As far as the wave traders in my eyes, we are found in my opinion what we call a . Legs a and b have already been completed and I am now anticipating wave c. Now as we now corrections can turn out to be very complex and time consuming but my overall bias is to the upside.
Notably another pattern I spotted on the chart is that of a triangular correction starting on the 24th of January 2017 (drawn on the chart), and that occurred at a similar level as the one we are currently found on now and we can again see a triangular correction pattern. If the pair reacts just like it reacted in January then we could be setting ourselves up for a +1000 pip move to the upside.
My personal details:
Long @ E: 1.6360 SL: 1.6280 (80) TP1: 1.6790, TP2: 1.7118, TP3: 1.7840
Trade safe and implement your own due diligence before executing a trade.
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.