BoC gave us a bullish impulse taking out the 0.74541 high, which confirm the end of blue wave 4. AO also tells us it's an impulse and since we have had 3 corrective waves. I like to buy it here at the 15min tunnel as the impulse penetrated right through it. It's a bit risky though as the AO block haven't closed, which I normally would wait for. As this is a 15m trade, I would then look for 3 corrective blocks on 5m, a condition that hasn't been fulfilled yet. As I'm pretty certain about the future direction, I will take this trade anyway, well aware that we might drop down to the 61.8 fib level, which is common for wave 2 and would then add - in case my criteria have been fulfilled.
Note
This move is also possible and if you are unsure I'd recommend to wait for it, or use small size. In general I think smaller is better as it allows for giving your trade more breathing room and not getting stopped out prematurely.Note
Ok now we got this instead, but... it's important to point out that this picture to some or quite large degree is lying. The drop in price here is pretty much, or completely, due to spread kicking in as liquidity dries up the hour or so after the daily rollover. So while the sell price dropped, the buy price stayed constant or even rose, which means that the jury is really out until liquidity returns again. In other words, you were never able to buy the pair at the 61.8 price, at least not yet that is.Trade active
Indeed, my orders in the original chart wasn't and haven't even been triggered, but I entered the trade just above anyway, just ahead of the rollover as price was near.Trade closed: stop reached
Unfortunately, I was stopped out but I still believe in the trade and that we will get higher, much higher, eventually. Anyway, have to rethink the pattern and now waiting to see if we will get one more low or if this smaller abc down indeed completes what I now see as a complex wxy wave for blue 4Trade active
OK I'm back in this trade again.Trade closed: stop reached
Stopped out again, but my conviction in this trade is high, so already looking for a new setup.
Trade active
reestablished my position at 0.73535 as my DB idea never reached limit.
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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.