Hello everyone,
In the middle of the week it became apparent that EURUSD is also forming a triangle during its correction.
It's symmetrical as it should be, and as I've counted for you it has all its 5 waves complete and clear.
I've already shorted this pair hours ago when it got rejected off the upper trendline, but I'm sharing this idea now because I feel there is still time to short this pair even after the breakout of the triangle.
Now if it breaks out to the downside (as I hope so), it's going to form the third wave of its minute degree bearish wave.
So it's going to be a big fall.
For the stop loss and targets on this trade I'm going to use the old methods of pattern trading.
So the stop would be above the e wave and the target would be equal to the upright side of the triangle.
Stop @ 1.2493
Target @ 1.2274
Happy trading :)
In the middle of the week it became apparent that EURUSD is also forming a triangle during its correction.
It's symmetrical as it should be, and as I've counted for you it has all its 5 waves complete and clear.
I've already shorted this pair hours ago when it got rejected off the upper trendline, but I'm sharing this idea now because I feel there is still time to short this pair even after the breakout of the triangle.
Now if it breaks out to the downside (as I hope so), it's going to form the third wave of its minute degree bearish wave.
So it's going to be a big fall.
For the stop loss and targets on this trade I'm going to use the old methods of pattern trading.
So the stop would be above the e wave and the target would be equal to the upright side of the triangle.
Stop @ 1.2493
Target @ 1.2274
Happy trading :)