Price appears to be moving within an upward-sloping parallel channel on the Daily, and within a 200-PIP horizontal channel between 1.91 and 1.93 on the 4-Hour. Let's see where price goes from here. uk.tradingview.com/chart/FsCy21oY/
@Wicktator, Yes, similar ... I haven't adjusted the Daily sloping channel as you have above, but that is an improvement on mine. Fibo level might also help see price reaction better. Right now I don't see a forthcoming Short trade, except perhaps as a reaction to the 0.618 Fibo? Price Action, as always, will tell us when we get there. I guess we will need a break and retest of the lower slope of the channel before a Short trade is ready. The bottom trendline on the Daily can only be tentative for now, as we only have 2 points really, though the left point is part of a Double Bottom formation. Top channel level on the Daily is a bit better, but still misses the 2.027 High by a little. I do like the horizontal Flip Zone around 1.94-ish.
WicktatorFX
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@loudon3, Thank you for pointing that out! Almost missed that sloping channel. Glad to have you on the charts identifying key pieces of information like that! Great work Paul
loudon3
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@Wicktator, No prob, it is always good to share ideas.
loudon3
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WicktatorFX
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@loudon3, Hey Paul, try taking a snapshot of the chart - should be on the top right corner (camera icon). Can’t seem to open your chart as it says you haven’t enabled chart sharing..
would love to have a look at your view!
loudon3
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@wicktator Sorry about that, I've now enabled Chart Sharing so you should be able to see the chart now. If not, herewith as a snapshot
WicktatorFX
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@loudon3, That's a great chart. I like how you drew the zones. If we break that bottom blue zone, it could come tumbling down. There's this elliot correction wave called ABCDE which usually looks like a wedge. I think we could be seeing that on the bigger timeframe