Now that prices are nearing the completion of the , I am closing that position pending a coming wave 2. I think that this wave 2 should retest the bottom TL of the broken expanding I had mentioned about in my previous post and that you can see in the above chart. It also happens that the retrace to the bottom TL would be at the .382 retrace of that CD leg and would also be the TP1 of the . Should wave 2 end there, then we should see a STRONG wave 3 down.
MY TRADE PLAN
Closed the SHORT position on this pair that I had and will wait for the to complete. If or when it does complete, I will take a LONG position on it to hopefully capture pips on the bounce up to the bottom TL of the former triangle where I think wave 2 may end. Then I will be looking to SHORT again.
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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