Although I managed to stay away from the craziness from the beginning of the wave 2, trying to catch the ending of it has recently got me somewhat confused. But that is the nature of corrective waves. Most traders (including myself) tend to lose money during those waves. Trick is to control the losses.
But here, what I am doing is trying to get the best possible entry into what I believe according to my wave count to be an upcoming wave 3 move. This pair STILL has more upside to it to finish the final wave V of the main trend. I believe that it is pretty close to the top soon but still not yet. I know that there are those that are saying that the top is in. I'm not one of them. So here, I am AGAIN taking a LONG position now in this pair hoping to catch the beginnings of a wave 3 move. Looking at the wave count and the recent price action, this entry is a pretty good value entry. I've taken the entry as there is a COMPLETED that has just completed and also seeing price action now. There is also a POTENTIAL that is NOT filled. Missed the D point by only a few pips.
The recent break down out of the larger triangle could be a false break as well as a true break out of the smaller ending triangle (red TL's) which has reached its' profit targets. If prices do continue up, it will reach a CRUCIAL POINT (marked on the chart) where it will retest BOTH of the contracting triangle. Should it break through this point, LOOK OUT! We could be looking at a substantial move up from there!
4Hr Chart Overview Of The Recent & Current Consolidation
MY TRADE PLAN
I'm now LONG in this pair and am watching the price action from now until the FOMC to see what it tells me. If prices should reach the TP1 and/or TP2 of this bat before the FOMC, I may err on the side of caution and close this trade either partially or fully depending on PA. I am putting my stops below the 2.618 fib extension of the in case prices do fall back down to complete the . This is a point well within the PRZ of the .
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 will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
Sign up to mailing list: http://bit.ly/2iNieEY
Facebook Group: https://www.facebook.com/efxselect