EURUSD: Fib Ratios and Harmonic Price Moves (Swing Trade UPDATE)
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Heres a peak of the previous post:
The support at 1.103 was not as strong as I expected, but still this just leads to another opportunity.
Noticed some high impact news concerning the euro coming up on Monday by Germany. Im pretty sure the dip today is just another manoeuvre to add fuel to the liqduity pool.
In this chart we are not looking at a defined harmonic pattern, but we see some confluence by the 61.8% fibonacci ratio with a twist of harmonic price movements.
A harmonic move is simply symmetry between price and/or range or length. As showed on the chart AB took 3 bars to complete and BC took 5 bars. Multiply 3 by 5 you get 60% which is also very close to the 61.8% as showed on the chart.
Even though I got stopped out of the previous trade I am very tempted to try placing stops at 1.009xx for a potential return of 15 times risk. I do believe its safer to put stops at 1.098. This still offers potentially 5 times the risk.
Im already in both trades after taking a small loss from the previous trade posted in the channel.
Please leave a like as a sign of support and make sure to leave a comment below if you have any ideas regarding EUR/USD and make sure to check the related idea for more information!
Good luck to all trading EUR/USD for the next 2 months!!
The support at 1.103 was not as strong as I expected, but still this just leads to another opportunity.
Noticed some high impact news concerning the euro coming up on Monday by Germany. Im pretty sure the dip today is just another manoeuvre to add fuel to the liqduity pool.
In this chart we are not looking at a defined harmonic pattern, but we see some confluence by the 61.8% fibonacci ratio with a twist of harmonic price movements.
A harmonic move is simply symmetry between price and/or range or length. As showed on the chart AB took 3 bars to complete and BC took 5 bars. Multiply 3 by 5 you get 60% which is also very close to the 61.8% as showed on the chart.
Even though I got stopped out of the previous trade I am very tempted to try placing stops at 1.009xx for a potential return of 15 times risk. I do believe its safer to put stops at 1.098. This still offers potentially 5 times the risk.
Im already in both trades after taking a small loss from the previous trade posted in the channel.
Please leave a like as a sign of support and make sure to leave a comment below if you have any ideas regarding EUR/USD and make sure to check the related idea for more information!
Good luck to all trading EUR/USD for the next 2 months!!
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2 month flat support in the ichi moku indicator..
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Going down to the 4h timeframe, a volume profile reveals a missed and unused POC identical to the support from the ichi moku cloud above
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My bad... Of course you need to divide the 3 bars by the 5 bars and not multiply them in order to calculate the 60% harmonic move
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