USDRUB failed to make higher high in December which shows weakness for the pair. It also coincided with Bat Harmonic pattern which produced a sizable drop.
Currently as price progressing down we can identify a development of a potential Gartley harmonic pattern with PRZ at around $64. On Friday Feb 22 price closed below daily 200SMA which suggests lower prices are coming and increasing the chance that Gartley will be printed.
When we reach PRZ we should watch closely Price Action (PA) to see if PRZ provides significant support which will confirm Gartley pattern . There is a chance that PA will slice through Gartley's PRZ. In this case Gartley may turn into Crab pattern . I will update this idea as it progresses.
Currently as price progressing down we can identify a development of a potential Gartley harmonic pattern with PRZ at around $64. On Friday Feb 22 price closed below daily 200SMA which suggests lower prices are coming and increasing the chance that Gartley will be printed.
When we reach PRZ we should watch closely Price Action (PA) to see if PRZ provides significant support which will confirm Gartley pattern . There is a chance that PA will slice through Gartley's PRZ. In this case Gartley may turn into Crab pattern . I will update this idea as it progresses.
Trade active:
I was waiting for Elliott wave 2 to complete to update this idea. I believe now we have evidence that wave 2 is done and wave 3 has started. This is the mot safest place to enter short - start of wave 3. So if you missed original entry you can enter now.
Wave 3 will be the biggest with not much retrace.
Good luck!
Good luck!
Trade closed: target reached:
SUCCESS. Finally we are approaching our calculated 0.786 fib target price at $63.57. Time to ensure the profit and secure this trade by placing at least trailing SL at comfortable level. I would advise to take profit automatically at TP $63.57 and see how price behaves in PRZ for next entry (will be another idea).
Since we had an "unplanned" consolidation at the beginning of March (Elliott wave 2) there is a chance that price may slice through PRZ and keep dropping, so if you wish to TAKE some RISK in attempt to MAXIMIZE your profit you can use trailing SL and exit when it gets hit on sizable bounce.
This idea can be considered as closed since no other actions required for it.
Since we had an "unplanned" consolidation at the beginning of March (Elliott wave 2) there is a chance that price may slice through PRZ and keep dropping, so if you wish to TAKE some RISK in attempt to MAXIMIZE your profit you can use trailing SL and exit when it gets hit on sizable bounce.
This idea can be considered as closed since no other actions required for it.
