Hello all. Here is an update of my chart. I still expect the blue shaded areas to be reached, with the one on the most right-hand side offering what i see as the best R/R short.
There would be an interesting symmetry if price were to move down to touch 1.5585 and then continue up to my preferred 1.5775 (blue shaded, RHS): the leg up from 1.5585 to 1.5775 would then be of equal size to the first leg. I look for such symmetries (or "harmonics" as they are often called), for high R/R trades.
Other option I see is for price to keep creeping up to hit 1.5775 (red).
Of course the market may do none of that. This is what I see as most likely now. Therefore, if it move to the bottom orange circle, i will buy with a tight stop. If it moves to 1.5775, I will short with a tight stop.
Good pips to all
There would be an interesting symmetry if price were to move down to touch 1.5585 and then continue up to my preferred 1.5775 (blue shaded, RHS): the leg up from 1.5585 to 1.5775 would then be of equal size to the first leg. I look for such symmetries (or "harmonics" as they are often called), for high R/R trades.
Other option I see is for price to keep creeping up to hit 1.5775 (red).
Of course the market may do none of that. This is what I see as most likely now. Therefore, if it move to the bottom orange circle, i will buy with a tight stop. If it moves to 1.5775, I will short with a tight stop.
Good pips to all
Attached Image (click to enlarge)
I sense a bear trap now but have an sl anyway at 38 in case of blitz action.
