This could be the breakout we've been waiting for. Wait for a correction (flag) before going short. This could still reverse back into the channel for another wave up so be careful and wait for the confirmation that we are looking at the start of wave 5.
I'll update my ideas as they develop First rule of trading - Protect you capital
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Always wait for an entry set up before risking your money.
This is not investment advice - it is purely for educational and discussion purposes. Your Ideas, comments and questions welcome
we have to take in count that most of the DXY drop today is caused by eurusd rally , but on low volume . . . so what I see is eurusd just corrective up move on low volume , then higher volume should push it down again and DXY back in up trend . . but it's just my opinion of course
SteveNixon
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@IgorMichalko, Yes you may be right. In my long term analysis I'm expecting another wave up on the dollar. But we can be wrong therefore it is important that I let my followers know that price is pushing down and that if we get the right set up over the next day or so then it may be worth a short trade. I can't explain my strategy in the comment section but the people who know my strategy will understand my though processes.
IgorMichalko
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@SteveNixon, I get it . Strategy can't be explain in comment section and also it's know how of any of us . I cannot explain mine too . I am trading purely mathematic and probability and stats . . . never loosing a trade . . single one yes , but a whole sequence never . . building up positioning and in case of reversing trade or my set up in not intact yet , I hedge with advance hedging so in worse case scenario I am break even . That's why I understand finally , why Goldman has cca 200 profit trades and 50 in loosing side . . even if their sequence is in profit , losing trades in sequence for example you are 6 lot short 3 long . .. u close 6 with profit 3 with lose . . sequence is profitable but 3 losing trades are counting to stats as losing one . . my stats are simillar since I start trading that way . . 3 simple steps for entry , exit , dollar cost average , and hedging . . . so I get it it can't be explained here in comment box. you're right
IgorMichalko
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IgorMichalko
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your channel buddy is not proper painted...bottom of the channel lies at 93.98
SteveNixon
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@IgorMichalko, As you should know Elliott wave theory is subjective and therefore nothing should be stated in a definitive manner. The channel lines are there as an indication of the general direction of price movement and are not meant to be traded or show entry or exit points. I have clearly stated that price may reverse and my title has a question mark in it. Please do not waste my time by posting definitive comments on my charts. If your comments where meant in good faith then please learn to state them in a more open minded way. if they are meant to show how smart you are then you have merely done the opposite. By the way my name is Steve and not "Buddy"
IgorMichalko
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@SteveNixon, Sorry ,,Steve,, was not meant as an offence or so.... right to point...sure Elliot has different parameters to measure price ... channels also ...but even channels are there to be broken/...at the end of the day only thing that matters is price , right
SteveNixon
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@IgorMichalko, Yes price is all that matters everything else is probability. I am always very careful not to mislead people because it is very easy for them to take things literally and risk there money without fully understanding the message in the chart. I'm glad we cleared that up Igor.
IgorMichalko
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@SteveNixon, no problem Steve I get it .... good luck pip hunting anyway