The pair now has a completed reversal on a 4hr chart. The trade was entered long at 1.3307. Previous waves in this series have all been in the 800—850 pip range. Here the trade is starting about 200 pips up from the bottom. I will simply follow the trend and see how far up it goes. A look at the weekly shows this pair is about to fall off a cliff any time, so watching the trend patterns will be key.
Note
UC is attempting to initiate a new wave in the bear flag (wkly). This is very early in the development of the wave, but overstretched in time for the bear flag. The pair is currently moving higher through fairly heavy overhead resistance. We'll see this week. If the move continues it should pick up in speed and regularity after another 50 pips higher or so. It needs to be watched closely for trend changes. The downside risk is to around 1.2290.Trade active
If we get a move to the bottom that stays above 1.3288 I will add 1.Trade active
Progress was made today with an impulsive move higher followed by a proper retracement. The pair is currently struggling through the Asian sessions, but nothing has materially changed. uc needs to get above the previous high (the shadow just to the left on the chart) around 1.3370, then it will need to clear the top of the flag. It is a bull flag coming from a large impulsive move, so this may just turn into another wave. This despite the chasm waiting off the end of the bear flag ramp it's on.Trade closed manually
After today's down spike I have closed the trade until another bottom is put in. If it's a higher bottom I will re–enter long, if it's lower I'll enter short (my original trade here) Trade closed manually
Closed this trade with about 100 pips profit from retracement after the major drop, and subsequent corrective move. I will wait till the pair has time to absorb the recent jump in oil and drop in the USD. Will definitely be revisiting the pair. The longer term goal wasn't met, but plenty of pips were made in the attempt, all basically from starting out the trade and ending up scalping.
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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.