EurGbp: This EW count says long

FX:EURGBP   Euro / British Pound
65 14 2
Comments on the chart. By the way I have shown only one set of 12345 count on the chart. The full count is a 12-12345-3-4-5 i.e an extended wave 3.
OLU from niaja?
Olu ChimbOt
yes o
The trade did not work out as I thought
+1 Reply
this concrete pattern seems to be invalid , but I think price still in consolidation. pattern might play out as expanded flat I think if price havent exceed wave 1, it can be still considered as wave 3-4 , right? do you see more upside coming?
Olu JanekOsso
You are correct. As long as the 1 level has not been breached the upside idea is still in play. It is getting long in the tooth though
seems this one breaks out soon. good idea Olu. I got in aournd 0.7200, closed 50% now, left rest to the market to decide;
EW ....??? I feel sleepy anytime I see any EW analysis. I dont know why, z z z z z z z z
moorekapital moorekapital
Raw price itself is hard to read. Now, adding EW, makes the puzzle a too complex one for me. May be you can correct my deep rooted ' wrong' perception.
IvanLabrie PRO moorekapital
Traditional EW analysis is more prone to subjective error, unlike neowave...but even then, forecasting with it doesn't guarantee profitable trading, it's rather cumbersome.
+1 Reply
Olu IvanLabrie
I am not very familiar with neowave, But I will look into it over the weekend. I have had some spectacular success with traditional EW that I am willing to keep it in my trading arsenal and not mind the 30pips donation to the forex cloud (loss). Altogether TA doesn't guarantee trading profits. We just use it to find hooks to hang our trades on. The trader plays a big part
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