All successful trader's ALWAYS see two sides to every trade. And always has contingency plans just in case because you should NEVER be so bought into your own analysis to the point where you are blind to any other possibilities. This trade is a good example of what a contingency plan looks like.
I am updating this trade to reflect a possible ALTERNATE wave count. Here is the chart with my original wave count:
The main chart now shows that I moved the ending of wave 4 to the last low @0.71206. I've now labeled that decline from the cypher #1 as an abc wave 4. That would mean that wave 5 up is now starting. I have labeled that wave 5 to possibly end at the completion of the POTENTIAL cypher #2 and possibly the end of wave (4). And then to see another bearish move down in a wave (5).
MY TRADE PLAN At this time I am STILL SHORT. I have a trailing stop on my SHORT order right now that would stop out at 0.71506. If my stops get taken out, then I will WAIT for confirming BULLISH price action to get LONG for the ride up to cypher #2.
*DISCLAIMER: Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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Buy now or could wait until the wave turn upwards?
Krasen
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good job, Mate!
Miltonfx
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So wave 3 its b
EverythingForex
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No. The (b) point is part of the abc wave 4 in this alternate count. In Elliott terms, this (b) is actually an extension of wave 3. But the way I count it is the way I have it on the my chart. The way I count is controversial topic in Elliott wave theory among Elliotticians. Some will say its' not proper. "New"-wave Elliotticians will say that the idea of "extensions" is incorrect and should not exist. I find that to count it by ignoring "wave extensions" to make more sense. So that is why I have it marked as I do.