The stop-loss hunting will be continue
Since the end of August until now, we have seen multiple breakouts of both highs and lows, but the market has yet to establish a clear direction. We believe that there is intentional stop-loss hunting and positioning for a subsequent upward move. The positioning is not yet complete.
Therefore, we expect a new downward wave.
According to our strategy, the first downward impulse will exceed the range from the September 1st high of 0.6015 to the September 5th low of 0.5859. In other words, the minimum target for the decline will be the level of 0.5891, and the actual target will be slightly below the September 13th low of 0.58799. After that, there will be a rebound limited to about 2%, and then the September 5th low of 0.5859 will be updated.
Recommended trade: Selling on a rebound in the upward course. A good range would be between 0.6015 and 0.6020. Place a stop-loss at 0.6050. Target at 0.5861.
Therefore, we expect a new downward wave.
According to our strategy, the first downward impulse will exceed the range from the September 1st high of 0.6015 to the September 5th low of 0.5859. In other words, the minimum target for the decline will be the level of 0.5891, and the actual target will be slightly below the September 13th low of 0.58799. After that, there will be a rebound limited to about 2%, and then the September 5th low of 0.5859 will be updated.
Recommended trade: Selling on a rebound in the upward course. A good range would be between 0.6015 and 0.6020. Place a stop-loss at 0.6050. Target at 0.5861.
Trade active:
Wave A has completed within the expected range. We anticipate the completion of wave B and a new downward impulse. The current upward movement is limited by the level of 0.6000. Waiting 4 open short positions 06/10.
Comment:
The trade is opened by 0.59927.
Trade closed manually:
The trade is closed at 0.59104.
Waiting for rebound.
Waiting for rebound.
