the expanding triangle from last week worked out pretty well and since it is already matured,
new longs are coming on the horizon.
the structure you see is called “expanding flat”.
a frequent A-B-C/3-3-5 corrective wave (Elliott Wave Theory)
I am currently holding a #MegaLongMe:
enter ~ 1.0175
stop - 1.0145
target1 - 1.0245
target2 - 1.0315
target3 - 1.0419
Over a medium term ,
the confluence of several corrective structures suggests that flattening and intention for change of direction are highly possible as we get closer to the nearby “double bottom”-1.0112
Only daily close under that level could undermine the legitimacy ,as a corrective waves can not retrace more than 100% of the impulsive wave :22:
That was quick … wasn’t it …
Target levels are just to indicate areas where buyers and sellers could reach temporary equilibrium
and depending on the case (long or short), some participants would take their money out of the table happily
while the pressure from the opposite direction participants still remains on the dealing desk and as they prevail for the time being ,
price will move accordingly (retrace)
Anyway ,
would be pity to miss +50 pips chasing 2 or 3 extra. …
Good decision
That’s all right …we don’t have to agree to be profitable ,
each one of us has his own personal justifications and level of conviction required before getting exposure.
Too often in the past I have found myself half way true the move until good (or bad) news cross the wires.
Market extremes can not be fundamentally justified ,
and I have choose to use it as a sentiment gauge
instead as leading indicator.
wasn’t it …