We cannot say with certainty that the pair will be completing the 5th wave of the Ending Diagonal formation. The possibility exists that it could shoot down from the price it's currently found at. In my opinion, with how structure works it should make the last wave up, breaking the 1.172x level before the downside begins. Looking at the bigger picture, the Weekly TF, we are found in a possible Potential Leading Expanding Diagonal and we are towards the end of wave 3 and going into wave 4 and the 1.09xx levels
Personal details:
Short @ E: 1.1725, SL: 1.1800, TP1: 1.1385, TP2: 1.1265, TP3: 1.0910, RR: 10.9
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
Personal details:
Short @ E: 1.1725, SL: 1.1800, TP1: 1.1385, TP2: 1.1265, TP3: 1.0910, RR: 10.9
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.