This alternate count suggests we might be in a Running Triangle, meaning wave (4) is not yet in place, so, the correction we will see won't be as deep as if wave (4) is already in place at 0.67058.
If this alt count is correct, we will see price reach the lower channel line and slightly go outside while remaining above 0.67058 (pink line) before it rallying up again for a final wave 5.
Therefore, think about locking some profits at those levels if you shorted this pair.
Please let me know what you think about the diagramm explaining the Running Triangle.
Does it help understand better what I'm talking about ?
Should I keep on doing this ?
Please like, share & follow if this helps
If this alt count is correct, we will see price reach the lower channel line and slightly go outside while remaining above 0.67058 (pink line) before it rallying up again for a final wave 5.
Therefore, think about locking some profits at those levels if you shorted this pair.
Please let me know what you think about the diagramm explaining the Running Triangle.
Does it help understand better what I'm talking about ?
Should I keep on doing this ?
Please like, share & follow if this helps
Note
Price went higher but could not fill the gap.This makes me think price will want to go a bit higher.
Note
Gap was not filled, but we got a better entry at the 0.618 - 0.786 zone. Keep an eye on the target zone.
Stop moved to 0.6817
Note
Trade closed: stop reached
Stop reached.+48pips won.
Note
Looks like I was right on this one, even tho it's a bit forced on the triangle count, I'm somewhat confident that the top is now in place, this means we are going to see a correction unfold.
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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.