It's safe to say that the pair is still correcting and will be doing so for the next couple of days after the most recent impulse starting the 24th of August (139.50 - 152.75). Now in my opinion we could be seeing a zig-zag
correction and what makes me believe that that is happening is the fact that leg a was only a shallow correction relative to the size of the impulse. In the Flat highlighted on the chart we can see how deep of an "a" leg we got after the impulse which then developed into a full flat correction
. Furthermore the pair could be facing strong resistance now with the b leg as the 61.8 Fib level aligns quite close to a minor resistance zone
My personal details:
Short @ E: 150.40, SL: 151.20, TP1: 147.00, TP2: 144.60, RR: 6
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.