Yes, that's a VERY strong statement but it is how I an feeling about this trade. I don't want to say this trade is any better than any other trade I make as ALL trades I take, I have confidence in or else I wouldn't take it.
In recent weeks, what this pair was doing was just so unclear! It had me and I think EVERYBODY scratching their heads! Well, I don't know who is still scratching their heads but now I AM NOT! I see it very clearly now what this pair wants to do! Well, at least I'm now not standing on the fence about it anymore. The direction is UP, UP and AWAY!
Very early on, about more than a month ago, I was already VERY on this pair. Here was a chart I had posted more than a month ago: You'll see that I predicted that this correction would unfold in a ABC 5-3-5 more than a month ago. Now prices didn't exactly go the way I thought it would back then, but I can't be that good!
Now here is the with the latest price action. Compare it to the chart from a month ago.
DAILY CHART - Overview Of The Corrective Phase
None of the back and forth, up and down movements had changed my mind ever since. No matter what happened in this pair, I always kept that sentiment. And now, FINALLY, I think the stage is set for the BIG MOVE UP in the wave (C). Actually, I believe that the wave (C) has already started and since this wave (C) should be a 5-wave move, what I am seeing is that the waves (1) and (2) has ALREADY COMPLETED. So what does that mean? WE ARE POTENTIALLY NOW STARTING THE WAVE (3) of (5)! And if correct, this is going to be a very STRONG and LONG wave (3)!
Price action has also set up a POTENTIAL pattern with it's C point having just been set at the recent lows. If this is to hold, the C point can't get any lower than it is now. Prices hit the .886 retrace in the G-Zone Reversal of the previous wave up and have now started to reverse. The .886 would've been a PERFECT ENTRY.
So enough with the explanation. I want to keep this brief so I an get this posted for everyone's benefit. I'll do a FULL ANALYSIS on this pair over the weekend and see how it's doing.
MY TRADE PLAN
Simple....LONG, LONG, L-O-N-G! I am holding thi LONG position for the super long term being that I think we are now at the very bottom of the wave (C) and can't get any lower or else I will be completely wrong! And since I am trading this as if this is the bottom, then my stops will go below where you see I have marked the finish of the wave (B). If prices were to cross this point, then I know I am wrong about everything and will need to re-assess this pair.
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 or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. 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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