EverythingForex
Short

TRADE: EURUSD: Sell@1.16209 Completed Crab SHORT Trade

FX:EURUSD   Euro Fx/U.S. Dollar
This bearish crab I mentioned several times in several posts has completed. Typical of crab patterns, prices completed the crab pattern explosively and extended into its' PRZ just barely short of reaching the 3.14 extension. Now there should be a period of retracement of the recent uptrend before the trend resumes.

***NOTE***: The trade entry point represents MY own entry point into this trade. If you decide you want to get in this trade, you must choose your own entry.

Note that the TP1 of this crab is right at/near the previous upper trend line of the former triangle pattern. I would expect that prices would retest the broken triangle pattern as is typical seeing as that trend line was former resistance area and now could be seen as support.

MY TRADE PLAN
I will expect that prices will reach the TP1 at least. The TP2 I am not so sure. One thing I am sure is that this uptrend has a LONG WAYS to go and I am still VERY BULLISH on this pair as I have been for weeks now. Once prices hit the TP1, I will watch the price action for clues as to the trend resuming. If so, I will close my SHORTS and look for opportunity to get LONG again.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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dr.gsbharaj
a year ago
so are you short on this pair?
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EverythingForex PRO dr.gsbharaj
a year ago
yes. until the TP1 is reached or price action turns bullish.
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dr.gsbharaj
a year ago
i am great fan of your analysis. i love the patterns and very much interested in elliot waves.
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EverythingForex PRO dr.gsbharaj
a year ago
Knowing the wave count is important. That way you can know the direction of the current price action. But patterns are the triggers. If you notice my analysis, in general, I look for patterns that have some kind of relationship with my wave count. I don't just choose any and every pattern that is on the chart. There are so many! Patterns that have some meaningful relation with the wave count are ones that usually work best.
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dr.gsbharaj EverythingForex
a year ago
how do you count the waves? is there any study material for that?
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EverythingForex PRO dr.gsbharaj
a year ago
There are lots of resources and websites on the internet for learning wave count. Read Robert Prechter's "Elliott Wave Principle". But be warned, Elliott wave theory is not easy to master and can be very confusing!
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Ramsi
a year ago
thank young man, still struggling with the patterns! in profit now. bless
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EverythingForex PRO Ramsi
a year ago
Young man? Ha! Don't I wish! If I only knew back then when I was young what I know now.....! Like they say, youth is wasted on the young! ;-)
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Ramsi EverythingForex
a year ago
hahaha agreed, in my head some days I can feel like I'm 60...

p.s. when you trade and you're first TP1 is hit, do you let it run or do you take profit and open a new trade in order for TP2 to be hit? thanks
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EverythingForex PRO Ramsi
a year ago
No. I never "open" a new trade for the TP2. Whether I take profits at TP1 or take partial profits and how much profit to take at TP1 depends on the price action at that point. If you follow my posts, you'll know that it varies as to what I do. Sometimes, I'll take 50%, sometimes 30% sometimes 70% or none at all.

Here's my trading plan for taking trades. When I take a trade, I will open an even number of positions: 2,4,6...etc. So when I hit TP1 and say for example, "close 50%" and take 50% profit, what I'm actually doing is "closing half of my open positions". So if I have 2 open positions, I'm closing 1 and letting the other one go to TP2. So when you see my "pips profit totals" and I am adding it up, that is what is happening. Each position is treated as its' own trade. GL!
+2 Reply
Don_Corleone PRO EverythingForex
a year ago
Nice one
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KVE PRO
a year ago
Hi, it says failed, is that correct??
I didn't see this yesterday but it does confirm what I acted upon, catching the retracement back down! Was a good trade for me, hope for you too!
Hope to catch some more of that move down, if I'm not overdoing it...:
EUR/USD: short scalp and further down riding the retracement...


About EW theory: could you confirm that we could be in an ABC retracement as in my analysis below? (I've only been briefly introduced to EW)
I know that it's opposing what you say about the direction, but I'm asking anyway..., hope I'm not bothering you too much with this... If it's not at all an ABC retracement then I will not mention anything on EW before I read up on it... ;-)
EUR/USD: The bigger picture! Analysis paralysis setting in...
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