This trade setup began with the Daily time frame (for me) as I watched price move in a slow moving down trend since the Corona reaction.
After quite sometime of leaving this pair alone (I like trading this one but I haven't had too many opportunities lately) it began to breakout of a channel to the upside.
This confirmed with wave counting and analyzing volume to confirm the foot print of Smart Money stepping in just before the big breakout.
I always use Point and Figure to determine my entries and profit targets and in the image below, you can see the first target has been hit with possibly more to follow.
The key in using Point and Figure is setting up your charts correct to get the entry and profit targets. You will also need to understand how to analyze the specific phases of consolidation to determine where Smart Money is stepping in. We then use the consolidation information from our Bar charts or Candlestick charts and transfer the data to the Point and Figure charts.
(I have some videos for you to watch on how we do this step)
I don't recommend chasing a trade and jumping in at this point if you are not already in this trade. This isn't a trade call or recommendation. It is my trade and my trade idea and analysis of what I expect based on my trading system.
Coaching students in my trading course
get updates and they get to see my trade ideas as soon as I post them. If you are not in the coaching program, please use this information as education only, do not execute a trade without more information and a better understanding of the principles and strategies behind the trade.