After bagging combined +106 pips on the gartely trade, followed that up with the being filled and a very quick TP1 hit for another +35 pips. So now what next?
Well, first a little bit of context as to what is happening right now. Back-to-back patterns happen for a good reason....consolidtion. Advanced patterns work exceptionally well during these times when the market is moving sideways. And right now, that is exactly what this pair is doing. Basically, we are in a consolidation wave after a nice long impulse wave down. This consolidation wave COULD BE unfolding as an ABCDE symmetrical triangle. I've marked it on the chart. And within this triangle, prices could be tracing out wave D down after finishing wave C.
In terms of patterns, the was within wave C. Now in wave D down, I've marked up a POTENTIAL pattern that just happens to complete right down by the lower upwards sloping of the triangle pattern! If this does happen, then it's a pretty good confirmation that we have a trianlge pattern here.
So in short, I am SHORT per the just completed and holding for TP2 while bearing in mind the POTENTIAL ahead.
Year-to-date Profits: +5,794 pips.
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