dojitrader
Long

An W-X-Y Correction Would Make Great 3 Wave 4th Wave of ED ???

FX:EURAUD   Euro Fx/Australian Dollar
131 1 3
I have quite shamelessly taken the Alt. ED count of traderWgun's EurAud            
analysis from his new blog: http://www.traderwgun.com/
{{check it out, he's off to a rousing start !}}
and drilled down looking for a trade to find this come up short by 2 pips ~~~~~
2 lousy pips ! (so many entries have blasted through no longer front running)
However, this blast off has given the possibility of a low risk entry
depending on how this corrects.
Either side of 1.4400 would be great in the .618/.786 fib.
Stops probably do not have to be this tight, but, it seems to me
that just a couple of pips below .14380 and my X wave falls apart.
Especially when you look at structure and a-b-c counts.
However, maybe the smart stops are still below the Bat's X point.
If I don't get on board the upside,
then, and in any case,
I'll be looking to sell the 4th wave of an Ending Diagonal
towards the final low around 1.4200
Just waiting for opportunity to knock again ~~~~~~~
I'll be glad to give it directions . . .
dojitrader
2 years ago
Don't you just hate it - when you're basically right and still manage to miss out ! ?
I really thought price would retrace .618 as it did about 10 days ago for an "ideal'
entry. This time it came up 6 pips short. I'm going with the reasoning that I was
asleep at the time - which I was - but still, the bullishness has caught me wanting.
Hind site says I should have also used a limit order above to drag me in on the blast off.
This must be like watching the World Cup but deep down, wanting to be a player ~~~~~
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