OK. So here is a possible decent LONG trade coming up on this pair. There is a completed bullish butterfly pattern that also has its' PRZ sitting on a solid MAJOR SR Structure level. This along with my projected wave count that shows a possible wave (iv) upcoming makes it a good trade to catch some pips north. But just bear in mind that this pair is now in a solid down trend that can resume at any time. So if this trade is taken, must ACTIVELY monitor the trade. IF prices do not get to my entry, I will not take any trade. If I miss this LONG trade, no big deal!
MY TRADE PLAN I will wait until this pair has reached the MAJOR SR Structure level before taking any LONG position. I\ll be looking for a relatively BRIEF retracement in a wave (iv) and watching closely for signs that the trend is continuing down and quickly close my LONG positions.
@AibekB - I agree that we're in wave 4 of (3) and I'm seeing a bit more to go to complete wave 3 to 120.384 since it went past 1.618; so next fib generation will be 2.618.
aibek
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donaldsaw, agree as 5ths this year are mostly extended which was usual for commodities
EverythingForex
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Trade is CLOSED.
aibek
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MACD tells me we are in 4 of (3) so another swing down could be before real (4) higher. Time will tell. Thank you for big pics (M, W, D) in your other post!
aibek
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aibek
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if c = a then target is 119.81
if c = 1.618*a then target is 116.45
dr.gsbharaj
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did you get in butterfly pattern?
EverythingForex
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Yes, I'm in at exactly 122.490.
dr.gsbharaj
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so you still in the trade? price went too down.
EverythingForex
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Yes, I am. I set my S/L at the second Major SR Structure level. I used the structure zone that those 2 structure levels created as my PRZ for this trade. Not the PRZ for the butterfly.