For a long time now, I know many of you (including me) have been just waiting and waiting and waiting for this pair to stop rising and start dropping. For some of you, you might be jumping on this recent little drop thinking it is just the beginning of something bigger. You might be right but take heed. Most reversals of a MAJOR trend happens without a fight! So don't expect this to just drop!
Here there is a POTENTIAL that looks to soon complete. But notice that it completes pretty much right up against the up trending TL of this major trend. So when prices fill that bat and hit that TL, I'm expecting that it will shoot back up and at least retest the highs.
I actually believe that we have NOT seen the highs yet and that there is STILL more upside to come! What we may see for the rest of this month is just some kind of consolidation pattern around these highs such as a contracting triangle or something and then next month will see even higher prices.
This is just my 2 cents of thought so take it as you will.
WHAT TO LOOK FOR
Look to see this POTENTIAL Bat get filled and then prices to bounce off that TL and head back up. I don't see prices decisively breaking through that TL.
MY TRADE PLAN
I might be a BUYER when that bat fills.
Sep 18th Weekly Indexes newsletter: http://bit.ly/2w2ODMH (FREE Access)
Want results like this? Join us: http://bit.ly/29x4bfM
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.
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.