We've had a very deep correction (2) on our initial impulse (1) I'm expecting Wave (3) next.
If you look at this pair on a daily chart you'll see this is how it often moves.
Technical Analysis is about identifying what has actually happened and predicting what is going to happen next.
Trading strategy is about taking your prediction and looking for confirmation before committing your money.
I spent a lot of time and money trying to predict the bottom of moves - now I wait for confirmation,
Wait for a buy structure before getting involved- ie a flag or small correction - BLUE LINES
The down side of this is going to be short if at all therefore it is very high risk - GREEN LINES
It's difficult to explain this on a static chart but I hope this helps you
Good luck
Steve
If you look at this pair on a daily chart you'll see this is how it often moves.
Technical Analysis is about identifying what has actually happened and predicting what is going to happen next.
Trading strategy is about taking your prediction and looking for confirmation before committing your money.
I spent a lot of time and money trying to predict the bottom of moves - now I wait for confirmation,
Wait for a buy structure before getting involved- ie a flag or small correction - BLUE LINES
The down side of this is going to be short if at all therefore it is very high risk - GREEN LINES
It's difficult to explain this on a static chart but I hope this helps you
Good luck
Steve
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Long term prediction is still the same - wait for the long impulse and correction before entering long