It seems we have a confirmed Triangle formed with wave e starting on the Intermediate period !!!
This is a really great opportunity to have such a formation on an Intermediate time frame as there is great profitable opportunity.
Due to the fact that we have just seen significant price action moves during high impact news, in both directions, and the price action is at the bottom of the triangle trend line, I've taken out a LONG position to trade to the end of wave e (whilst moving my SL up). This could take several weeks, if not months, but will be worth the wait and trade, all the way to the top.
I'm expecting violent action all the way up to the end of wave e, in terms of massive fibonacci retracements so my stop movements will very relaxed. Patience is the key here, it is a virtue especially in trading such moves.
My first target is TP#1 LONG, where once that is reached, I will take profit and take a new SHORT position for the downwards Wave 5 move, which should be quite massive, to TP#2 or possibly even TP#3, depending on the result of the Italian, French and German elections.
This is a really great opportunity to have such a formation on an Intermediate time frame as there is great profitable opportunity.
Due to the fact that we have just seen significant price action moves during high impact news, in both directions, and the price action is at the bottom of the triangle trend line, I've taken out a LONG position to trade to the end of wave e (whilst moving my SL up). This could take several weeks, if not months, but will be worth the wait and trade, all the way to the top.
I'm expecting violent action all the way up to the end of wave e, in terms of massive fibonacci retracements so my stop movements will very relaxed. Patience is the key here, it is a virtue especially in trading such moves.
My first target is TP#1 LONG, where once that is reached, I will take profit and take a new SHORT position for the downwards Wave 5 move, which should be quite massive, to TP#2 or possibly even TP#3, depending on the result of the Italian, French and German elections.
Comment:
A possible trap has been formed, awaiting high impact news for both EURO and USD Today. Lets see what happens to the price action, however I'm still confident that we will see the EUR go LONG to complete the Triangle wave e.
However IF the news does take us down, then I'll be taking a short on this to at least the first lower trendline target and will update from there.
However IF the news does take us down, then I'll be taking a short on this to at least the first lower trendline target and will update from there.
* During news events, many times the price action will return to the same place it was before the news event and continue on it's defined route.
* If we look at this particular pair, specifically the upper portion of the channel the price action has been in since 2015, you'll see at 2 points where the price action has broken the upper trendline/channel, giving the impression a change of structure has occurred, but infact price action has returned to the channel and continued on it's normal route. At this current point in time, there wouldn't be anything stopping the same thing to happen with the price action at the Bottom of the channel...
(Note: IF you trade a short, IF it breaks the lower trendline, BEWARE, it could be a bear trap and you'll get stopped out once it goes back into the triangle formation). I don't believe, in my opinion, that the structure has changed, I'm still seeing this as a triangle with a possible bear trap at the bottom trendline/channel.