TRADE: SELL@1.13035 Completed Bat + Shark B Point + Wave Count

FX:EURUSD   Euro / US-Dollar
2817 38
As per my recent post on this pair (see Related Ideas: " EURUSD: Building A Case For A SHORT Entry"), I am now entering SHORT on this pair after prices have completed the Bat pattern and displaying bearish price action. The upper trend line of the triangle pattern is not reached but is also not far away. Stop will go above that upper trend line giving this trade room to work keeping in mind my alternate wave count in case the patterns fail:

This is my 3rd trade on this pair trying to catch that wave (4) ending and the start of the wave (5) down. So maybe third time's the charm? Let's see if I got it right this time!

Good luck!

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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I think there is an obvious correlation between the GBPUSD and EURUSD pairs, hence there is a very good chance that price action will rally on both of them instead of the expected fall. At least for the moment, and at least to the 61.8 fib retracement of the last impulse leg, showing very nice on the H4 chart. On the GBPUSD there is obvious sign of further rally, taking into consideration the basic structure analysis and therefore I think that is premature to take this short trade, till further sign of reversal. Take a look at the GBPUSD chart I attached:
Koryphaeen Koryphaeen
I would take this trade this way, taking into consideration the break above/close above of the price action in comparison to the previous minor structure high: (I will not take it, because I took the GBPUSD trade above and this would mean the same direction and expectation increasing exposure above my risk taking limit). Good luck!
I agree with your previous ideas and new ideas about the EUR/USD And I have the same view.
And into position SELL,but Unfortunately,the now we have price rise, In your opinion, how far price rises
will have?
thank you
The bearish bat move BC can be either .382 or .886 retracement of move AB. Your Bat has BC move on .618 retracement of move AB.
EverythingForex peter.kralmail
It can be BETWEEN .386 - .886. NOT EITHER .382 or .886.
+2 Antworten
peter.kralmail EverythingForex
Thank you, now I know more :D
EU wave iv might be end? price and time
1380ish is where we have to go before we can leave this leg. No sell off until that is tagged. Not a maybe. 100%
pecantree pecantree
They are head-faking everyone. We have been going through what is called absorption. There will be many series of what looks to be headfakes, but in actuality they are testing little legs as we rise higher in an ascending channel. Any selling should be short lived and considered a buy opportunity.
pecantree pecantree
The true sell-off will occur around 1.1380's. By that time most retail will be looking long... and they can then take market down as there is nothing left to test. Best of Luck traders.
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