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

FX:EURUSD   Euro / 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)!!):

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.
Thanks for the Nice setup and detail explanation. Very useful for me.
KVE Thet
NP, thanks for the kind words!
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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