1. COMPLETED (purple)
2. Prices are now within the PRZ of a COMPLETED (yellow)
3. Prices are within earshot of completing ANOTHER (blue)
4. Very near to completing a POTENTIAL (black outline)
5. Prices are hitting the top of the contracting triangle
6. Prices are within a zone between the top of the triangle and the MAJOR SR Structure that is also the BAMM line of the larger POTENTIAL on the DAILY TF
7. The is extremely OVERBOUGHT
8. COMPLETED pattern (red)
You know, if I looked deeper, I'm sure to find even more reasons to SELL! But really, do you need any more? Now, there are times when we have lots of reasons to make a trade and for whatever reason, it still doesn't work out. Some may say it's too obvious and that it can't be that easy! Well, my response to that is you must trade what you see! Don't overthink it. I've said it before many times and I'll keep saying it. No matter how many patterns, lines, fibs, etc. I draw on the chart, the market will do what it will do. Think of it this way....given all of the above factors...WOULD YOU BUY???
MY TRADE PLAN
I've made a killing off this pair in the last month or so. It has been so predictable! No reason to stop here! That's not to brag. It's to stay confident and positive about what I am doing. I have closed all LONG positions I have held till now. It's NOT because I am expecting any major reversal. I am not. In fact, I am still VERY on this pair. But after having bagged almost 1000 pips, it's a good time to take profits and then look for another chance to go LONG. But for now, I am going SHORT in the case of the being completed. However, I am very, very aware that the scenario is a real possibility and I am prepared to close any SHORTS in favor of going LONG again should price action tell me so.
If you are not already SHORT by way of the trade I posted last week (see Related Ideas: "TRADE: SELL@NOW UPDATE #1: EURUSD: Wave (v) Projected Ending", then a good time to get SHORT would be any price now or you can wait a few more pips and see if the higher POTENTIAL will fill. It's very close to being completed so if you really want to get in the SHORT trade, trying to save a few pips by waiting really doesn't make much difference.
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. 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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Central banks are going to be challenged. The "sure thing" carry trades will be forced to unwind.
I like we can see something similar happen, but I'm more position-based than day trader. Sooner or later these moves have to be digested and could make great flips!