Three weeks ago last month on Feb. 29th, I posted on this pair and at the time, I was still waiting for prices to drop into a "critical area" where I thought would be a high probability of a reversal to happen. Here's that chart I posted back then that showed where prices were at the time. At that time, I was still waiting for prices to drop more into the "critical area" before considering any long positions.
Feb. 29th DAILY CHART
Here's the updated . In this chart, you can see that prices dropped right into my "critical area" and has now started to reverse. Can we call this the end of the down trend in what will be the wave (A) of an correction? I would say not yet as we need more confirmation before we can say that. Confirmation will come if prices continue to rise and break back above the long standing MAJOR TL or a retrace back down towards the bottom of this down trend without breaking any lower. Then we will have a confirmation of the end of wave (A) and can safely say that wave (B) has begun.
Want the complete analysis along with when and where I am buying or selling and taking profits? Go to my website and subscribe: http://www.efxselect.com
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!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
If you desire to receive ALL my analysis on pairs I trade and cover as well as REAL-TIME trade signals, consider joining my private group and my members. You'll get REAL-TIME trade signals and analysis as the trade happens and discussions those trades live. Interested? Go to: efxselect.com for more info.
Website: http://www.efxselect.com to subscribe
Go to efxselect.com to subscribe and get these signals in REAL-TIME!
List of my ACTIVE Trades: http://bit.ly/2JkoaR3active
Sign up to mailing list: http://bit.ly/2iNieEY
Facebook Group: https://www.facebook.com/efxselect