I still follow my long term wave count although there are several opportunities to count the current consolidation on the daily time frame. I believe that this pair is in a triangle consolidation for a wave B which will be followed by a bearish break towards parity and even lower.
The 4 hour time frame shows the structure of lesser degree to create this triangle.
For my day trade set-up call of last week see below:
timstuyts.com
facebook.com/timstuyts
youtube.com/watch?v=HvmWTm4fcl8
The 4 hour time frame shows the structure of lesser degree to create this triangle.
For my day trade set-up call of last week see below:
timstuyts.com
facebook.com/timstuyts
youtube.com/watch?v=HvmWTm4fcl8
Trade active
Last weeks buy set-up took me in the trade and the opening gap of this week made me place stop loss at break even.I will monitor this bullish price action to determine whether it is a new impulse or part of the more complex corrective combination which is more likely at this stage. Updates will follow, so far risk/reward is at 2/1 with no risk.
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Note
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Related publications
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.