Hi Traders, just thought to post this one up, here we see 2 Advanced Patterns beyond the 88.6% Completion.
I would recommend keeping an eye on GBPUSD to see for potential reversal, depending on how you use other pairs in your analysis.
We have hit a very important level with fib confluence 1.272 - 88.6% - we also have AB=CD Move completion at this point.
No real signs of reversal or buying pressure at the 78.6% Level.
RSI Is showing very O/S in LTF
I would be also looking for potential Double Bottoms in a LTF with possibly some RSI Bullish Divergence
By putting all this together we may have some signs for a potential reversal on the trade.
We also have our X Leg structure point. I generally wouldnt post these up, because the X Leg in this time frame isnt a correct Anchor leg in my opinion but if we look at the Weekly it certainly is a good anchor leg or impulse leg which ever you call them.
As always entry zone, Initial Targets and Stops on screen.
Great risk reward on this trade as we have gone very deep.
I would recommend keeping an eye on GBPUSD to see for potential reversal, depending on how you use other pairs in your analysis.
We have hit a very important level with fib confluence 1.272 - 88.6% - we also have AB=CD Move completion at this point.
No real signs of reversal or buying pressure at the 78.6% Level.
RSI Is showing very O/S in LTF
I would be also looking for potential Double Bottoms in a LTF with possibly some RSI Bullish Divergence
By putting all this together we may have some signs for a potential reversal on the trade.
We also have our X Leg structure point. I generally wouldnt post these up, because the X Leg in this time frame isnt a correct Anchor leg in my opinion but if we look at the Weekly it certainly is a good anchor leg or impulse leg which ever you call them.
As always entry zone, Initial Targets and Stops on screen.
Great risk reward on this trade as we have gone very deep.