So there are a few opportunities. Let´s start with Entry 1.
1: The buy orders of peoples set to the white trendline-break upwards will trigger the Stops of the guys that gone short on yellow Doji ( stops are just above the Doji). A fast upwards move would be the effect. Target would be around 1.187. There is a 1.272/1618 Fib-confluence (Butterfly).
2: A triangle forms (white). Entry at E with tight stop and enlarge long position by the upwards breakout of the triangle.
3: if a Butterfly-Pattern forms it should be traded too. But even if not there are some other arguments to Short around 1.87 – 1.89. You have to watch below in Comments at the picture to get the idea of it. This position could be holded for some days. With stops above Yellow line and purple 0.382. The 0.382 is the retrace of my W3 on daily-timeframe. It´s not a secret that 0.382 of W3 is the End of W4 most of the time. The yellow line that you can see in the upper right corner is a parallel channel from daily W1 to W3 to W2. That´s also a good technique to get an Idea where W4 ends.
1: The buy orders of peoples set to the white trendline-break upwards will trigger the Stops of the guys that gone short on yellow Doji ( stops are just above the Doji). A fast upwards move would be the effect. Target would be around 1.187. There is a 1.272/1618 Fib-confluence (Butterfly).
2: A triangle forms (white). Entry at E with tight stop and enlarge long position by the upwards breakout of the triangle.
3: if a Butterfly-Pattern forms it should be traded too. But even if not there are some other arguments to Short around 1.87 – 1.89. You have to watch below in Comments at the picture to get the idea of it. This position could be holded for some days. With stops above Yellow line and purple 0.382. The 0.382 is the retrace of my W3 on daily-timeframe. It´s not a secret that 0.382 of W3 is the End of W4 most of the time. The yellow line that you can see in the upper right corner is a parallel channel from daily W1 to W3 to W2. That´s also a good technique to get an Idea where W4 ends.
Comment:
The W III is a 2.414 (SQRT(2)+1) Extension of W I and 3 projection of W II. That´s imo to long to be a B instead of a W3. Subwaves of W III are drawn in White
Trade active:
So the buyorder 2 get triggered. I change to short if stop get´s triggered. Butterfly can be dismissed. symetrical triangle can be dismissed. descending triangle possible.
Trade closed: stop reached:
+ 30 pips. Trailing stop Triggered. watch out for reenter