Now the bat has been filled. In addition, I have readjusted my wave count and it shows that now the wave (v) of the ABC 5-3-5 pattern may be completed and that wave 4 has just stopped short of the wave 1 end point. This is a good place to get LONG on this pair. The upcoming wave 5 should be pretty interesting!
For those that are more conservative, waiting until prices actually break through the channel it is currently in (see Related Ideas: "EURUSD: How To Trade The EUR") would be wise. However, I trade what I see. And with the completed bat and my wave count, my charts is telling me to BUY.
MY TRADE PLAN
Since today is Friday, I'm not expecting any major move here. And in addition, by taking this trade now, I will be holding it over the weekend. So there is always the risk of this market gapping down on Monday open. But that is a risk I am willing to take and more importantly, that my trading plan allows me to take. Never break any of your trading plan's rules. Not taking the trade now would not be a bad idea and waiting until the market opens on Monday would be wise as well. By doing so, being that it's Friday, I don't think it would make much difference. But to each his own.
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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