradingview
Did well for this trade.
traded the trade setup, and exited before price reversed completely.
(+30 , +90 , +130 , +130) week38 TP week37 entry EURGBP D1 1234 ed channel with h1 channel setup A trade
Yes! This will be the archtype of setup that I want to trade and be involved in! Trading the big picture with entries like a trader , but holding like an investor. The thinking of this trade would be my attempt in understanding what the Scotland opinion pole would mean when GBP gapped down on Monday. I was given the explanation of FA playing out via this poll. but hey , how can opinion poll be considered the final outcome when the actual voting had not been concluded yet?
Hence I saw this as a chance for price to be pumped up. on the technical charts, it just went to complete a D1 ED channel 1234 pt4. Kind of amazing, but after this episode I have developed a further insights on Fundamental , Technical and Sentimental Analysis.
D1 big picture
It all starts with this big picture view of the trend. Month to month , trend is down, but recent 2 months have seen a ranging condition, until week 37 when the referendum opinion poll pumped up prices to the optimum zone.
h1 moveability Fractals concept
by 10th Sept , a channel within channel setup had occurred. I am thus now attempting to trade big pictures by using the concept of fractals.
tracking through tradingview
D1 big picture
Looking at day chart, EURSGD easily trending for past 10-15 weeks. Shall not try to call a bottom here. Instead , trend, trend ,trend
there is a 1234 setup already WR 3 days high
f6 of recent downflow
R of d1 line chart , AUG low
Hns forming with right shoulder testing this R confluence
however within a not so nice of channel.
Likely that this can only be conclusive when EUR LTRO n GBP referendum is done.