Above chart is my probable wave count breakdown of the final 5th wave of the wave (c) leg of the abc zigzag pattern.
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 bullish cypher pattern. If prices exceed 1.13670, then this cypher 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 trend line of the triangle pattern. 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 trend line. 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 bullish scenarios. But even now, it is looking highly likely that the upper trend line 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!
*DISCLAIMER: 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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sir i must appreciate your trading calls. your call on aussie was spot on. only prob is I get caught in the rally in eur/aud when the euro suddenly rallied and aussie suddenly fell in hours before employment data. got chopped on eur/aud. so did not think of trading aussie. if i am correct ur target on the aussie is 0.73 rite?? are you looking for levels above??
MILAD-FX-26
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MILAD-FX-26
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HELLO MY FRIEND, THANKS FOR IDEAS GOOD YOU
I agree with your previous ideas and new ideas about the EUR/USD And I have the same view.
And into position SELL,but Unfortunately,the now we have price rise, In your opinion, how far price rises
will have? thankyou
juanclos
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If 1.13369, then 1.1302 objective, should be respected on hourly closing basis; afterwards keep an eye on the velocity and behaviour to reach 1.13369 if buyers are too anxious it will be fast and bears will overcome fast.
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.