Hello, according to my previous idea i expect this pair to reach parity but price will not fall directly to that price.
We expected a very complex wave 4 and this is right what price is doing now.
First, looking at W1 chart price is still unfolding wave 4 circled. Using the Fib Time Zones Tools we have the projected date for parity to be reached by June 2016 (a long way until then!)
Lets go back to present, looking at D1 chart price is unfolding a complex WXYXZ correction, right now after a strong decline i expect a strong rally, possibly reaching last highs.
Prefered area for a longs is near 1.1000 because:
- 0.7860 fib retracement
- potential AB=CD pattern (pink line)
- strong area of S/R
Depending on your trading style, you can have buy limit orders there or wait to see how price reacts to that area.
We have a setup on H4 chart below:
Regards
*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome (agree or disagree).
We expected a very complex wave 4 and this is right what price is doing now.
First, looking at W1 chart price is still unfolding wave 4 circled. Using the Fib Time Zones Tools we have the projected date for parity to be reached by June 2016 (a long way until then!)
Prefered area for a longs is near 1.1000 because:
- 0.7860 fib retracement
- potential AB=CD pattern (pink line)
- strong area of S/R
Depending on your trading style, you can have buy limit orders there or wait to see how price reacts to that area.
We have a setup on H4 chart below:
Regards
*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome (agree or disagree).