Mid term- Our focus is making sure this ghost pattern stays intact. Currently, in the right shoulder, I believe we can begin shorting. Unless price breaks the high of our right shoulder at 1.18800. Should price break 1.18800 we become neutral. The ghost trend stays intact unless we close above the left shoulder high at 1.19109.
Short term - 4 hour chart on the right - Short trades can be opened with stops above 1.18800 area with profit targets around the general 1.17100 area.
Areas of Interest. - Confluence around the 1.18365-1.18500 level appears to hold the greatest potential for reversals into next week. Downward 1.17300-1.17100 will serve as support.
indicator running from the last high forming the right side of the head to the current bottom of the right shoulder very accurately puts key levels of at
.382 @ 1.18770
.500 @ 1.18365
.786 @ 1.17970
Key levels forming the left shoulder are marked by the gray dotted lines.
Left shoulder High 1.1909. Lower High 1.18500.
Left shoulder Low 1.16622 Higher Low 1.17100
Trade XXX/USD pairs down and USD/XXX pairs higher. Because of the power of this setup, my perspective has changed on DXY , as you'll notice on my previous post that is linked. Trends change, so must the traders
Tanner Elphee – Self-made . Certification not held but desired after college. 5-year market enthusiast with experience in Forex, , Stock, Options, Cryptocurrencies and Nadex. Also, a full time college student majoring finance working full time with a small dealership selling parts. I work diligently to pursue my dream of professional trading. Trading View is my trading journal. Right now, I’m posting a series of live trades and documenting them in real time. Initial deposit of $4500 made on 10/20/2017. Please share with me your expertise! Very eager to learn! Find me on LinkedIn/ Twitter
Disclaimer: This information is my own opinion and should not be considered investment advice. Please consult a professional before trading.