We booked 40 points on a half-size position at 1.3485 into what appears to be the end of wave 3 of 3. If you just so happen to still be long, we are now bidding into wave 4 of 3 pullback towards broken trendline resistance-turned-support at 1.3475. This is a very cheap trade, because the high of wave 1 comes in at 1.3469. And we know that wave 4 should not enter wave 1 territory, so stops can be as tight as 1.3465. Targets will remain open for now.



Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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