A practical application
To my dear husband – oh wait, I don’t have one
From the top, make it drop
On the weekly chart we are looking at a reversal at a major trendline.
The Navy trendline is from connecting the last 3 major swing highs.
So this is a break-out back test. 1.1175 seems to be a particularly important level.
The megaphone (volatility expansion) pattern also hints a reversal. The stochastic seems to have left the oversold level decidedly.
Other weekly info: after a weekly push to the downside buy below the new weekly open any move, but statistically less than a fluctuation-sized move is expected downwards. i.e. 32 pips.
The weekly pivot would be at 1.1247.
On the upside, I would anticipate some setback around the 1.1309-1.1322 area where the market profile steps are too steep.
1.1360 should be reached after some consolidation possibly on Monday.
Things would get really interesting after surpassing God (currently at 1.1342), as that would make Monday a God Day 1 which is not fade-able, and 2 days could certainly take price up to the very top of the second block, at 1.1528 – not seen since the 10th of November, 2021.
If they want to stop this catapult move, they would have to step in with force at the server (1.1336/39) with force utilizing the Wyckoff-Dudikoff-Sosnoff method. The only hope that Obi-Wan-Shinobi has is that the hourly money flow is showing some divergence and the second hump would be three fifth completed upon the dip at the open. This could buy an ABC back down to the 4-H pivot at 1.1204 or even for a catch-up with the H&S neckline, but I don’t think there is any hope to get beyond 1.1158.
I believe you should be very careful with taking downside trades.
…reimbursement for a Mean Monday