First, congrats to all who took the SHORT trade from the Gartley completion. I did not manage to get that trade since I had been waiting for bearish PA which never came. Instead, this pair decided to drop straight down! Drats! I missed out on a good trade but that happens sometimes. No big deal. Always another good trade right around the corner. Llke this one.
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 AB=CD pattern as well. Should prices move as I am expecting, then there is also a POSSIBILITY of a butterfly pattern 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 50% retracement 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.
*DISCLAIMER: 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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Was holding long with the same target since afternoon est. Feel a lot more confident since you have the same opinion on this pair. Do you think that 0.76 level can be a short term target ?
EverythingForex
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Do you mean the .786 level on the upside? If so, then I don't think so. At least, I'm not waiting till then to take profits. Why? Judging from the way prices reversed off that Gartley completion and just dropped without much hesitation, prices really need to head down more. If so, then the momentum is still down. But having said that, it is just my own instincts and experience in reading chart action that is telling me this. And my wave count. Again, it' just my opinion on what will happen. I can be wrong so please don't take my word on it. I follow what I'm seeing until I'm proven wrong. Then I adjust.
AkashGaur
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Very well said sir, always good to know views of experienced traders like yourself. I am looking to take out profits around the 0.7380 mark but now that I see that there is a potential gartley, will have to keep those areas that you mentioned on the chart as well. Thanks for the feedback
AkashGaur
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actually I got the comments messed. Was looking at a couple of charts. Thanks for the feedback, I understand your point now