Dear Steemians, welcome to Wave Analysis...
Today, we have 2 new trade setups. Then I will update the Hotlist.
I'm looking for short trade setups in this pair. Down move can be reversal impulse and the last up move can be the correction. Based on this possibility, selling it after breakout looks like a good idea. But please wait for a small flag after breakout because there is a chance for more upside. We have very strong Fib confluence ( 0.618 retracement and 1.272 extension ) around 152.150.
Yellow wave count is one option. Based on it, down move was the X wave and it will go up for Z. Minimum target is breaking the of Y. The structure between yellow lines looks like a flag for more upside. So, wait for the breakout, and take the long trade. The second option is blue wave counts. Based on it, last part was expanding wedge (abcde) and now it is making the next down impulse. Expanding wedges are extremely rare corrective patterns. That's why I don't think blue counts will be the case, but of course, they can be. So, wait for a correction, then wait for the breakout, and take the short trade.
EURUSD: I think it's making a flag. You can move your stop loss to breakeven, or you can close your trade with some profit. I will wait for a while to see more structure.
USDCAD: I think it's making a bigger correction for more down side. You can close your trade with some nice profit. I will wait for a while to see more structure.
USDJPY: The last up move doesn't look so, but I hope it will be the starting of next impulse after correction, which is between green lines.
AUDJPY: It looks like a correction is in the making after breaking of down trendline. So, just wait.
CHFJPY: It cannot go anywhere and makes me sick. I'm still waiting.
GBPCAD: It broke the down trendline. Trade is not valid anymore. I'm waiting for a correction to close it whit small loss.
USOIL: It keeps going down. Leave it alone.
SPX500: It's making something unclear. Just wait, or close the trade with some nice profit. I'm waiting.
GBPUSD: Hit the stoploss.
You can visit the published idea page on Tradingview by clicking the name of the asset. If you like to see more details and explanations about this trade setup and updating of Hotlist items you can watch today's video on DTube by clicking the following image.
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Until next time, trade with care.
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What is Hotlist?
Hotlist a short list, which contains charts that were shared in previous days. So, today's new trade setup will be in the Hotlist tomorrow, and I will update its status every day until I remove it from the list. Each chart will be in the Hotlist as long as we have an active trade or a pending order or its trade setup remains valid.
Disclaimer:
Don't invest more money than you can afford to lose. Trading carries a high degree of risk. Everything here is my personal opinion, should not be considered as trade calls.
