I've just placed my first trade since last week. A long position on the CHF against the JPY, after the formation of a nice flat(ish) bottom two touch structure after an impulse up. Both impulses WITHIN the correction after the initial impulse were to the upside and both moves back down were more corrective in nature.
On the higher time frames we've had an impulse down followed by three to four touches of the bottom trend line within the subsequent correction, but only two to the upside. So I'm anticipating one final move back up to create a third touch before the big drop.
The Japanese index has also broken structure to the downside on the weekly chart, after an impulse down followed by three touches of the top trend line within the correction. It also created and the broke a mini version of the same thing on the daily chart.
I'm targeting higher time frame structure for around 15%, with a fairly wide stop loss to keep me clear of the almost inevitable stop hunting which has already started in accordance with my trading plan.
On the higher time frames we've had an impulse down followed by three to four touches of the bottom trend line within the subsequent correction, but only two to the upside. So I'm anticipating one final move back up to create a third touch before the big drop.
The Japanese index has also broken structure to the downside on the weekly chart, after an impulse down followed by three touches of the top trend line within the correction. It also created and the broke a mini version of the same thing on the daily chart.
I'm targeting higher time frame structure for around 15%, with a fairly wide stop loss to keep me clear of the almost inevitable stop hunting which has already started in accordance with my trading plan.