Seems to me that everyone is curious whether it is the right moment to enter the pair on the long side. My personal take on this is as follows
1- As I have mentioned on previous chart, I was expecting a retracement from 1.33 levels down all the way to 1.28-1.29 levels, which has realized.
2- The retracement, in my opinion is at the end of it's move but not yet complete. I would wait for a strong base to occur. As I show on the chart. Base #1 is complete and I need another firm base to occur (Base#2) at around the circled area.
The second base will complete a minor 1-5 wave count from the retrace point as well (blue wave count on chart) and also the higher time-frame wave count (red wave count on the chart). Thus this makes a very complete picture to enter LONG (long term).
I will wait a little bit more for a definite long entry for this pair. Good trades.
1- As I have mentioned on previous chart, I was expecting a retracement from 1.33 levels down all the way to 1.28-1.29 levels, which has realized.
2- The retracement, in my opinion is at the end of it's move but not yet complete. I would wait for a strong base to occur. As I show on the chart. Base #1 is complete and I need another firm base to occur (Base#2) at around the circled area.
The second base will complete a minor 1-5 wave count from the retrace point as well (blue wave count on chart) and also the higher time-frame wave count (red wave count on the chart). Thus this makes a very complete picture to enter LONG (long term).
I will wait a little bit more for a definite long entry for this pair. Good trades.
הערה:
Base 2 is about to complete.