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traderWgun
Aug 27, 2014 11:12 PM

A big buy opportunity coming up, after a 500 pip drop  Short

FX:EURNZD1D
Euro Fx/New Zealand DollarFXCM

Description

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The EUR-crosses are poised to make new lows against the Forex commodities currencies (AUD, NZD and CAD).
Here is my EURCAD idea: tradingview.com/v/OuzwUOnK/
and I will be posting a EURAUD idea after this one.

The next low should complete a bullish pat pattern, which is valid as 1.4960 holds.

It looks like we are in a complex wave (b) of wave B or X.
If it's wave B, we are doing a flat and should see a test of the 1.700 figure.
If it's wave X, we should see new highs above 1.720.

Look below for more charts.

Follow all my demo trades at myfxbook.com/members/tlkemmy/demo/854232

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Mail: traderwgun1@gmail.com

Good luck!
Comments
davedien
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hi Vlad, was there a particular reason that swayed you toward this count versus having the whole double zigzag completing at 1.5400?
Thanks man.
traderWgun
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good question, If it was a zigzag, wave B has to be an ending diagonal.

1. "Wave 1 of an ED must be a Zigzag family pattern"
The proposed wave 1 of this ending do look like a five wave advance.


2. "Wave 5 of an ED must be a Zigzag family pattern."


An ending diagonal should be 3-3-3-3-3 formation, I can ignore one bad wave, but both wave 1 and 5 look impulsive.
traderWgun
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Covered my short for +45. Nothing impulsive thus far, will be on the look out for a low risk setup,
stay tuned.
davedien
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couldn't we also count the move down from 1.7000 as an ending diagonal?
traderWgun
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