Price is finishing a 5waves move up, so, now should make a 3waves move lower. Each of the moves lower are composed as 5-3-5, as drawn in blue.
Alternate count suggests we are in a Expanded Flat, in wave ((b)) wich, ideally, should not go above 0.7356 (1.382 Retracement) and preparing for ((c)) lower.
Trade Setup for first count :
* Entry : Wait for pullback to 0.618 Retracement. * Stop : last low. * Target : to be determined (around 0.74 to 0.75)
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Alternate count not valid because the ((b)) is not a 3waves move.
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Gap at market opening. Price has a tendency to fill it.
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Gap was not filled, but we got a better entry at the 0.618 - 0.786 zone. 65pips down already. Keep an eye on the target zone.
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Shit ! Wrong post. Update : +87pips already. Move Stop to 0.7278.
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Price missed the Stop by 0.1pip !
Trade closed manually
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Taking profits at 0.7253 because I think the Stop will be touched anyway so better take some more pips right now. +53pips
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Now wait for pullback to end before starting to build up longs again.