We are going to dig deeper into the concept of the wave/swing and how to create a positional strategy from a strictly technical sense.
After the latest test of 1.108/9x, which was so difficult for sellers with its positional issues, the next swing should appear "a piece of cake". I suspect this will lead you to ask whether imaginary protection is enough!? Be a man, no time to be afraid here on such a "protected" area. Seizing the breakup on the next swing has three stages:
1. the swing which is dictating the range 2. the opposing side which will become trapped 3. the swing behind the swing which is being trapped
The swinging process is attacking the opposition defending the swing you are playing. So in this case sellers are standing between the first targets at 1.125x - thus it would expose the threatened highs. If this breakout is absolute, i.e the swing may make a new higher high then we can talk of a complete swing.
Here the swing is only in the 'early game' stages, the swing in play is only "partially" possible.
How easy would it be if we went straight up (!!!) - more experienced traders would sooner stick their head inside a Crocodile's mouth π. The slower the swing, the more respect. Bravery is needed, a swing without a foundation is a swing without power! As a rule, the plan here is to attack in such a way that we take immense control and achieve an attack next week.
As usual, thanks so much for keeping the likes and comments coming. Jump into the conversation below with your charts and ideas on EURUSD!