OVERVIEW - 4Hr Chart Showing Wave 1 of (5) Pattern
What this chart is showing is that there is a pattern in what is probably the wave 1 of wave (5). Leading diagonals are very common occurrence in wave 1's. I've labeled the and what is happening now is that the 5th point of the diagonal (e) is an "overthrow" which is also a common occurrence. This "overthrow" is targeting the "B point" line of the larger overhead. The POTENTIAL pattern represents this overthrow price action.
MY TRADE PLAN
As anyone who has been following my posts on this pair knows, I am VERY short-term, mid-term and long-term. So for me, this possible bat completion will be an excellent opportunity to add even MORE SHORT positions to my portfolio on this pair. I will watch the price action as prices approach the B point line and come close to completing the bat. If I start to see type price action there even before the bat completes, I will enter SHORT even before the bat does complete.
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.
2018 Guide TO Forex Markets Coming Soon! Want it? Sign up to mailing list: http://bit.ly/2iNieEY