I've seen EURAUD trade out of its downward channel.
It has created a wave 1, 2, & 3
Hypothesis:
I am looking for a wave 4 pullback to the purple box, where I have indicated by the blue arrow. Price should bounce from this area and create its wave 5.
This wave 5 will be the final wave 5 of the LARGER Wave 5. (So can be either weak, or extended) If an extended wave 5 ensues, the target specified will be a safe bet.
Risk Management: Take off half at 1:1, and move stops to Break even. Let rest ride to Target.
Trade active
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This trade is live
Trade closed manually
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After 1:1 exit and stop move price has come back to hit SL at breakeven.