EverythingForex
Long

TRADE: EURUSD: BUY@1.09610 Wave 4 retrace underway

FX:EURUSD   Euro Fx/U.S. Dollar
This pair has been in a decline for the past weeks. But what kind of decline is it? Is it just the beginning of a MAJOR DOWN TREND? Or is it just another corrective wave? Here's my answer:

First, what you see in the MAIN chart above is what I believe will be happening next. The recent strong down trend was a wave 3 of the 5-wave wave C. So now that it apparently is done, we should be seeing a wave 4 retracement. Which is what has been happening as of the past few days. And what I see is that the wave (a) and the wave (b) of this wave 4 retrace are completed. So we are now going to see the wave (c) commence. And in corrective waves, the wave c is similar to a wave 3!

PATTERNS
On the DAILY chart below, there is a COMPLETED Gartley and there is also a POTENTIAL butterfly seen in the MAIN 1HR Chart above. The completion of the butterfly could mark the completion of the wave 4. And also, that point would also be right around the TP1 of the Gartley . That would be a good place to start looking for wave 5 down to commence.

DAILY CHART - Wave Count Showing Continued Downtrend
By my wave count, this decline is just the ending wave C of the larger wave (B) before we get a very large upswing. But first, this wave C decline must finish. And that is what has been happening here recently.
snapshot

So now that you have got the bigger picture of what i am seeing, what is happening in the here and now?
4HR CHART - Focus In On The Wave C Decline
snapshot

MY TRADE PLAN
I am LONG now from 1.09610 looking to hit this wave (c) retrace up. Stops go below where I have the ending of the previous wave 3. TP = the completion of the butterfly .

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*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 or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. 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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Farbenspiel
a year ago
Nice work & well explained. Hopefully it plays out.
Reply
I only trade longer term ( but that's just me ).Even though I only trade based on fundamentals and Purchasing Price Parity I still confirm the economic data and all relevant information along with news events and speechs with the Currency Strength Tool found on fxcompletecurrencytrader,it can easily be installed on MT4 as well.Stay on the right side with strength and weakness comparison in order to double check.Best 10 bucks I ever spent.
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EverythingForex PRO RobertHerdman
a year ago
Thanks for recommendation but I don't trade on FA. I'm on the "right side" plenty without any FA.
Reply
JiaYuan EverythingForex
a year ago
Hi! Then what about friday's NFP ? Will you close your trades or continue with what you see on the charts? I find your way of trading very interesting.
Reply
EverythingForex PRO JiaYuan
a year ago
Coming up the the NFP, will see what the price action looks like and what the chart says. Most of the time, I will suspend all trading before, during and for a few hours after the NFP. Trading the NFP is usually a crap shoot and more akin to gambling. The potential gains from it vs, the risk of loss isn't worth it.
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evey EverythingForex
a year ago
Hi, would you tell me what FA is? I'm a rookie.
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AhmadFarhan evey
a year ago
fundamental analysis
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bekirdur PRO
a year ago
This Gartley is already invalidated i think, isn't it? Can you please explain why are you expecting an upward move? Will it be the size of the up move?
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EverythingForex PRO bekirdur
a year ago
The Gartley is not invalidated but this trade was stopped out as according the my trade plan. But I am already back in on a LONG again. Next post will explain why.
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