If price reach 0.8742 it will complete another ABCD at todays key resistance. It's my best setup for a trade back down and retest the support where I would love to take a long entry if a proper structure forms.
However on the 4hr chart price has bounced off from an important key level at 0.86872 indicating a rally back up to retest >0.8780? Right now I'm stuck with a short trade taken from 0.8728 which I'm not surprised if stopped out. Price missed target 1 by 1pip.. If ABCD fails to hold at 0.87423 then the rally is confirmed for today and I will have to back off and come back tomorrow.
From the sell entry at 0.8725 to target 1 at 0.87080 that's 17 pips, to target 2 at 0.86878 that's another 37 pips and take profit target at 0.86750 for 50 pips for a total of 105 pips to start the day. We did see price action at key support but not much strength. To be more precise
price dipped another 50 pips and I managed to catch 50% of that wave. Looking at the 4hr chart price has broken the mid trend line and looks to me it wants to retest next key support around 0.8600. I am looking for sell structures inline to that direction.