The last time I posted on this pair, it was to sum up this trade that I posted on 12/1. Eight days ago.
Two days later, this trade generated +321 pips on a mighty drop.
In those charts, I had also laid out the possible direction of this pair after it would reach my TP. Right now, it is playing out the direction I had predicted. Let's see if it will follow my analysis. What you are seeing here in the above 1HR chart is a classical PA setup. Prices have hit a low right in a MAJOR SR Structure zone and is bouncing from there. After a small retreat off that SR zone, prices are retesting it again. Should it get rejected again, then can expect prices to rise from there. This is classical PA.
On the larger time scale (see the 4HR Chart below), the wave (4) could be complete now at this MAJOR SR Structure level. And the wave (5) could be just beginning.
The pattern has been filled and now looking for the pattern fill. Here on the 1HR chart above, within the PA action, there is a COMPLETED Bat but there is also a POTENTIAL Bat that completes lower at the .886 level of the G-Zone. This could mean that prices CAN drop more but should stay inside our stop loss area.
MY TRADE PLAN
This is a relatively very low risk trade in that my stops go below the wave (4) lows because if prices get below there, then my wave count is wrong and I need to re-analyze this pair. I am projecting that prices should get at least up to fill the pattern. So that fulfillment is my TP1.
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