You could try waiting for a 1-2 correction, and see what happens at that point,
and perhaps be on the lookout for a bullish Gartley off the pivot wave 1.
yeh thats sort of what I did to get that level.... drew a bullish gartley at about 9:15 PM
and placed the D at 1703 - it only went to 1713 !
but of course looking back at it now, the first wave up completed at 1719 so that should have been the level....
just the demo a/c tho.... so <shrug>
hopefully roddy is still in and up a hundred with his eur/usd short
With hindsight ideally your limit entry should have been circa 1720/30 where
the bear flag (wave 3-4) would be likely to be supported by the potential
wave one high.
This current up-move may be a 5 wave impulse, so we look
for a 3 wave retrace - basic EW. (See chart)
Wave 3 is deemed to be the best wave to ride, so we can
consider pyramiding or instigating a new long position circa
wave 2 near C ? on the chart.
Starting at 'X' the plot may print a bullish butterfly near C ?, so somewhere
in the 1710-1720 region we could start to look for a potential reversal pattern.
I'm probably too early with this but theres a 78% retracement from the climb to 1900 from 1620 and has found a little support and come out of being oversold on the hourly.
With the B leg @ 50 that could indicate a possible Gartley.
So definately worth keeping an eye on, although current
action is sideways which does not give any real clue.
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