In previous posts and wave counts (I won't suggest any here. Just go look up my previous posts), I suggested that the recent decline was a wave (iv) of (v) and the next move is a wave (v) up to finish off the wave 1 of a possible 5 wave wave (C) advance. Given that, what you are seeing here is my internal wave count for this wave (iv) decline and it is now showing me that the wave (iv) could be over and wave (v) could be starting. That means that we could've seen the bottom.
Of course, I could be wrong as well and price will keep dropping making my wave count completely wrong! Well, so how to play this? I haven't posted any trade idea on this pair because right now, there isn't any price action for me to hang my hat on. But here's what I need to see in order to trade this pair:
Prices need to break out and above the channel it is trading in the wave (iv). Then it should hit the upper of the former that it broke out of before. Prices should then retrace back down to retest the channel's upper . At that point, I would buy because that would be price action.
For now, I am just sitting on my hands and tying some rope around my trigger finger to keep it from hitting the BUY button too soon!
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!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
Sign up to mailing list: http://bit.ly/2iNieEY
Facebook Group: https://www.facebook.com/efxselect