A few ideas on some pairs for today. The funny situation when our s-wave pattern isn't exactly clear or its relative size is too small had us sitting on our hands unable to act since this situation fell outside of our system. The strategy brought us to some general location and identified the waves we ought to be interested in trading however the exact entry and the specific reasons doesn't fit the logic builds the s-wave pattern. There are separate concrete reasons to trade such situations, perhaps not every single one but many of them. Namely that the possible smaller s-waves either need to be treated as independent trades buried inside our waves (if they are truly small) or rather we ought to expect some retest of our rough entry area if they are almost of appropriate size. In-between those situations you have the option of closing out partial profit early as the s-wave cannot be cleanly said to be either independent or connected to the larger wave in question. Once the pullback does occur however the question around pending orders reemerges here. It appears pending orders are sometimes acceptable but never because the associated levels of s/r are strong but rather because there are additional reasons pulled from context that weakens the pullback as it moves towards these levels.
Good Trading.
Edit:
Eurgbp trade. Closed off the whole position at around 13pips avg.
A short run through of some pairs I've been watching today. Some possible trade ideas coming around in the next few hours tonight if not perhaps tomorrow morning. Ill aim to update the themes outlined here later in the week to see how the gbp/usd and eur/usd pairs specifically developed.
Good trading.
The Dollar has fallen market open today pushing many pairs slightly off course. The possibility of change produces these opportunities we've spoken about today. Shorts and longs are possible here as this calculation takes place between the backwave from the 78.6 fib roughly and the latest wave of momentum.
Good Trading