Whilst waiting for the planned long entry published in my chart about month ago (link below), there appears to be possibly another short trade developing. Last one worked out fairly well (link below).
Here is the summary:
After spike a high of 18th September, the price declined in what appears to be an impulsive move of 5 minor waves. If correct, this could be wave (a) and the overlapping bounce since looks like wxy move of which we are in near completion of wave c of "y" in the form of ending diagonal (3-3-3-3-3) structure. So after minor retrace a final swing into 1.1400 -1.1425 zone could set ideal shorting zone with stop just above 18th Sept high around 1.1470
The decline anticipated towards 1.100 is wave (c) of the second zigzag which should unfold in wave 5 impulsive move. Hence, decent short trade could be considered as per the details on the chart.
Entry for short: 1.1400 -1.1425
Stop Loss: 1.1470
Target: 1.110 zone
Warning: This is my interpretation of price action using TA approach that I consider helps me most but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views.
For those who appreciates my analysis, select to follow me and the chart for notification of future updates. Indicate you like my analysis by thumbs up, comments and sharing it with others. If you have an alternative idea then please be constructive and share for all to learn from.
Thank you for taking the time to read my analysis.
DanV
danv-charting.com
Here is the summary:
After spike a high of 18th September, the price declined in what appears to be an impulsive move of 5 minor waves. If correct, this could be wave (a) and the overlapping bounce since looks like wxy move of which we are in near completion of wave c of "y" in the form of ending diagonal (3-3-3-3-3) structure. So after minor retrace a final swing into 1.1400 -1.1425 zone could set ideal shorting zone with stop just above 18th Sept high around 1.1470
The decline anticipated towards 1.100 is wave (c) of the second zigzag which should unfold in wave 5 impulsive move. Hence, decent short trade could be considered as per the details on the chart.
Entry for short: 1.1400 -1.1425
Stop Loss: 1.1470
Target: 1.110 zone
Warning: This is my interpretation of price action using TA approach that I consider helps me most but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views.
For those who appreciates my analysis, select to follow me and the chart for notification of future updates. Indicate you like my analysis by thumbs up, comments and sharing it with others. If you have an alternative idea then please be constructive and share for all to learn from.
Thank you for taking the time to read my analysis.
DanV
danv-charting.com
