Watching for long entry. Possible head and shoulder reversal at point e of wave 4 triangle correction. 2 positions, stop to even on position 2 if first target hit.
Possible short trade here but will follow up with long trade on completion which would be the better trade... anyways see what happens.
looking to take short position at .618 fib, lines up with small h and s completion.
Taken a small long position (wave 5 up) but am looking at taking two positions short at target. Will update if/when trade progress's.
If trade turns active stop moves to even on second position if first target is hit. Max risk 2% of account value.
IF count is correct the 1.55 could be a good place to buy. Wave 5 must be shorter than wave 3 for the count to be correct so stop is placed below 100% ext of wave 3. for point of entry im looking at 5 wave completing at edge of parallel channel drawn from wave 2 and 4 highs. Will update if entry taken....
trying long from here with tight stop. level looks good for correction completion and price could develop H and S type reversal pattern. First target at H and S completion, second position manually exit with trailing stop.
Im looking at set up on low and high time frame, see charts....
Price looks like completing a 5 wave impulse down to the 1.02-1,01 area. (This is my perception of the wave count shown in chart) Looks to be setting up a corrective wave 4 in the form of a triangle pattern. An aggressive trade could be to sell at point e but the more conservative entry is to enter on the break of the low of d. I will update in post if pattern...