Preliminary the pair has ben reversed upward.
We'll adjust the order parameters if price rises to 109.70-109.80 range.
Test the first long positions
We want to see subwave W1 at DMR 104.50-106 againg, but the probability of that is not high. If so, we'll miss subwave W1 trading and focus on daily chart. As for subvave D1 we are wait for its decline to 107-108 range to buy this wave. Yet, take not that below 109.0 price enter reversal zone and may sharply rise from anywhere. Thus, we need to place buy stop...
Subwave W1 get into phase of at least consolidation unter DMR 1.1450-1.1650. It supports the scenario depicted at the chart. If price rises higher and consolidates abobe 1.1600 then we'll switch into alternative wave count and enter long positions near 1.1600. For now, we're looking for short setups at W1. Subwave D1 is preliminary turned upward. Yet, to...
Subwave W1 is out of trading since we wait for price reaches 1.4380-1.4700 to make decision of selling. Price reaction tp DMR (decision making price range) confirms that price is still within rising subwave-2. If it is not, any way we have to enter deals at DMRs only and the closest for the weekly waves is 1.1900. As for subwave D1 here wehave quite strong...
buy stop 1.2720 (today's max) SL 1.2620 TP 1.3375
Trade rising M15 subwave within rising H1 subwave
Despite the fact that new low is still possible (especially on tommorow FOMC) we insist on enter by market with SL 1.2650 (and re-enter if needed) with TP1 1.3385 an TP2 1.4375. Such a trade arises once ar two tomes per year. Good luck everybody!
To trade W1 subwave we need to wait retest of 1.1400-1.1600 DMR. Thus, no active trades at time-frame. At D1 chart wait price consolidation above 1.1200-1.1250 DMR to trade the subwave in long with targets at 1.1400-1.1600. H4 subwave is out of trading as well. All intensive trades are realized at lower levels subwaves. I expect further decline below 1.1100, but...
The only subwave available to trade is at D1 chart. I'd suggest to buy it from 1.2600-1.2700 and, then, scan price reaction. If it followed by sharp rise then the scenario presented is in process. In other case further decline is expected to 1.2000 DMR at least. Any way to trade it we'll have anough time to enter in sell after corrective rise from 1.2600-1.2700.
The pair is within turning up price range. So, any further decline (if possible) is limited. Get ready to buy at closest DMR (decision making price range). Right now price is located in H4 DMR. To trade this subwave we place sell stop 110.0 SL 110.20 OR wait for retest this DMR from up to down to buy. D1 and W1 DMR subwaves are too far to place orders for coming...
The pair is out of trading at weekly chart. We need to wait possible retest of lower DMR at 104.50-106.00 to enter in long position. If it doesn't then we miss it. Almost the same picture at daily chart in smal scale - out of trading. Yet, in larger scale we have an additional subwave. To trade it we need to wait retest of DMR at 107.50-108.50. While...
Prices still didn't provide any visible reaction to DMR from 1.1450 to 1.1650. This means that current downshifting is represented by subwaves of lower levels. Thus, price might turn upward at any time for the purpose of consolidation below 1.1650. Subwaves at daily chart require consolidation above DMR at 1.1200-1.1300 to determine buy stop setup with close...
We have sufficient ground to suppose the pair moves higher: upper marker of falling red TW was broken; DMR (decision-making price range) at 1.2650-1.2750 demonstrated its support for turning upward. Yet, for now we do not have enter points as they might be within DMRs only. There are two of them closest to current price levels. Thus, I expect price at...
Upward reversal is expected. We're allowed to trade in long green and brown TWs only: buy stop 1.3080 SL 1.3000 - green TW buy stop 1.3060 SL 1.3000 - brown TW
We have equall chancies to rise and to fall sharply in both cases. According to scenario presented there are 3 setups to trade in long: buy stop 1.1270 SL 1.1130 - grey TW buy stop 1.1220 SL 1.1165 - green TW buy stop 1.1215 SL 1.1190 - brown TW
Untill price drops below 1.2760 the issue of brown 2.1 marker is in place is not solved. Nontheless, currently we're coming from the assumption it is in place and we have to look for sell stop points: sell stop 1.2760 SL 1.3400 to trade red TW; sell stop 1.2380 SL 1.3400 to trade brown TW.