Potential of either a 2nd corrective leg to the 100% Extension or the begining of a wave 3 to a new high at the 127 Extension. Invalidated if price closes below the 50/618. Entry option would be to wait for a 382 bounce which would be ideal allowing for a tighter stop, I am not sure if we will get there in the next hours. Another option would be to see if we get three candles between 10am and 12am which prepare for US open, to close above the outside bar, a tighter stop could be used as price tends to move aggressively from here.
The flip side of this is we dont close above the outside Bar (see 9am Candle UK time) and start heading down probably to the 618/786.
This trade would potentially give us a weekly close above the break.
Trade safe, use your own Process, dont follow me, its just an idea.
Komentarz
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Shame, failed rally, hope lots of Traders managed to get out with some pips if they were in the same set up. Loooks range bound now, Monday is another day.
@AdeOluseun, Thx Ade- Its a real shame the rally failed because I would like to see GBP recover a little. We may still see the move but long GBP's are better placed with a weaker cross like a JPY. I am expecting a USD correction in the next 2 weeks but right now its as strong as an Ox. I wouldnt want to mess with the weekly break as per the chart but we never know. We can only plan and defend accordingly.