However I don't like the price action in all Euro pairs up to the ECB press conference ( moves during today's London session). I trade structure and most Euro pairs show me an overall bias besides EURAUD at the moment. So I took another look and I think that this consolidation is not over yet. If it is I have to let it go because I simply don't like trading this structure and chasing a trade is unnecessary. We made a lot of profit last week with several calls (percentage and risk/reward wise because pips don't matter when running a business) and I rather stay aside and enjoy my day then trade a structure I don't like. Ascending corrective structures are not the corrective structure I like to trade because the risk of a sharp reversal is high. I will only trade this from the bottom and was not able to that because I did not see an entry according to my trade rules.
So the scenario (or comparable structure) I drew in the chart is what I'm looking for in terms of a potential trade set-up. I need price to make another low for wave E to trade this pair long. Otherwise I have to wait for the continuation and next consolidation to trade this pair from a lower time frame.
updates will follow.
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