In the chart above clearly shows that a Gartley pattern is forming. Taking the AB move/leg takes about 12 days and 650pips to completed, it comes to the logic that CD move is almost similar length and time for its completion. Hence, the short retracement will go up to around 1.1370/90 to short/sell to around 127.2% ext of BC move which comes to around 1.0660/80. On the side note, we will see a small resistence around 1.1100 area, before it continues up.towards 1.1370/90.
My pending orders would comes to like this:
Sell Limit 1.1380 with SL a little bit higher than 1.1466. TP 1.0700.
Buy Limit 1.0665 SL 1.0582. TP1 1.1638 TP2 1.1860.
My pending orders would comes to like this:
Sell Limit 1.1380 with SL a little bit higher than 1.1466. TP 1.0700.
Buy Limit 1.0665 SL 1.0582. TP1 1.1638 TP2 1.1860.