UPDATE #1: QUICK ANALYSIS: EURUSD: Picture is clearing up fast!

FX:EURUSD   Euro / US-Dollar
3397 25
Again...patience has it's rewards......

In my previous post, I had mentioned that I am waiting for a pullback before I look to get SHORT in this pair. Well, that pullback is now in progress. This pullback looks to be a wave 2 of a wave 3. So if this is correct, the next move down will be a wave iii of 3! As close to a gold mine as we can get in trading! But first to deal with where is a good place to get in with as little risk as possible. For now, I am thinking that a pullback into the .618 - .786 retrace of wave i may be a good place to look for as it will also meet a developing TL.

Given that I am looking for a SHORT trade here to follow the CD leg of the crab down and my wave count is calling for a wave 3-type move down next. I am intently looking for a good entry point. I'll be watching for bearish price action starting from the 50% retrace of the wave i. If I see bearish PA at that point, I may take a short trade there as it isn't to far from the .618 or .786 levels.

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!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
I agree EF, This should be a good entry point to add or enter. Expecting this to go to the monthly trend line before going any higher than current price.
EW count on the five minute.
EverythingForex ForexTradeIdeas
Damn! You do a 5M wave count? It could change before you even finish posting the chart!
ForexTradeIdeas EverythingForex
I entered at the 60% fib (wave 2) retrace, wasn't 100% sure it was coming back down, till I got the count. Market was slow back in profit now :-)
if this pair closes above 1.2230 today, it's time to go long.
+1 Antworten
Ummmm...I'm gonna assume that you made a typo here. I think you meant 1.12230? Well, if you think that, I'd like to see your chart and your reasons for it.
why 122.3???
EverythingForex yevgeny.shirshoff
I don't think he meant 1.2230. That's almost a THOUSAND pips! And no response from him so I'm guessing he doesn't have any good reason.
still valid Sir?
Dust kuzibekov
1.16? yes still valid
I don't get those that insist on making comments who can't back them up? If you disagree with me, that's fine and welcomed. But if you do comment, at least be constructive and helpful if that is the purpose of your comment. That is why this community exists. To help one another. Not to try to shoot another person's idea down. Post something and then you can talk about it.

1.16? Show why. Or are you afraid to be accounted for your comment? This is the kind of people that will brag and boast about "I told you so" if they are correct and will just disappear from sight if they are wrong. What use is that to anybody?
+3 Antworten
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