In my previous post, I had mentioned that I am waiting for a pullback before I look to get SHORT in this pair. Well, that pullback is now in progress. This pullback looks to be a wave 2 of a wave 3. So if this is correct, the next move down will be a wave iii of 3! As close to a gold mine as we can get in trading! But first to deal with where is a good place to get in with as little risk as possible. For now, I am thinking that a pullback into the .618 - .786 retrace of wave i may be a good place to look for as it will also meet a developing TL.
MY TRADE PLAN
Given that I am looking for a SHORT trade here to follow the CD leg of the down and my wave count is calling for a wave 3-type move down next. I am intently looking for a good entry point. I'll be watching for price action starting from the 50% retrace of the wave i. If I see PA at that point, I may take a short trade there as it isn't to far from the .618 or .786 levels.
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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1.16? Show why. Or are you afraid to be accounted for your comment? This is the kind of people that will brag and boast about "I told you so" if they are correct and will just disappear from sight if they are wrong. What use is that to anybody?