Obviously, these patterns are now INVALID in my first post on this trade.
So now we must look to my alternate wave count that I also posted earlier today:
Here it is updated with the latest price action AND I have also added a POSSIBLE POTENTIAL pattern. If prices exceed 1.13670, then this will also be invalidated.
MY TRADE PLAN
For me, nothing has changed on this trade. I am still in the trade since I have placed my stops ABOVE the upper of the . On the 60 minute chart, you'll see I laid out the fib expansion targets from wave 1 of the wave v. You'll notice that the 2.0 fib expansion falls right near the upper . The next fib ex level would be the 2.24 @1.13849. That will be my stop. Anything above that and I will start looking t scenarios. But even now, it is looking highly likely that the upper of the triangle will be reached.
P..S. I will be holding this trade over the weekend. And this will be my last post for this week on this pair. Have a nice weekend all!
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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Year-to-date Profits: +5,794 pips.
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Usually bull positions are built step by step, if too fast are less valid as are purely electronic orders and the proper orders from bears put stops in execution, quickly destroying the price.