This is not a pair or pattern to trade for the inexperienced. Echf created an ending diagonal which did not break to downside but created a combo into another diagonal pattern which at one point appeared to be a bullish triangle but rejected the 1.382 fib extension of wave 1 of a larger scale, now giving argument for ANOTHER ending diagonal... Regardless of mumbo jumbo, price is exhausted. Serious weekly divergence. However I am in sell from wick with stop in profit and would not necessarily enter right where price is now. The black trend line is there as a possible place for price to shoot to. If price were to continue up without correcting down (which I am not anticipating) that black trend line would be the next one in line for a larger pattern... but dang. Watch for a larger spike up on daily, or corrections on 1-4hr for continuation for entries. Watch EU. Should EU be making a larger flat and become bearish, Echf could potentially be a large sell that everyone is afraid of.
Commentaire:
I can just draw one trend line on the bottom of the long pattern and say it will go up, but what I am looking at is how price entered this fib zone in a corrective fashion and has been chopping upward. Watch the 118.00 price level which it failed just below. But keep in mind I am not "swinging" this one. I'm all about entries and small risk these days.