We got a very sharp reversal from 1.36 as wave A and we should now be in wave B, which is unfolding as a temporary 3 wave pullback ((abc)) and might find resistance around 1.34 and turn lower for wave c.
Notice that there is a small gap at 1.34 and we know price has a tendency to fill them.
You can short this pair around those levels with a Stop above 1.366 high but the Risk/Reward would not be good enough in that case.
Therefore, it's better to wait for the top to be in and make a small short trade towards 1.317 and possibly lower.
Look for price to break some important MA or wait for a bearish candlestick formation or even just wait for the orange Trend Line to be broken and place your Stop at this new high.
This is just a small trade, so, don't risk too much, better wait for the long possibility once this wave C lower ends.
Notice that there is a small gap at 1.34 and we know price has a tendency to fill them.
You can short this pair around those levels with a Stop above 1.366 high but the Risk/Reward would not be good enough in that case.
Therefore, it's better to wait for the top to be in and make a small short trade towards 1.317 and possibly lower.
Look for price to break some important MA or wait for a bearish candlestick formation or even just wait for the orange Trend Line to be broken and place your Stop at this new high.
This is just a small trade, so, don't risk too much, better wait for the long possibility once this wave C lower ends.
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Note
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We got an ending diagonal for wave ((c)) this indicates larger wave B has ended and we are now going towards wave C which should be around 1.2950.Can short this
Stop : 1.3400
Target : 1.2950
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Updated count - We are still in a correction.Will look to add to position around 1.3290
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We might be in an Irregular Flat, were wave (b) moves below wave (a) but turns around at/before the 138.2% level and does not go below 161.8%. I'm not confident enough in this move to scale in to my position yet.
You can take some profits now if you like before FED event. We will see either price go up to complete this Flat pattern or continue lower on dovish FED.
I will continue to track my initial target of 2950.
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Flat count negated as price went below 161.8%. More downside move expected after a pullback higher. ! Move Stop to break-even !
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Move Stop to 1.3215Note
Start taking profits now and Take all profits at 1.3010 - 1.3030
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Position was closed out completely 1.3080
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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.