EURAUD long after wave 4 pullback

Analysis:

I've seen EURAUD trade out of its downward channel.

It has created a wave 1, 2, & 3


Hypothesis:

I am looking for a wave 4 pullback to the purple box, where I have indicated by the blue arrow.
Price should bounce from this area and create its wave 5.

This wave 5 will be the final wave 5 of the LARGER Wave 5. (So can be either weak, or extended)
If an extended wave 5 ensues, the target specified will be a safe bet.


Risk Management:
Take off half at 1:1, and move stops to Break even. Let rest ride to Target.

Zlecenie aktywne:

This trade is live

Zlecenie zamknięto ręcznie:

After 1:1 exit and stop move price has come back to hit SL at breakeven.

Trade Result: +1/2 R