I am showing a POTENTIAL pattern here that would retrace more than 80% of the preceding wave ( iii ) finishing near the .886 retrace of that wave ( iii ). So in effect, I would be trading on the CD leg of this . However, I am not confident that prices will retrace that far. It's just a possibility. I do believe that prices may at least get to the B point line of that as that point also represents a MAJOR Structure level. So if/when prices reach that point, there may be some reaction. Same goes for each fib retracement level of the preceding wave ( iii ).
May I remind you that this pair is STILL in a MAJOR downtreend and I do believe that there is still another move down left in this pair in a wave (v) to complete the MAJOR downtrend. So be aware of that fact and that at any time, this pair may turn back down regardless of my wave count, patterns or structure!
MY TRADE PLAN
I am already LONG on this pair and looking for prices to at least reach the B point line. At that point, I will be looking for some signals of a reversal back down. If/when prices reach that point, I will move my stops to break even and watch for prices to see if they will close above the B point line. If so, then wave (iv) may continue further up before finishing.
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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