After a brief period of consolidation which resulted in a being formed, we are now seeing a breakout of that triangle down. I don't know that this is a false breakout or a true breakout but this is a trade going with the larger trend and also with my wave count.
I have been labeling this recent retracement wave up as a wave iv of v of 3. That means this next move should be down in a wave v to complete the larger wave 3 if my count is correct. And so far, it looks that way. The wave iv retraced all the way up to the end of the wave i but did not close into it (with the exception of a brief spike up into it's price territory upon opening due most likely to the reaction to the Paris bombings).
As I've shown in the previous post on this pair, there is a POTENTIAL that is waiting to be filled.
MY TRADE PLAN
I have gone SHORT on this pair as per my analysis and will hold SHORT to my TP1 which is at the .886 retrace of this wave 4 although I do expect it to head even lower to complete the wave v. I'll decide at that point whether to keep or take profit.
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The pait is already at 1,5291 and nobody knows when it will stop going up.
I believe that in these cases it would be good from you some type of advice to avoid others' huge losses (and I am not writing this because I was stopped out, but because what I describe happens very frequently to the newbies and also to many others who are not so newbies = follow professionals).
All the best.