Hey traders! I've been stalking this one for awhile. The correction began August 16th after a bearish impulse was completed. We saw a quick zigzag and another retracement to current levels. I took the trade with a 5 pip stop and it took off while publishing. There will likely be a pullback to buy, otherwise SL should be calculated manually (I have mine at 1.692). On the primary degree, a large cypher is complete and was followed by a quick pop to signify resistance and the possible completion of ((b)). This is a buy of the pullback of wave-ii on the lower degree in an attempt to ride the wave toward long distance targets (BIG R/R). I am not interested in holding if SL is hit, so any PA below the base of wave-i will trigger an exit. Missed weekly pivots make great high probability targets, as does the gap around the 1.82 area. If lows are breached, I will look for another low risk entry and will publish again. Happy trading!
Trade closed: stop reached
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I'm not happy with price action YET. I still love a long position on this pair and overall short on the Aussie. I'll be keeping a close eye on this one. Updates to come, cheers!