As far as reasoning here is right there is an option to tripple your account only with this pair for next 2 years.
The wave (I)(II)( III)(IV)(V) is just entering the impulse state at ( III).
I'm not into divergencies , but here on MACD and RSI monthly is how i justify that this wave (I) is part of (I)(II)( III)(IV)(V) impulse. Additionally the move marked with simple white line is negated by (I).
So in my humble opinion we are going to have a rally to at least 1.1800 for the wave ( III)
DETAIlS below:
The wave (I)(II)( III)(IV)(V) is just entering the impulse state at ( III).
I'm not into divergencies , but here on MACD and RSI monthly is how i justify that this wave (I) is part of (I)(II)( III)(IV)(V) impulse. Additionally the move marked with simple white line is negated by (I).
So in my humble opinion we are going to have a rally to at least 1.1800 for the wave ( III)
DETAIlS below:
Comment:
Weekly view with one lower degree wave structure I-II-III-IV-V. , which i consider jutified by the complicated corrective pattern you see below on daily
Comment:
So I'm totally not claiming that this corrective patern is the right shapes according to the labeles, but i'm pretty sure it is over. with low of II higher than (II).
And right now we are in the deveolopment of the firts impulse of 1-2-3-4-5 encircled.
And right now we are in the deveolopment of the firts impulse of 1-2-3-4-5 encircled.
Comment:
here is where i'm unsure about the correctnes of the count of (1)(2)(3)(4)(5) , whith most probably wave (5) going into extension. However the encircled 12345 is Ok.
The trading idea is to wait for that pullback and enter a BUY. I think proper area for BUY will be price between FIB 0.5 and 0.618
*FIB grid is not updated on the screenhot. Anyway we are talking for price abouve 1.04 , when the correction occurs.
here is where i'm unsure about the correctnes of the count of (1)(2)(3)(4)(5) , whith most probably wave (5) going into extension. However the encircled 12345 is Ok.
The trading idea is to wait for that pullback and enter a BUY. I think proper area for BUY will be price between FIB 0.5 and 0.618
*FIB grid is not updated on the screenhot. Anyway we are talking for price abouve 1.04 , when the correction occurs.
Comment:
I personally decided to jump on the train on 1.495, since i did see this too late.
Got lucky, have my stop at break - even and hope to move it at profit. However i will be reentering as soon as the pullback finishes.
Let you know about that.!
Got lucky, have my stop at break - even and hope to move it at profit. However i will be reentering as soon as the pullback finishes.
Let you know about that.!
Comment:
Moved SL in profit - 1.0525
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Moveint SL to +15pips
Comment:
To me, there is a valid wave 1 encircled denotation. I't might extend, pretty much looks like. So i'm adding a buy limit @ 1.05189. NO SL here. I will update tomorrow morniing. if the big rally is on wave 2 will come down to 1.0418. Given the size of my position and my free account balance i can hold for 100pips agains me.
Have a mental stop loss here right now, in case triggered in next 12-14 hours.
Have a mental stop loss here right now, in case triggered in next 12-14 hours.