Potential Flat For Long Entry @.382 Retracement ???

FX:EURGBP   Euro Fx/British Pound
101 6 1
Not perfect but, it may be worth a shot.
Where will c wave seek support is the
biggest question left to answer.
(assuming this analysis is right)
Given the b wave height .382 is the
most likely place for reversal.
Stops are a bit of a moving target
so maybe the candlesticks will rescue
me from my indecision !
{and an obvious internal 5 waves in C wave}
2nd target is just short of where wave 5 would equal wave 1
The depth of what looks like wave 3 within wave c requires
an entry lower than the originally anticipated .8319. Probably
down to the 50% retrace or even .618. Just have to watch
and see if this continues to develop with c wave having 5
distinct waves within.
Looks good to me!! got myself a buy order at 8280 towards 8450 with a protective SL under 8233!! good luck!!
Not the 5 waves down I was anticipating but complete, none the less,
and price is at the .618 fib - candlesticks are positive =
so I'm long @ .8375 with stops at .83589
FaultyKid dojitrader
.83589 is the rising trendline for the year. Would you stop loss on the trendline?
dojitrader FaultyKid
From the perspective of structure I can see where that makes my stop
very questionable. From an EW perspective I'm thinking that another wave
down and I'm wrong.(with allowances for spread and a little slopping around)
An interesting conflict to my eyes and will keep me
watching this trade more closely.for signs of failure for a quicker exit.
Thanks for the observation !!!!
I no longer see why I'm in this trade so I'm gonna make it go up
and close out with a couple of pips loss - to re think what's going
on later.
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