TRADE: EURUSD: SELL@1.12720 Trying to catch a wave 3

In my previous post on this pair (see Related Ideas: "UPDATE #1: QUICK ANALYSIS: EURUSD: Picture is clearing up fast! "), I said that I would be waiting for a pullback before I would try to get SHORT for a possible ride down the CD leg of the POTENTIAL crab pattern and a possible wave 3 down. That pullback has happened and it has in fact pulled way back looking like it will keep shooting higher. But as it has reached the .786 - .886 retrace of what I have called a wave 1, the momentum has slowed and we are now seeing typical topping action which is bearish PA. Now this kind of topping action can just be a "pause" in the upward movement but it is bearish PA nonetheless. What makes me think that this is not a "pause" but a reversal coming is my wave count and my expectancy that there is a move down coming.

MY TRADE PLAN
And that is why I am taking the trade. It is well worth the risk. This large retracement has shrunken my stop loss and reduced my risk on this SHORT trade significantly. And this is why patience in trading is so valuable. My stops will go above what I am considering to be the wave 2 top which would also be the very beginning of the wave (i) down. Any move above this point will invalidate my wave count and I will need to re-assess before taking another trade.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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