There is also a larger pattern that completes almost right on top of the . So you have 2 very high converting patterns converging at the same point just about. Will this cause some kind of reaction to the downside to occur? We'll need to wait and see watching the price action as those 2 patterns get filled. Long term, the wave (C) still has a long ways to go to the upside so I am VERY on this pair and have been for weeks now.
MY TRADE PLAN
I have been holding LONG positions on this pair for weeks! And I will continue to hold those LONGS. But when prices reach the 2 patterns and fill them, I may move to open some SHORT positions to take advantage of possible retracements.
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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I'm not bashing fundamentals of course. Being that I do have an economics background, I do pay attention to what is happening fundamentally, But I do not base my trades on the news reports. If there is a looming high impact fundamental news pending though, I will be more cautious in my trading. That's about the extent that I apply fundamentals. Remember, trading needs to be objective and mechanical as possible. Fundamental news reports are just too subjective in interpretation to be that useful. Case in point. The last NFP, the result was worse than expected which should've caused weakness in the dollar. Yet, when the numbers came out, the dollar rose. Go figure! If you went and read from the "experts" why, there were so many conflicting and differing reasons why that it made my head spin.