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Short

QUICK ANALYSIS: EURUSD: Catching some pips on the way down

FX:EURUSD   Euro Fx/U.S. Dollar
651 3 10
EDIT: Sorry, all! Posted this 20 hours ago but some reason it posted as a PRIVATE POST so nobody could see it. So just now re-posted. If you'd like you can check the link to the private post but the content is same as this post
SHORT ANALYSIS: EURUSD: Catching some pips on the way down
bearish and are heading down. At least for the foreseeable future. My wave count now shows that prices are now in a wave c of (B). When prices do reach the end of this wave (B), then we should see the start of the much awaited wave (C) up which should take prices MUCH HIGHER. But the strongest evidence for me that prices are heading down is my wave count. You see that I have marked the previous expanding triangle pattern as a wave (b). This is the expanding triangle pattern that I posted a trade about 5 days ago in which it bagged +186 pips. Here is that chart:
UPDATE #1: EURUSD; why prices declining? (+186 pips)

The reason why I point this out is that I wanted to emphasize the importance of that expanding triangle in my wave count. Wave b's are also corrective waves in and of itself and therefore can be complex unlike wave a's and wave c's both of which are impulse waves. An expanding triangle is a complex corrective structure so can only be in a wave b of an abc corrective wave. Therefore, that expanding triangle must be a wave b under my wave count. It follows then that the down trend now must be a wave c down. The importance of that expanding triangle is also seen when the lower TL of that triangle provided the PERFECT bounce rejecting prices as they tested it. This gave proof that the expanding triangle was valid. I also posted a trade on that small bounce back into that lower TL which bagged another +92 pips:
CLOSED TRADE: EURUSD: <span data-href="idea-custom-link" data-href-idea-custom-link="mailto:BUY@1.11230" rel="nofollow noopener noreferrer" target="_blank">BUY@1.11230</span> Stopped out (+92 pips)

But for now, let's concern ourselves with the current wave and what it might do. In this current down trend, what I am seeing is that there is a POSSIBLE POTENTIAL bullish cypher that MGHT form. I am emphasizing MIGHT because as you may know if you have been following my posts that I will do "look-ahead" studies that project POSSIBLE patterns as well as actual ones.This is looking 3 steps ahead and allows me to make preliminary preparations just in case. Anyway, should prices keep declining, then prices would form the cypher C point but whether it would hold or not. we'll just need to wait and see. But I have projected the C point of that cypher and it's MAX C point would just about land where there is also a completed AB=CD pattern . And there is also the long-standing uptrending TL there as well that could provide some support sending prices back up.

Even should prices take a bounce at that cypher/TL/AB=CD, I believe the true landing spot for the end of wave (B) will be the MAJOR SR Structure that looms under the cypher . There, there is another larger AB=CD pattern that would complete. See it in the DAILY chart below as well as an overview of what I think should happen. Should prices decline down to the G-Zone area, that is good place to start looking for a reversal.

DAILY CHART - Overview Of Projected Price Action
snapshot

MY TRADE PLAN
I am going to go SHORT on this pair for some short-term pips. From where prices are now to where the cypher C point MIGHT be, there's +190 pips to be had so thee are some good pips to be made. But when prices do reach that area, will need to watch the PA very carefully for signs of bullishness and see if that cypher C point will hold.
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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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asadkhan2018
a year ago
what exactly is your sl?
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EverythingForex PRO asadkhan2018
a year ago
I don't give my exact SL as that it for my own use only. I am not giving out a TRADE RECOMMENDATION here. This is an ANALYSIS. When i actually post one of my trades, it will say so in the title. On this pair, I have already posted a TRADE. Please see that post. And PLEASE read my DISCLAIMER!
+2 Reply
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