dojitrader
Short

EW Principle of Alternation Suggests No Repetition But . . . ??

FX:EURJPY   Euro Fx/Japanese Yen
65 2 1
Looks like I will not get the long opportunity I was hoping
for with the open,
BUT,
if this turns into another 3-3-5 flat then there will be
a good opportunity for a low risk short.
The principle of alternation says that his should be
something other than another flat - perhaps a triangle.
And yet, it looks too good to ignore a possible repeat.
The risk is low to find out ~~~~~~
{{I wanted the long entry if the alternate count is correct}}
dojitrader
2 years ago
https://www.tradingview.com/e/mudu78TE/
Seems price action has created the triangle
and fulfilled the EW principle of alternation,
So, was able to go long @ 136.92 after all and now
anticipating a 5 wave C to finish just below the .618
since wave 2 is rarely, if ever, a triangle I'm no longer
considering the alternate count.
C wave could somehow extend, of course.
Looks like I'll have some pips to lose if this idea for a short
is wrong. {that doesn't sound like psychologically correct thinking?}
Reply
dojitrader
2 years ago
Well, this has fallen apart rather nicely ~~~~~
I can count a tiny little 5 waves in C completing an a-b-c flat
of sorts just below the .382 Fib. IF, this is a 1st wave down, then,
should be able to go short about 137.00/15 with stops above 137.33 -
a possible top for wave 2. IF, this is a more complex correction and this
is an X wave we will probably see another 3 wave correction: zig/zag as I recall
is most likely.
The impulsive nature of this down leg has me looking for a short
just above 137.00 with stops @ 137.38
Reply
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