EURUSD is in the long term up trend bottom line area. The third retraction wave would complete soon. Assume there is a fifth wave to North. Place an stop entry long order above the diamond pattern in small time frame. Wait until the price break through the diamond pattern to North. But it also has possibility to break the up trend bottom line to south.
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Cancel this pending order. No profit.
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The price could be going south to break through the up trend bottom line. So, the long strategy will not work.