This is a guest blog post by one of our prop-trading students. His name is Michael Ifoglou and you can follow him on twitter for more trading analysis! Join the best traders! My trading approach by Michael Ifoglou
In the monthly chart, there is a TL (blue arrow) coming up since April 2001 and moreover, a TL coming downside from July 2011. What I can notice is that there are two classic patterns (yellow lines) both saying their stories.
The first one is a bearish flag (dashed and its parallel line) which means that the pair is in the correction of the previous downtrend and it will continue lower. The second one is an ascending triangle that together with the upside TL shapes an ascending triangle bottom which can reverse the previous trend. I think this scenario has better possibilities.
In the weekly chart, there is a harmonic ABCD pattern with both targets in the chart. The first TRG can be reached easily. I am focused on the 2nd TRG where the pair can have a throwback from this level in order to validate the Harmonic pattern and retest the upper line of the triangle. That will be a good development for the continuation of the trend higher to 0.86.
In the closer look, at a daily chart, the pair is moving higher since last December. I think that it can continue a bit higher before a correction.
PS 1: We shouldn’t have any trading bias about the direction of the trend. We analyze and execute according to our plan and risk.
PS 2: By the time you read this article, the pair is reached the 1st long-term target. It was written on 14th of January.
I am a twitter guy, @Michael_Ifoglou and I will mention some words about myself.
“My name is Michael Ifoglou and I am civil infrastructure engineer specialized in trenchless projects. I was in the project in 2011, working on my laptop when I noticed an advertisement about the forex market. That was the start of my journey. I was trading in demo accounts, gaining knowledge from books, videos and blogs about indicators, candlesticks, patterns, waves and everything else in order to be profitable. In early 2014, I started trading, in real account, the Greek Stock Market and since last September, I am focused on the Forex Market.
PS: I am a self-taught and amateur trader who shares his insights about trading.”
