It was not something I expected, but the price created a cup pattern on the 4h chart. The part that is missing is the handle and the upwards move from it that should be at least half the cup size. If we measure the downwards move on the daily chart from 1.24 using the Fibo tool, we will see that a 38.9 retracement is at 1.1720 and that is where the price is headed to. This gives us an idea of where to place our first TPs. Afterall, some of us may have aimed for a lot more after the completion of the 2nd impulse wave.
The current move that started at 1.1298 has already completed a 61.8 Fibo retracement of the wave (high: 1.1748, low: 1.1298). And making the handle could take a day or two. In spite of what happens, however, my opinion is that the price will reach at least 1.1690 by the end of the week. The key issue here is to understand that what will follow is another chart pattern but not the 3rd impulse wave. It will take 2 weeks before we start making plans for a 3rd impulse wave. And even if one happens, it might make a truncation, that is, not go lower than 1.1300.
PLAN:
22/08/2018: LONG, entry: 1.1500 - 1.1600, TP1: 1.1620, TP2: 1.1690, TP3: 1.1720
Once the target is reached go SHORT, TP1: 1.1551, TP2: 1.1455
The current move that started at 1.1298 has already completed a 61.8 Fibo retracement of the wave (high: 1.1748, low: 1.1298). And making the handle could take a day or two. In spite of what happens, however, my opinion is that the price will reach at least 1.1690 by the end of the week. The key issue here is to understand that what will follow is another chart pattern but not the 3rd impulse wave. It will take 2 weeks before we start making plans for a 3rd impulse wave. And even if one happens, it might make a truncation, that is, not go lower than 1.1300.
PLAN:
22/08/2018: LONG, entry: 1.1500 - 1.1600, TP1: 1.1620, TP2: 1.1690, TP3: 1.1720
Once the target is reached go SHORT, TP1: 1.1551, TP2: 1.1455
Trade active:
Right now I am shorting the pair with TP1: 1.1542
Trade active:
The price made a low at 1.1553 and spiked from there to 1.1594.
Trade active:
The price reached Camarilla R3 at 1.1603 and is possibly making a reversal.
Trade active:
The price made a breakout and is heading to TP1: 1.1620
Trade active:
TP2 for Buy orders is 1.1635 (WR3)
Trade active:
TP2 was not reached. It looks like the price is making a reversal.
Trade active:
TP2 for Buy orders reached.
Trade closed: target reached:
TP3 for buy orders was reached at 1.1720.
