Price seems to have started a wave A as an impulse. We are currently in wave 2(black) of wave 3(orange) of wave A (green). Therefore, buy towards 0.7300, where price will find natural resistance.
Stop loss level : 3 possibilities depending on your risk level. ~ 0.7070 ( wave 2 should end around 0.7078) ~ 0.7510 (orange wave 2 low) ~ 0.7021 ( wave 1 (orange) low)
* First stop : would negate the sub wave (ii) termination point. But not the whole move. * Second stop : subwave 2(black) should normally not be bigger than wave 2(orange) but can happen. * Third stop : negates the impulsive wave count.
Make your choice :)
PS : Look at my previous post for the oerall view of the move.
PPS : Comment, like and share;)
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Price exploaded for wave 3 as expected giving +135pips already.
Move SL to break-even. Wave 3 nearly ending, expect therefore a wave 4 lower before one last push higer to end the larger degree wave 3.
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Move Stop to wave 1 high so that whatever happens, you still get some pips out of it.
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Take some profits.
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Wave 3 finished, wait for the corrective wave 4 to end and scale in.
Trade closed: target reached
+242pips for first entry +219 for second one +85pips for third one -------------------------- total : +546pips !!!
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Now I'm expecting price to fall for a B wave before starting to go long again for wave C. Short it if you like.
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Wave ((a)) finished, now price making wave ((b)), don't get fooled, there will be a new leg lower.
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