TerryHarmonicTrading

EURUSD - Why I will not buy this Deep Gartley?

FX:EURUSD   Euro Fx/U.S. Dollar
Hey traders, just an update on EURUSD             this week.

On the daily chart , I am sure many traders spotted this Deep Gartley ( AB=CD pattern completed beyond 78.6)

These are the reasons I will not go long on this pattern.

1. Put in the parallel channel , it is in the middle of nowhere
2. RSI no divergence
3. PRZ bashed through without hesitation

What's next?
As with all failed Gartley patterns, it has the potential to become a crab pattern which will complete much lower around 0.9872. (161.8 XA).

Euro             and USD is almost guaranteed to reach parity, this is scary.

Good for US citizens             to go on a holiday too, bad for all other countries including where I am from, Singapore.

Meanwhile, use simple moving averages(I use ema 34) to keep shorting Eurusd             on every retracement, I am currently holding a short on GBPUSD             which I expect it could reach 1.2150.

Good trading guys!

Comment: Consolidated my view into a blog post.
Check it out if you like my analysis.

http://www.harmonicforex.com/wma/bold-prediction-eur-and-usd-will-reach-parity
Comment: Download my game plan for week 46 with video attached.

http://www.harmonicforex.com/terrys-weekly-forex-market-report/week46report
This week's report is out, I will cover Gold, DXY and USOIL.

http://www.harmonicforex.com/terrys-weekly-forex-market-report/week48report
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