On 11/22, 12 days ago, I posted this chart where I was saying EURUSD was "Setting Up For A Nice Move" up. Did I call it or what?
In that post, I said this:
"The way I see it,, is that this pair is looking to bust it's way up!" and "the thing to pay attention to most if the possible completion of the POTENTIAL Bat @1.06102"
Well, as if on call, after I posted that, the POTENTIAL Bat got filled and shortly after that, a POTENTIAL #1 also got filled in short order. And then after waiting another few days while prices just kept consolidating at that level, today POW! BAM! KAPLOOEY! Fireworks! In one day, it SHOT up +370 pips!
Now who saw that coming? I did ! And I called it 12 days ago! How many of those "fundamental" guys called it? Oh, right. They were still screaming SELL! SELL! SELL! At least the trolls who were banging away at my posts were saying so. Where are they now? Probably hiding away in a corner somewhere trying to come up with some justification why prices did this and why they weren't wrong.
So what are we looking at here. What is going to happen now? First, let take you back to July 12th, 5 months ago. Back then I posted this chart:
In that chart, I was showing that this pair was in a corrective pattern that was going to be unfolding in a pattern and that at that time, we were in a wave (B) down. My chart had hinted that prices would get down to around the 1.07's. Well, prices actually dropped quite a bit more than I thought into the 1.05's but the idea was correct. That prices were to drop in a wave (B) before moving up MASSIVELY in a wave (C). And that is where we are now. The beginning of the wave (C) up.
Here's the current . Click on it to get some descriptions:
.png' src='/static/images/svg/idea-image-placeholder.svg' alt='EURUSD DAILY Chart - December 2015' class="js-image-lazy-load">
In my post 12 days ago, I mentioned that prices were in an pattern and that the pattern was complete. I was a little bit early with that prediction but overall, I was correct. That ED ended today and we got an EXPLOSION out of it into the new wave (C) up. This ED ended the wave (B) down right at the . of wave (A) in the .886 level of the G-ZONE. The highest probability reversal level of he G-Zone.
In this 4Hr chart, there is a COMPLETED . This could be signaling a retrace on the HUGE spike up yesterday. Please see the above for more on the DAILY patterns.
MY TRADE PLAN
With today's NFP looming, it is difficult to say what is going to happen. So I am basically in a holding pattern. Most likely, we will be seeing some kind of retrace on this spike occurring but with the NFP coming, anything is possible. Even ANOTHER 300 pip spike up! Or down! Awww, heck. Who knows?