AUD Weekly and 3-day patternWeekly lows support...
But because of the breakout pattern on Tuesday and the swing back up on Wednesday to retest the break...
I favour a down day on Thursday :- 3-day filter resistance
AUD 3-day pattern and spiral filter
I haven't updated the spiral filters for a while, but I want to remind some traders or those who haven't seen them before how they work.
Forex is a 24 hour market that provides a number of patterns throughout the day, but it doesn't always suit the person depending on their timezone.
The reason why I use 240 minute bars is because they provide patterns that move over 4 hour periods that can result in breakouts or pften price only moves 41 pip ranges.
Using Wednesday as an example:- price rose up towards the Tuesday break in the first 4 hour period but then reversed down.
This matched a probability pattern, but was also confirmed with the spiral filter top.
The weekly supported price, but it wasn't until the spiral filter matched support that buyers came in.
The Trading trading the breakout pattern and using the retest and reject pattern would have shorted the Spiral top and taken partial exit @ 41 pips and now be holding
Euro Weekly and 3-day pattern
Weekly lows support, and Wednesday moved back to retest the break from Tuesday, therefore the expectation is to continue down on Thursday
Euro 3-day pattern and spiral filter
Currently the best set-up short would be to move back towards the 3-day filter.
There is a Spiral low on the open of this 4 hour period, but not near support or resistance
If the spiral low rises upwards in this 4 hour period, (41 pips) then it should hopefully stall around the brown filter matched by the 5-day 50% level and then continue down, as part of the Thursday down move.
If this 4 hour period moves down into blue support, then there wouldn't be a matching spiral filter, as it has to move 90 pips down.
Basically the trader understands where price is trying to go, but then simply waiting for the set-ups to unfold.
Trading longs around the blue filter is higher risk because of not matching spiral filters, but there still could be a rise upwards, if it's matched with an R41 low and a 4 hour low.
GBP Weekly and 3-day pattern
Looks like GBP has found support and could move back towards the 3-day filter.
Use blue filter as a support and trend guide.
3-day filter is viewed as resistance, but because price is rising up from the monthly lows, this could be less likely.
