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.
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.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.