KVE
Long

EUR/USD: Finally wave 3 breakout? Looking to add longs!

FX:EURUSD   Euro Fx/U.S. Dollar
821 4 14
I've been looking for confirmation of the start of a new impulse wave up for some time now, see my previous posts on this pair and the possible start of a wave 3 up!

Today we had a breakout in any case and this might be the one I was looking for. I already have some longs running with entries at 1.0610 and 1.0810 (partial profits booked) and SL just below 1.0900.
I have today entered a new long with target 1.1380 and SL below 1.0900, as per the long setup on chart.

I am now waiting to see if we get some consolidation and will probably add new longs if a smaller timeframe breakout setup presents itself (see the red line and bar pattern on chart which is only there as an example, not a prediction!).

Up target is 1.1380, where I have short orders ready based on a possible bat completion (also see my previous idea's) with fib extension and projection confluence and a possible trendline re-test! Main target for the bat short will be support around 1.1050-1.1080. I will adjust my target(s) once the bat completes and a reversal is confirmed!

Longterm setup here (TP1 reached, TP2 very close..., TP3 is the one I mentioned here above (1.1380)!!):
EUR/USD weekly update: bullish bat at longterm trendline?


Trade active: Closed 50% of the last long from 1.1065 at around 1.1240 after the initial NFP spike where a double top would have formed.
Closed another 30% just before the close due to the bearish NFP reaction/reversal.

Leaving 20% open for my up target at 1.1375-80 along with the small longs from earlier idea's with entries at 1.0610 and 1.0810. I'm reluctant to close everything and to trail SL since I still believe in my long setups! But stil the NFP reaction was quite bearish so we'll see! SL for that 20% is at 1.0980 now, Depending on PA and my scheduled shorts I might or might not shift it to BE...

Looking for shorts now based on the bearish NFP reaction and possible triangle formation (will post later). I think we could retrace to 1.1050 or possibly have a bearish reversal if we get convincingly below that level so I want to take small shorts to hedge still outstanding longs and jump on the short (retracement?) train while it lasts.
Nice....
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KVE PRO IDEAL
Thanks, this could be a nice close of my longterm long!
It will be very interesting to see what happens at that trendline, if we ever get there!
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Thanks for the Nice setup and detail explanation. Very useful for me.
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NP, thanks for the kind words!
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