I was watching this to see whether or not the down channel would hold and it didn't...
Maybe this is the start of a new up wave (of which we may have just completed wave 3 of 1) or maybe this is just an X wave of a larger degree correction. I'm not sure at this point but I'm slightly inclined to say this whole structure looks corrective ... I included some possible counts on chart to show what I mean...
I did short 0.8690 about an hour ago but I think it might go up again so I trailed SL to BE already, I actually hope it completes this cypher so I can get a better short entry...
On this TF we still have room to go up based on stochastics and RSI so it's still possible I think.
Do keep in mind though that patterns like these have a better chance of working when they complete at the end of a correction, which is not the case here... But still, with confluence it is good to short so if I see lower TF exhaustion, ending structures or other signs of possible reversal close to the PRZ then I will take it, without confirmation I will skip it...
Maybe this is the start of a new up wave (of which we may have just completed wave 3 of 1) or maybe this is just an X wave of a larger degree correction. I'm not sure at this point but I'm slightly inclined to say this whole structure looks corrective ... I included some possible counts on chart to show what I mean...
I did short 0.8690 about an hour ago but I think it might go up again so I trailed SL to BE already, I actually hope it completes this cypher so I can get a better short entry...
On this TF we still have room to go up based on stochastics and RSI so it's still possible I think.
Do keep in mind though that patterns like these have a better chance of working when they complete at the end of a correction, which is not the case here... But still, with confluence it is good to short so if I see lower TF exhaustion, ending structures or other signs of possible reversal close to the PRZ then I will take it, without confirmation I will skip it...
Trade closed manually:
Just closed the short I had from 0.8690, we never made it to the PRZ and the pulback we witnissed was significant enough imo to assume that the Cypher completed a little shy of the exact 0.786...
Anyway, profit is banked, waiting for another opportunity now...
Anyway, profit is banked, waiting for another opportunity now...
