Look at today's chart after the FOMC and tell me what you see? Did I KNOW this would happen 8 days ago? No. But the chart sure did! I just read and interpreted what the chart was already saying would happen. I don't have a crystal ball.
So now it has dropped and completed that and is now approaching the previous lows set back on 8/16. I've marked that low as the end of the large wave 2. So if my wave count is correct, then prices SHOULD NOT go lower than that here before reversing up. If I am wrong, well, the risk is relatively low.
It should still drop a little bit more though so if it does, then you can reduce your risk even further.
I've got FULL charts on this pair available on my site that would make things even more clear.
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!
THINK before you comment! It takes MUCH work and time to create these posts! So before you decide to criticize me for what I post, or how I choose to post, remember that I don't just throw a chart up with a few lines on it with a few arrows showing 2 possible directions and that's it. I can do those in 5 mins. My charts take MUCH effort and I put much detail into creating them for your benefit. I hope it helps but I also hope it's appreciated!
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