In my previous post on this pair, I noted that there is still ore downside to go. Here's the post:
Prices have retraced as expected and reached the MAJOR SR Structure zone. The recent retracement has setup and completed a Bat. This would be a trend continuation pattern. If this bat holds, then the trend should continue downwards. This retrace I am also seeing as a wave iv of (iii). There is a POTENTIAL Crab waiting to be filled below that may mark the end of the wave (iii).
MY TRADE PLAN
I'm taking the short position as a trend continuation trade based of that bat and structure. I am putting stops past the .618 retrace level. If and when prices reach and complete the POTENTIAL Crab, then at the point, I will consider taking profits.
Prices have retraced as expected and reached the MAJOR SR Structure zone. The recent retracement has setup and completed a Bat. This would be a trend continuation pattern. If this bat holds, then the trend should continue downwards. This retrace I am also seeing as a wave iv of (iii). There is a POTENTIAL Crab waiting to be filled below that may mark the end of the wave (iii).
MY TRADE PLAN
I'm taking the short position as a trend continuation trade based of that bat and structure. I am putting stops past the .618 retrace level. If and when prices reach and complete the POTENTIAL Crab, then at the point, I will consider taking profits.
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Twitter: @andrewefxselect
Website: www.efxselect.com