Since the pair hit email@example.com--It has been moving up & down so many times & prices are moving into triangular shape- which could be plausible scenario -in that case we should be ready to sell below 107.50( but have patience currently as the structure is incomplete-incase you trade incomplete structure -there are chances that we will burn our hands & go crazy....currently, 2nd wave in d-leg is touching falling trendline-“a-c”.
Triangle has 5 waves—a-b-c-d-e & all these waves are internally divided into 3 waves again (Actual Traingle Shape in Trading Arena)
Plan- or Strategy
Triangle has 5 internal waves a-b-c-d-e ....I can see only "c" wave completed so let us wait for "d" wave to complete which will touch previous low zone of 107.60--107.70 & bounce back once again for "e" wave which should not exceed "c" wave firstname.lastname@example.org....once "e" wave touches falling which is coming from a-wave & passing through "c"-wave ...extended further could be resistance for "e" -wave (upcoming).
Execution-- There are few opportunities:
1st opportunity-"d-wave could touch previous low zone 107.60--107.70 & bounce back for "e-wave so one can trade short for "d" wave with strict stop email@example.com.. currently, we are in 2nd wave of "d-leg"--once you get candle--you can go for execution.
2nd opportunity-"e"-wave can bounce from 107.60--107.70 to get resistance from falling "a-c" for booking profits.
3rd opportunity--" once we get candle on falling or keeping stoploss@c-wave top:108.43---one can go short for boom...If this it breaks horizontal range 107.60---107.70....Guys be ready for the party---Remember the wave which starts has to be fast go below traingle base.
Don't forget- Risk Management has to be strong if you want to be happy & smiling...Keep smiling & make others smile.
Till then take care-- Have a nice trading day.
Regards, Abhishek H.Singh, CMT
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ