Our stance in bearish with this pair and a lower low is expected to be produced. However a trade set up has appeared for an entry into leg C. Elliot wave theory is exhibited very clearly here. Enter with caution as this is a counter trend trade
Trade active
Enter with caution..Note
when you enter 20 pips of profit, please put your SL to break even. Should be 10-15 pips profit nowNote
50 pips in profit...I am going to close one position and leave the other one running with SL @ breakeven. This retracement can reach 1.85000Note
Now then...price seems to be forming a bullish flag on this time frame. It is common to see a break of trendline and to see the price consolidate along it for a while before making its next move...I would like to encourage a discussion on this page as to the next move for this pair
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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.