First the trade is to the bottom of the current wave. A higher low indicates a correction or trend change. In this pair a long term trend change should be expected. If the pair makes a low for the wave below .70025 (the low for the previous wave) then the down trend continues. This same setup can be used from the top of the next wave down, if there is one. Otherwise, a higher low will be taken as a cue to go long. Should the next wave not produce a higher low, the longer term trade would be negated.
Trade active:
Not much progress since yesterday, except along the timeline. Added at 0.71283. LImit sell waiting at .7164. I am expecting a move towards the upper trend area.
Trade active:
Currently short at 0.71727. Target is still a wave bottom at this point. Once a new low is established that shows a change in underlying trend (higher low is needed) I will close this and go long.