This is a "quick" LONG trade as prices need to retrace that nice drop now before making another drop to finish off this wave 4 retracement. Then it will be free to make a MUCH bigger move up in a wave 5. But first things first. This move up I am not expecting to be very large. Only abut 70-90 pips move. Then I am expecting another leg down to complete and ABC pattern and possibly an pattern as well. Should prices move as I am expecting, then there is also a POSSIBILITY of a that would form. Too early to say for sure but will just need to wait and watch.
Here's the overview of what I am expecting:
MY TRADE PLAN
I am LONG on this pair but only up to about +70 pips or so of movement. I'll be looking to take profit at the point of the previous leg down. Stops go below the end of that leg down.where i have marked the end of wave (c) since if prices were to drop below there, then likely the move down is continuing.
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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