TRADE: SELL@NOW UPDATE #1: EURUSD: Wave (v) Projected EndingIn my previous post on this pair, I projected that prices if hitting 1.13749 could not exceed it (see Related Ideas: "EURUSD: Wave (v) Projected Ending"). Well, prices hit EXACTLY 1.13749! It also completed the Gartley pattern and is in the PRZ of the butterfly as well. And it is right at the upper trend line of the large contracting triangle pattern. So much confluence makes this a STRONG SELL.
Where to sell? Anywhere it is right now as of this posting! This is possibly the end of wave (C) of the triangle and we could be poised to see wave (D) down. the operative word is "could be". As I have said before, there is a scenario I talked about before where wave (C) could continue going up and thereby invalidate the contracting triangle pattern. If that happens, then wave (C) will extend further. MUCH FURTHER! So if going short here, I again warn to be diligent in monitoring the SHORT trade.
MY TRADING PLAN
Yes, I am going SHORT here in hopes of catching the possible wave (D) down of the triangle pattern. Or at the very least capturing some pips profit off the Gartley/Butterfly combo. What I'll be looking for is the TP1 profit target of the Gartley to see what PA is doing and telling me at that point. This wave (C) is in fact a very strong uptrend so this is a counter-trend trade. Something to be cautious about at the very least
*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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