TRADE: SELL@.68580 SL@.69233 TP1@.65773 R:R 4.5 Risk: -66*4 Reward: +280*4 Trade Ranking: 3.0
A few days ago, I posted about an EED (Ending Expanding Diagonal) that was taking place. In the days since. we have seen massive moves in this pair. Moves that are typical of expanding patterns and…exactly what makes them so DANGEROUS if not recognized as an expanding diagonal in time. But if you do recognize it, you can profit greatly!
Here’s the chart I posted a few days ago. Pay attention to the left chart. That leg D has not completed yet back then:
Here’s the updated chart as of today. From the point where prices were when I posted that chart, prices dropped rapidly right down to where I projected the leg D to complete. And then, BAM! As soon as prices hit that lower TL of this expanding diagonal, prices SHOT up and has now hit a MAJOR Daily SR Structure AND also the MAJOR upper TL of the larger contracting triangle. This point can also be considered the completion point of the leg E and also the leg C of that larger contracting pattern on the above. This expanding pattern was the wave C of the leg C. So now I am expecting prices to fall in the leg D of the larger contracting triangle.
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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