Similar to the EURUSD, I think this is a wave 5 from hell! LOL.
If you refer to the video, the prices have sky rocketed to the trading zone identified at the daily timeframe. And there was I silly enough to think that it would be turning soon based on the 1hourly. Everyone knows that the higher timeframe takes precedence right? Actually, nothing is for certain in trading, we just have to monitor the different timeframes and see which one is respected.
Here’s the daily chart showing that prices have entered into the daily TF trading zone that I pre-planned.
But we’ll always need to look at the lower timeframe to see how it unfolds. And it’s not pretty! Here’s the 5min.
Can anyone say “PARABOLIC”?
Again, I find the waves expanding like crazy…. and I think there’s probably one move up left. I’m sandwiching the price bands with alerts so I know which way it is breaking out. I can smell this one growing ripe!
