Although my long term view on EURUSD is that we will see a decline, I am trading smaller time frames in the interim.
On the H4 time frame, I am expecting to see the completion of a corrective structure wave three, market with the blue arrows. From that point, I will be looking for a short trigger setup. Looking at the smaller picture, we can see a 3 wave flag which has broken to the upside, market with orange arrows. This should indicate the start of the next move upwards. I have market the key areas of supply that would come into play with red horizontal lines.
The current corrective structure, in blue, does not have to complete at the level that I have indicated. It would be a valid completion of this structure by a break of the previous high at 1.1850 and could reverse at any point from there onwards. I expect to see a break of this structure to the downside after 3 waves have completed but it is possible that we will see a 5 wave formation.
Contact me via direct message for any assistance required
Happy trading!
Linton
On the H4 time frame, I am expecting to see the completion of a corrective structure wave three, market with the blue arrows. From that point, I will be looking for a short trigger setup. Looking at the smaller picture, we can see a 3 wave flag which has broken to the upside, market with orange arrows. This should indicate the start of the next move upwards. I have market the key areas of supply that would come into play with red horizontal lines.
The current corrective structure, in blue, does not have to complete at the level that I have indicated. It would be a valid completion of this structure by a break of the previous high at 1.1850 and could reverse at any point from there onwards. I expect to see a break of this structure to the downside after 3 waves have completed but it is possible that we will see a 5 wave formation.
Contact me via direct message for any assistance required
Happy trading!
Linton
Kommentera:
A larger bullish corrective structure has formed.
Kommentera:
I don't think the smaller confirmation structure is complete as yet. We could see another wave down before the break.
Kommentera:
As expected, we are seeing the formation of a second structure which will confirm the upside. I expect to see one more pull back before the break.