Selling this pair as there is a clear ABC correction developing with a clear bear flag wave b. Just waiting on a break of the wave b flag TL to see prices take a dive. But it is a nice trade right now if you can afford the possible drawdown.
However, if you are risk averse and more conservative, you might wait until prices do actually break that wave b TL.
WAVE COUNT The highs on this chart I have labeled as the end of the wave III. That means that this correction is a wave IV. I have this wave IV as unfolding in an ABC pattern with the wave a already complete and prices now working on the ending of wave b. This wave b is retesting the highs and has already reached the .886 retracement of the wave III. After the wave b is done, we should see a nice wave c down probably right to some significant TL's.
PATTERNS There is a POTENTIAL Bat that is waiting on its' C point to be established. Once the C point is establilshed, we should see prices decline along the CD leg of this bat. There is a larger POTENTIAL Butterfly that has NOT yet been completed although prices came close. I believe that it will get filled but later after this coming decline is done and a wave V up commences.
There is also a AB=CD pattern that as of this post, would complete at 0.96509. Bot the AB=CD and the bat both finish at or near those significant TL's. This in itself lends even more credence that these patterns are correct and are significant.
WHAT TO EXPECT I'm expecting that prices are very near the end of wave b having already hit the .886 retrace. Watch for prices to decline towards that minor TL (blue dotted). Breaking that minor TL is critical as that will open the door for prices to drop towards the MAJOR TL's.
MY TRADE PLAN I'm in SHORT for the LONG TERM play down into those TL's and the completion of those patterns. My stops are obviously going above the highs. So unless prices break through those highs, then I will remain bearish as per this trade analysis.
Still we can hope to reach to Potential bat C ? I short after breakout TL.
EverythingForex
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I think eventually it will. It won't do that anytime soon though. This is a LONG TERM look at this pair.
KINGRI
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i take sell again from 1.0200
Xiaoyi419
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It's really good to see you sir here again!!
EverythingForex
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I never left. Just really busy so limited in the time I have to post here.
EverythingForex
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