5 Wave impuls higher was followed by an ABC ZigZag Correction (W) and an ABC Flat Correction (X). Then an ABCDE Triangle formed finishing wave (Y). Creating a perfect WXY-Double Three Elliot Pattern. Price broke impulsively higher, and is now consolidating above the top of the triangle. Now i am expecting a 5 Wave impulsive move higher in the coming weeks/months.
I also looked at the bollinger bands on the weekly and daily timeframe yesterday and noticed the are quite tight together, and historically in such tight situations this market makes an violent move breaking out. So keep your seat belt fastened.
How to position yourself for this scenario ? 1. Split your lots, enter half the position@ 1.0430 with a stop @ 1.0360/50, so you dont miss the move, if we dont get a deeper correction. The other half you can enter @ 1.0400 /1.0380 placing your stop @ 1.0330
2. If your conservative and love to have perfect R:R ratio and have a low risk profile. Simply wait for 1.0380 and enter with a stop @ 1.0330. Targeting 1.1150. R:R would be 1:20 on this one.
Sometimes one trade per month is more than enough to make you a great profit, this trade may aswell be such of a kind, but dont overrisk, and dont overexpose yourself to the market, sometimes the best scenarios may be losers. Stay disciplined and use proper risk management!
Best of luck!
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Move stops to breakeven, price shouldn't substantially break the 1.0500 handle anymore lower, its very pivotal, it was strong resistance and this area should act as strong support if we are developing a big trend higher.
Thank For sharing Such type of chart…
Thanks.