Last we saw this pair, it was working on it’s wave 3 still. At the time, the wave ( iii ) of 3 seemed to have just completed and I was waiting on the wave (iv) of 3 to finish to try to catch the wave (v) of 3. I missed the end of the wave (iv) as it turned out to be VERY brief but consistent with the nature of the impulse wave. But wave (v) of 3 turned out to be the feared EED! I was too late in recognizing it to do anything with it.
TRADE: Sell@.76350 SL@.76809 TP@.74356 R:R 4.3 Risk: -45*4 Reward: +199*4 Trade Ranking: 3.0
But here we are now though. Looking at the end of wave 3 and quite possibly a 5-3-5 ABC wave 4 as wave 2 in this count was a flat.
So here in this 4HR chart, you can see the breakdown of the subwaves of this up trend. Thing to notice is as I said above, the wave 2 can be broken down into an expanded flat. Yes, there are other ways to count it but this is the way it makes the most sense. So being the is so, then the wave 4 should be a according the Theory of Alternation. The wave (v) ended up being an EED and one thing that is characteristic of EED’s is that when they end, the reacting wave following is usually quite explosive!
There is also a COMPLETED that I had pointed out in my previous post on this pair that got filled during the leg E of that EED .
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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