It is possible that market have completed Elliott wave zigzag correction with wave (c). This is at the Resistance zone 1 where is Fibonacci retracement of 61.8% and round price level 1.53. If a correction will be confirmed we will see continuation movements down side.
My trade plan:
1. Look for (c) end confirmation signals. If confirmed look for reversal signals and take short trade with lowest risk conditions.
2. If first trade is taken and wave 1 and 2 are completed - look for signals for second trade short with lowest risk conditions. If reversal signals found on support zone 1 or 2 will be found - close all trades.
3. If resistance zone 1 will be exceeded - recalculate wave count.
! RISK DISCLAIMER !
All information I provide is my own trading Ideas. It is not any kind of recommendation to make trading decisions. And it is not recommendation to use any details about trade such as stop loss or take profit levels. Trading on financial markets is very volatile and risky, that why it is possible to loose all of your capital in very short period of time.
My trade plan:
1. Look for (c) end confirmation signals. If confirmed look for reversal signals and take short trade with lowest risk conditions.
2. If first trade is taken and wave 1 and 2 are completed - look for signals for second trade short with lowest risk conditions. If reversal signals found on support zone 1 or 2 will be found - close all trades.
3. If resistance zone 1 will be exceeded - recalculate wave count.
! RISK DISCLAIMER !
All information I provide is my own trading Ideas. It is not any kind of recommendation to make trading decisions. And it is not recommendation to use any details about trade such as stop loss or take profit levels. Trading on financial markets is very volatile and risky, that why it is possible to loose all of your capital in very short period of time.