EURAUD Timeframe: 1 Hr Short Day Trading Position Initial Take Profit : 1.602 (to the nearest Higher Low) TP2: 1.595 (Second Higher Low) SL: 1.62 (Breaking the structure) The pair is in an upward trendline since the beginning of the week. It broke the small trendline on the 30 minutes timeframe, then broke the 1 hour trend, and it is showing a potential downside...
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If the price breaks the current wave trendline, price would go up for both 2 cases: A correction of down trend or new impulse of up trend.
Current wave may be wave C with 5 wave structure. Why? Previous wave is a 3 waves structure. So, it should be wave B. Price dropped down impulsive and fast. This wave could be wave 3 of wave C. Trade setup: Sell @ the break out or Sell @ 61.8% fibo level
The same idea with previous forecast. I plotted the overlap zone which reject wave 4 of a possible impulse wave. So, I determine this is a corrective wave. The next question is DOES the wave end or not. This corrective wave reach near to 61.8% fibo level and did not overlap the 1st wave, price also bounced up . Trading strategy: I assume that price is...
The chart tells my idea at the consolidation box where we can find: 1/ Bull case: Buyer try to push price higher but we cannot find an impulse wave. We don't know if wave C ended or not because we cannot count 5 waves structure of wave C here. 2/ I refer this case, Bear: I can found an overlap at pink square, that implies this not an impulse wave. So, I will...
Price consolidates = the current wave is an correction of 2 cases: Case 1: This is Wave B in range of WXY or WXYXZ. So, price may break the triangle and go up to 61.8% fibo level Case 2: This is Wave B of B which follow a 5 waves impulse (wave A) . So, if price breaks the triangle, price will move down to 50% fibo level. Just waiting for breakout to confirm the...