Yes, OVERALL BIG picture is that for this year, EURUSD is still looking to move lower. But what you want to know is what is to happen NOW, right? You aren't all that concerned about what is to happen 9 months from now, right? Ok, so what you are seeing in the chart above is that I am expecting a move down to further retrace that large move up recently. When you see such a large quick move up, the market usually looks to take back a lot of that move. And that is currently what is happening.
In this internal bat count scenario, that large move up I am labeling as a wave a of an abc pattern in the Leg C of a POSSIBLE Triangle that is developing (see below). After that wave a completed, prices are now declining to retrace that wave a in a wave b. Within that wave b, there is a abc developing with the wave (a) and the wave (b) complete. Prices are now in the wave (c) down.
The main pattern here is that large POSSIBLE Bat (yellow) that is forming its' C point as prices decline here. Speaking of declining prices, there is a POTENTIAL Bat (green) that is in play and prices are now declining in its' CD leg. If or when this bat does complete or wherever it is that prices do stop declining, that will define the end of wave (c) of b and the end of wave b. That would mean that that large wave c up will commence.
Click on each chart below for more analysis:
MY TRADE PLAN
At the time, I am already in on a SHORT trade looking to take advantage of the retracement of that wave a and the CD leg of that POTENTIAL Bat (green). I am looking to get out of the SHORT trade somewhere before that POTENTIAL Bat does complete as there is never any guarantee any pattern will complete. But as it nears that bat's completion, I'll be looking for signs of a reversal. It's worth mentioning that there is a MAJOR SR Structure coming up just below where prices are at the moment. Now, there is a possibility that prices may not make it through that structure and bounce from there and reverse and head up. So when prices reach that zone, must pay attention to what happens next. When it does, that will be the 3rd touch on that level.
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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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