Simply stated: This pair is getting set to make a MAJOR MOVE to the upside! I've already made over 1500 pips and $15K on just the very beginning of this move. And I intend on making A LOT MORE as it progresses.
This 4 hour chart is just a snapshot of the current move up. You really need to see the bigger picture to understand why I am now VERY on this pair. But for those who are impatient, what you are seeing up on the main chart is the move up I have labeled as an incomplete wave (1). So far, it would seem that we have only seen the wave (i), (ii) and ( iii ) of wave (1). Wave ( iii ) seems to have been stopped at a upper TL of a larger (seen better on higher TF below). Before this wave (1), there was a completed expanding diagonal (purple TL's) and a completed 5-wave leg E of the larger as just mentioned.
Aside from the and the expanding diagonal leg E within it, there is also a completed pattern (violet color). You can see some advanced patterns also but I will discuss them below in the higher TF's.
Please click on each chart to get more analysis:
8HR Chart - Describing My Trade For Over +1500 pips: The How's And Why's
Sometimes the best way to explain something is to tell a story. So here on this chart, I will tell the "story" of how I managed to capture over +1500 pips on this starting move.
DAILY Chart - The Big Picture: Why I Am Bullish
WHAT TO EXPECT
Now that it seems that the initial move wave (1) of a possible larger move up has commenced, I am expecting that we will be seeing prices drop back down slightly and complete the wave (iv) of (1) and then up again in a wave (v). But this being a wave (1), after it completes probably around where I show it completing, expect that the wave (2) that follows will be deep and may retrace almost all of wave (1) retesting the lows. When it does this, provided the lows aren't broken, buying the end of wave (2) will be the main objective.
MY TRADING PLAN
I'll be looking to BUY again off the finish of wave (iv) to catch the wave (v) of (1) back up. Then, I'll be looking to SELL the wave (2) back down. If successful, I'll be able to capture at least another +1000 pips hopefully. But the REAL PRIZE will be to BUY the end of wave (2) and be in the very beginning of the wave (3) up
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Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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