Gathered Information + Hints based trading
4H wave structure shows Wave 5 down starting.
Market went to the daily fuel limit yest -> today should be a follow through with a no break extension.
wave 5 of wave 5 is likely to kick in from beyond E16.
Trading plan for the day: go short above E-16 and target a lower low, 4, 7 pips beyond the low made by Wave 3 of Wave 5.
Why? Because you are expecting the downside volatility to dry out.
Exit 1/2 at 1.1032, 1/2 at 1.1029
If it goes any further, go long for a possible mean reversion to 1.11
One visual representation of reaching a daily fuel limit (a wave 3 would do that). Showing no consolidation since.
Here is an example from earlier of the Daily Fuel Limit’s follow up, the no-break extension.