As I see it now we don't have any clear signs of a reversal of the current uptrend yet. An might be in play also. Several scenario's are possible: we could break the lower timeframe and go towards the higher timeframe or we could go further up through the top boundary towards completion of a possible and then down...
I'm currently favouring a further move up to complete one of the possible bats drawn on chart. Especially since I don't have confirmation yet on a possible reversal from the oscillators. I would really like to see some good divergence before shorting this pair.
I will adjust my targets and possibly also my SL depending on the level where the possible reversal occurs.
I could miss the initial entry if it turns out that PA reverses on completion of the smallest bat, but since my SL would preferably be above the highest high I'd rather miss the entry then to get a less favourable R/R ratio. There will always be another chance to get in on a trade.
There are alot of on the chart so don't mind them too much, they're just there for reference and to possibly adjust my gameplan depending on the reaction of PA around them. The red arrows are potential alternative scenarios.
I am looking at this now but I'm a bit worried though that we might see some more sideways movement between 1.4920 and 1.5100...
I think Iwill wait for confirmation and a confirmed break below 1.4900 to short this pair.
If we go back up I will short from 1.5080 with SL around 1.5120 or so.