dojitrader

5 Wave Up From A 3 Drive . . . ???

Long
FX:EURGBP   Euro / British Pound
291 views
8
Looking to add positions to the related 3 Drive pattern
that was just too painless. I guess that soothes the trades
that are nothing but agony.
5 waves being projected with 5 = 1 and then buying the
completion of a 3 wave correction, probably a zig zag or
maybe a flat of some kind ending near the
4th wave of one lessor degree.
Will not take this trade if it is too close to NFP and there
is the possibility that this will retrace to .618 which is
a common fib for a wave 2.
A 5th wave extension is also a possibility.
Time to Wait ~~~~ Patience might equal Potential ???

Comments

agreed to my knowledge B wave is always 3 waves, a,b,c, but a c wave itself is always 5
Reply
I agree too..... I'm with glennmercer thinking that your 5 is actually B of an expanded flat. I'm waiting for further price action before entry. Good luck.
Reply
glennmercer Welshman99
We shall see very soon
Reply
dojitrader Welshman99
I'm not sure a B can only be 5 waves, unless it is part of a complex a-b-c 3 waves that make up an entire B
5 waves alone is not a valid B wave to my understanding.
What I'm trying to say is that a B wave must subdivide into 3 waves and no more.
Your thoughts ?
Reply
glennmercer dojitrader
Yes, correct on B being a 3 wave move. Since this was such a powerful move, we cannot rule out a series of 1's and 2's. One scenario is that we see a retracement to the new daily pivot to complete (c) of (ii) before another powerful bullish move during the London/NY session:
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That's exactly where I've placed my limit order based on the same wave count. We're quite often on the same wavelength. I think it's possible that the wave labelled 5 could potentially be leg B of 4 in an extended flat as well. Either way, previous fourth wave support looks like an ideal level to add. Excellent!
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dojitrader glennmercer
More pips in our pocket I hope !!!!!!
Wondering what will actually play out, too ~~~~~
Reply
glennmercer dojitrader
Yes me too, great trade so far. Price peaked temporarily right at the WW target line which is nice. And regarding the wave count, the guideline of alternation would tell us to expect a sideways wave four correction - time will tell!

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