Price is retracing in a corrective structure to test the broken trendline and the lower parallel of an upslopr median line . At that level we may place a buy limit order aiming at the lower quartile of the potchfork where we meet a short term downtrend.
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This setup is no more valid. We lost it for a few pips but it's absolutely ok. We will keep our eyes open for other setups
monday at midnight the pound issues new plastic banknotes, could this send cable up? then if good cpi the next day and boom! whats the weakest fx to cross the pound with next week- gbpjpy maybe? looking to buy on sunday or at the end of day monday to front-run this sucker. thoughts?
Hmmmm.... if I am right, this is now a wave 3. The LONGEST wave in an Elliot wave. And if that is the case, it is going to eat up your stop loss, like a fat kid would a twinkie. You will be right... but not yet... ur timing is off. The third will be long and down, the 4th will be up (corrective) to 32% of the third, and will be going up, then back down to form the fifth.You need to look for the end of that. THEN buy.... Stress free with a small stop zone.
But....that is just me talking. As always... Do what you please. Price action will be the decider here. Love the idea otherwise.