So what we have here is a small snapshot of what this pair is to do...for now. Given that this pair is in a correction at the moment, we are looking for corrective type wave action. That means an 3-wave pattern that retraces the previous impulse wave down. What you see here on this 1HR chart is that following that decline down, there was a 5-wave wave up in what can be labeled a wave (A). Following the wave (A), there was a move back down in what many would've assumed was may be a trend continuation but it failed to break the lows established by the end of the previous impulse down. Those lows held. So instead of looking at that move back down as a trend continuation, I see it a the wave (B) of the overall corrective pattern. If my counts are correct, then now we are looking at a possible 5-wave wave (C) up to complete the correction. That being so, then we should have a wave 1 of (C) done and now possibly the wave 2 of (C) done. That being the case, then we are now looking at the start of the wave 3 of (C) and you know what that means, right?
Two POTENTIAL patterns are in play here. One is a Bat and the other a . Neither one is completed so they are only POTENTIAL patterns and this wave 3 up would be tracing the CD legs of both patterns up.
I've released a MAJOR ANALYSIS on this pair that is available on my website if you care to go look. The complete analysis is only available to paid members however, an abbreviated version is being made available to all. Just need to register to be a free member. Other MAJOR ANALYSIS released are on USDCAD , EURUSD , AUDUSD and GBPJPY . with more on the way. If you trade any of those and would like to see them, consider subscribing. Go to: 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.
Though I may not post here quite as often like before, I do continue to post much more to my own Facebook group (where I can BAN any TROLLS!). So if you would like to continue to see more of my posts as well as some of my trading tips, join my Facebook group at: www. facebook .com/efxselect. 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!
Sign up to mailing list: http://bit.ly/2iNieEY
Facebook Group: https://www.facebook.com/efxselect