Price in EURUSD is moving into a nice rising channel having already formed ABC of a five wave ABCDE corrective structure. In my wave count we are close to CD wave completion where a nice short setup may occur.
Watching closer we can see that price is moving once again in a smaller rising channel and it needs one more move to the down to complete the CD wave of the larger corrective structure. What we have to do in this scenario is to wait for price to test the upper trendline of the small channel and enter the market with stoploss just above (b) wave of the larger CD wave. Profit target to this one should be the lower trendline of the larger channel where we should have CD wave completion.
If things work well with this setup we immediately have another one. At D point of the 5 wave corrective structure we can see a bullish gartley pattern. Having in mind that there is one more wave to occur in order to have our ABCDE pattern completed, this gartley should push the price higher.
Someone can trade both setups, but the one with gartley pattern is our primary.
Like and comment,
John.
Watching closer we can see that price is moving once again in a smaller rising channel and it needs one more move to the down to complete the CD wave of the larger corrective structure. What we have to do in this scenario is to wait for price to test the upper trendline of the small channel and enter the market with stoploss just above (b) wave of the larger CD wave. Profit target to this one should be the lower trendline of the larger channel where we should have CD wave completion.
If things work well with this setup we immediately have another one. At D point of the 5 wave corrective structure we can see a bullish gartley pattern. Having in mind that there is one more wave to occur in order to have our ABCDE pattern completed, this gartley should push the price higher.
Someone can trade both setups, but the one with gartley pattern is our primary.
Like and comment,
John.