Lets take a look on today news on www.forexfactory.com:
Whole day are just news, news, news. That can be a little dangerous - so lets just not open positions just before "red" news.
Now few potential setups:
AUD/USD is on 5 waves move (can be more but im not making it more complicated - just 5waves movea and ABC corrections)
Potential lows of 5th wave are marked blue on Fibo grouping.
I know its little mess so i will explain Fibos now starting from right:
1. Last big move up
2. Projection of 1-3 wave (so whole move down to point 3) from 4
3. Projection of 2-3 wave from 4.
4. Reverse projection of 3-4 wave.
I know its a little mess but dont worry - grouping of Fibo levels is important. Now i can just delate all this Fibo and leave just blue rectangles.
So what is the plan. When price reach 1 of levels, im watching faster DT, when it gives buy signal, im going to 5min chart and open transaction when slower DT give buy signal.
EUR/USD
EUR/USD is now in C wave of ABC correction. Blue color are potential levels of reverse. When it reach 1 of this levels plan is exactly same as AUD/USD plan
Feel free guys to leave questions, comments etc. I will try to answer all