dojitrader
Long

Which Correction Is Correct ???

FX:EURGBP   Euro Fx/British Pound
255 6 3
It's a messy 3rd wave up -- the kind
you're more likely to see in an A wave,
I think, but, it offers a chance to go long
on the corrective retrace:
assuming it is in 3 basic waves.
Probably a 3-3-3- flat or maybe
a 5-3-5 zig zag .
OR the whole thing might just fall apart.
As always the candlesticks may yield
more light on the trigger to enter or not.
Pretty good R and R a plus.
Keep in mind that the marke declined was in 5 waves so the odds is that the market is pull backing before more downside, I'm short and have added on this rally.

Good luck ;)
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dojitrader traderWgun
Yes, I would be surprised if this is a trend change
that is why I hedged with the labeling
of 1 or A etc thinking there would be = or hoping,
depending on how the proposed b wave would develop,
a decent C wave to grab some pips.
Thanks, as always for your thoughts !
Reply
Just woke up to see the trade is active @ .8822
Now we wait. Maybe I should go back to bed . . .
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While this trade has moved back into positive territory it is the weirdest a-b-c flat
I could imagine, so, I'm moving stops 1 pip below recent lows @ .8213
if it takes that out the pattern will become unrecognizable to me ---
and taking half position off @ .8256 should that hit.
(and I see that I must have still been asleep when I posted last -
the entry should have been .8222 and NOT .8822)
Reply
Looks like the price action is providing another point of rejection
and is testing it again, now. If it breaks - I'm baffled !
So, moving stops to .8219 for a couple of pips loss
if this breaks down again.
Reply
Out on stops on the retest of support
for only a few pips loss and glad to be so
with this schizophrenic price action.
Certainly not the impulsive upside I was looking to find.
Indicative of the possibility that traderWgun suggests for
more downside.
Reply
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