Since I posted that chart, prices had moved as much as +249 pips but have now dropped back somewhat to "only" +110 pips. So if you were to take your profit and run now, you'd still have made at least +100 pips from that post. But what was that post about? It was about catching a "wave 3"-type movement up, wasn't it? Well, then where are prices now in relation to that "wave 3" movement? And is there more pips to be had? That's what I'll try to answer today.
WHAT'S HAPPENING NOW
In the main chart above, you see two POTENTIAL patterns: a Perfect and a Bat. If you look at my update wave count for the continuing wave 3-type (wave C) movement up, you will see that I have the current retracement marked as a wave iv. If my count is correct, then we can expect a wave v to start when wave iv is done. So that means that the answer is YES! There is MORE pips to be made on this pair. The wave iv would be expected to end at the completion of either of these patterns.
OVERVIEW - DAILY Chart
First, refer back to that post again I did 14 days ago. I also posted about there being 3 scenarios that prices should unfold that I thought had the highest probabilities of working. One of them, Scenario #3 called for a contracting . Remember? If not, go take a look at that post. Right now, that is the scenario that is looking more and more likely to occur. There's still much more information I need in order to make that determination but I think we'll have that answer soon. So here, I've created another showing that . I also included 2 of the 4 that I had posted about 8 days ago (see Related Ideas: "ANALYSIS: EURUSD: Whole Lots A patterns point the way UP! "). The and the bat.. Both of these patterns will complete at or near the upper of the contracting triangle and should prices decline from there, then we could have confirmation about the Contracting Triangle scenario being the most likely to complete.
CONCLUSION AND MY TRADE PLAN
Being that I'm already in LONG positions from before, I will be looking to add a couple of more LONGS at the completion of . Why the and not the bat? I'm already in the money as far as this trade is concerned so there is no risk of loss for me (unless you are counting loss of "unrealized" profits). So the drawdown from the to the bat is already taken care of and does not affect my initial capital. This is called using other people's money, folks! With full confidence that there is a wave v up coming, taking the trade to add more LONGS here is a no-brainer.
Year-to-date Profits: +5,794 pips.
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