Short

EURUSD

Updated

It looks to me like an expanding flat is in the making. I am looking for a small short move before a rally higher.
If the short move breaks the 1.1300 then I will be looking for a reversal. I believe my target is the most likely place for a reversal to take place.
The reversal has the potential to be quite large. Most likely moving in five waves up on smaller time frames.
I will be keeping an eye on the 1 hour chart for a reversal.

Note

The fourth wave met resistance at the 0.382 retracement and my entry has not been triggered.

I am waiting to see if the fourth wave has more up side but if not I may enter at a lower level.

Trade active

Note

The fourth wave did have a little more upside and stopped just short of the 0.500 retracement, triggering my pending order.

Now I will be looking for the break of the 1.1300 and a reversal after that.

Trade closed: stop reached

Unfortunately my stop loss was reached making this trade void.

Note

However my prediction of price action looks to still be valid so far.
Looks like we may still break the 1.13000.

If the price breaks 1.13000 then I will start looking for signs of a reversal.

milligan

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