My answer: Yes, I'm looking LONG until the first is completed. Then I'll look short! I don't normally play the CD leg pattern completions. And in this case, although It may look like I am, I'm actually waiting to take a LONG position based on a a completion in a lower TF (15M TF). I call this a trigger Bat because I don't play it for target 1 and 2 since the pip potential is too small for the risk. It's ok, if you are a scalp trader which I am not. I use it as a "trigger" to go LONG on this pair for a larger move up.
History repeats itself. Over and over again! Most all is based on past market behavior. theory is based on this fact and that the market moves in fractals. If you believe in the theory, then here you can see that we are currently in a repeating pattern of one smaller degree. In addition, the will complete at the . of the previous leg down...similar to the first you see here does.
I am taking a LONG position on this pair upon completion of the "trigger BAT" on the 15M TF as I mentioned above. If I get filled on this order, I will hold my position LONG until the pattern gets completed and then close out 50% of my LONG position and see how prices react at that point. If prices head back down from there, I'll go SHORT for target 1 and 2 of the and then look to go LONG again for the .
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