EUR/USD Bearish & Bullish scenarios (4h & 15m)
Yesterday's idea worked interesting.
I had a 4 RR before I noticed that the trend might change, so I decided to take profits before reaching my desired level.
Today I'm looking at a fairly different scenario, to which I'm 60% confident that this might be an extended wave 3 (it reacted to the 2.618 level) on a lower time frame.
This means that there are most likely 5 waves to the upside, probably on the 5-3 minutes chart.
Ideally, I would like to see 5 waves down to form wave A, then 3 waves up in the form of A-B-C to form wave B, then another 5 waves down to create the final wave C and the continuation to the upside.
The chart shows the levels I'm expending the price to react.
I had a 4 RR before I noticed that the trend might change, so I decided to take profits before reaching my desired level.
Today I'm looking at a fairly different scenario, to which I'm 60% confident that this might be an extended wave 3 (it reacted to the 2.618 level) on a lower time frame.
This means that there are most likely 5 waves to the upside, probably on the 5-3 minutes chart.
Ideally, I would like to see 5 waves down to form wave A, then 3 waves up in the form of A-B-C to form wave B, then another 5 waves down to create the final wave C and the continuation to the upside.
The chart shows the levels I'm expending the price to react.
Note
Well, interesting enough the price continued going up, which might suggest that there was a good amount of bullish momentum, with buyers having control momentarily.
The price also created a new BOS on the 4h time-frame, which suggests that we already ended the Wave 4 and we need to be focusing only on buying opportunities on larger time-frames from now on, only with due analysis and confirmations.
I'll post a new idea in the upcoming hours.
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