EURUSD. Small ABCD, big ABCD

已更新

Looks like the market will prepare the rate hike next week...

My entry points for a long position: now or 1.1230.
SL: 1.12
TP1: 1.1291, TP2: 1.1300, TP3: 1.1320

My entry points for a short position: will place a sell limit order at 1.1300
SL: 1.137
TP1: 1.1200; TP2: 1.1160, TP3: 1.1110

Once there, will review the market once again.

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Small ABCD started to work, heading to TP1

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TP1 reached. Long to breakeven

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4H timeframe (chart below) not showing any alterations of divergences. Can retrace to 1.1230 which still would be a good level for re-etnering longs.

Any break below 1.1230 is an alert and a break below 1.1200 for me would mean we have entered into a bearish phase.

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TP2 hit. Opened short position, still expecting TP3 to be reached

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High volatility time is approaching. Keeping both long and short positions, removing SLs. Will close them manually.

Important levels to watch are:
Supports: 1.1200, 1.1160, 1.1120 as per Big ABCD pattern
Resistances: 1.1330, 1.1350

I have set a buy limit order at 1.1200 and sell order limit at 1.1450 . Both levels can be reached between today and Monday next week

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Just wanted to mention a detail which for me is quite important: at 15.00 CET (9.00 a.m. ET) the journalists will receive the briefs of Janet Yellen´s speech. If you remember, USD took a nice dip when, some days ago, one of the FED respresentatives said that the whole monetary policy needs a review a re-design.

Therefore, if some Reuters or Bloomberg posts a headline similar to "Yellen will talk about changes in the entire policy system", watch USD to dive.

A perfect setup would be: EURUSD goes to 1.12 on GDP news, we buy, move a long to breakeven and then get the news from the FED.

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No changes in GDP, no changes for USD. All left to the journalists

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And here comes Big ABCD movement. First target - 1.12

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Big ABCD pattern hasn´t been invalidated

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Big ABCD TP1 reached

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Almost hit TP2. All shorts are at breakeven

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Keeping one short. Even after today´s USD turn, I expect 1.1110 to be hit on the NPF volatility.