EURUSD WR2B done with style and INTENTION .
Trying to theorise and concretized the idea of price Action with intention. it is not only about merely completing a Wash n Rinse/ Bull/bear traps, but the intention, strength and reaction with key levels that determine if price has the desire to breach and close above a pivot level.
So in this trade, I am looking at the h1 bullish close as a desire to complete this wr2B.
However, this has to be understood in the larger context of key levels, which i have identified as the purple w1 level. A close above will have more confirmation, which of course, will give less pips.
On the h1, I can see price is consolidation in an attempt to break up via ihs. More importantly, i see the respect it has given to the cluster of multi day high as support.
Basically I am bearish on USD but yet I am not too sure on AUD strength now as there seem to be some retracement of sorts, hence eurusd for today.
lost -50 pips on average 3 pos. Looking back this week I did not have good discipline to follow my plan and as it would have turned out, i could have avoided this loss if I stuck to plan: to only trade when consolidation had been completed, which it did not.
My next plan for this pair will be to look for a short when price retraces, targeting the key level of mega fib5