It is an impulse on the daily chart - from 0,925 to 0,83, followed by so far 3 waves pullback.
One or two subsequent Big moves to come, at least wave C (if it is a big a-b-correction on weekly)
Absolutely sure.
The only question is when it will fall.
Looking at the prior week, both EUR and GBP were too bullish, in order to say who will drive the free fall in this pair.
In the current third leg of a correction, if wee look into smaller timeframes, we have completed 4 waves. And the question is how complex will be a local wave /4/. It has already formed a big triangle, bit the terminal thrust out of it seems to be too small.
Any way, my approach is as follows:
I will wait for a clear implulse down. And further will take a look at Price. Guess it will be in a nice consilidation. I will put a sell stop order below future wave 1 down and wait. I won't move my stops, nothing. Until it makes a comparable move to the downside - and then will move it to b/e.
If my trade will be killed with b/e - then, I would guess, the the correction in wave 2 (or b) will be a 5 waves pattern. Will wait for another signal.
Otherwise it will not work. Unless you are an intraday trader.
Good luck!
One or two subsequent Big moves to come, at least wave C (if it is a big a-b-correction on weekly)
Absolutely sure.
The only question is when it will fall.
Looking at the prior week, both EUR and GBP were too bullish, in order to say who will drive the free fall in this pair.
In the current third leg of a correction, if wee look into smaller timeframes, we have completed 4 waves. And the question is how complex will be a local wave /4/. It has already formed a big triangle, bit the terminal thrust out of it seems to be too small.
Any way, my approach is as follows:
I will wait for a clear implulse down. And further will take a look at Price. Guess it will be in a nice consilidation. I will put a sell stop order below future wave 1 down and wait. I won't move my stops, nothing. Until it makes a comparable move to the downside - and then will move it to b/e.
If my trade will be killed with b/e - then, I would guess, the the correction in wave 2 (or b) will be a 5 waves pattern. Will wait for another signal.
Otherwise it will not work. Unless you are an intraday trader.
Good luck!