Wave 4's are notoriously difficult to figure out as they often unfold in a very complex manner that doesn't become obvious till it's almost done. Even now, my wave count for this wave (4) is still very speculative and can still change. But for now, I am labeling it a complex WXY pattern. There is a possible expanding triangle that is the tail end of the wave and if so, it is only half-way complete. If it does turn out to be an expanding triangle, then there is still possible 2 more waves to go. Personally, I dislike expanding triangles because they are so hard to pick up until you've already gotten caught in the swing as i did in my last trade on this pair which resulted in a -53 pip loss. But cannot confirm an expanding triangle till it completes its D wave.
MY TRADE PLAN
For now, this is much more of a good risk:reward trade based on wave count. I do believe that there is till a wave (5) coming (or just starting now). My stops will go above the latest highs where if prices do go beyond, will invalidate my wave count and force me to again re-analyze. My first target will be the bottom of the possible expanding . This is not to say that I will close ANY positions if/when prices get there. It's just to say that it is where i am expecting prices to get to at a minimum. I am still expecting that prices will eventually get to the bottom of the larger that has been forming over the course of the past several weeks and that you can see more of in some of my previous posts on this pair.
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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