Pattern broken in opposite side! But it was not against the expectation! Now pay attention what I wanted to teach you guys from this idea. May be many of you don't know about this thing! Why it broke upside? let me tell you just look at the picture
This is what I wanted to teach you guys! Read it carefully! It doesn't matter if it come back to structure or not, but the purpose of this post was to teach you guys about this pattern! Hope it will help you guys who were not aware!
i like your idea, but i do not agree with it.
i think that if you look at the bigger picture, this should be the end of the corrective wave (ending diagonal).
an new impuls wave up with target 1,169 should begin.
maybe i'm wrong, anyway thanks for sharing !
Thanks for the chart re the 4 support points really interesting! Now that price has closed out side the top trendline would you wait or a PB to the trendline and just go long or would you look for a candle signal at the top trendline before entering?
greatful for any advice you may have! :)
Yes you're right, my position is still open! its just for retracement! I was just explaining the Pattern to those who were aware of this thing so it may help them in future. Glad you participated with your idea. Thank you
Dude! its not a excuse and just look at the description which I posted with the chart "it was mention its not a trade call just watch"! BTW if I had not posted these updates you didn't get the notification and won't had a chance to visit this idea! But I posted so I can teach for what I posted! So don't be a hypocrite, I am not here to argue with you! if you think its a excuse then think!!
Hello WaveTrader, first of all thanks for sharing, every share is appreciated.Let me show you why we should have been looking for a buy. First of all in a descending channel you can't have more resistance than support because it needs to bounce up (support) before it can give resistance, if it is the other way around it is not a channel and therefore not treated as such. Nevertheless that's not the point. If you focus on major structure which is leading for the EURUSD, we have to focus on the daily time frame. You will see that price reached the base line of the triangle on the daily time frame. Add to this the weekly range and market dynamic this pair is showing at the moment and the extension lower and divergence, this all combined would indicate that we should be looking for a buy (correction). Keep in mind that price is contracting around this base line for a reason so breaking below is possible but will be followed by a retest and most likely not a continuation. I bought it based on 5 min 1-2-3 reversal pattern out of this confluence zone, closed 1st position for R/R 3/1 but expect more to come. Hope this context helps you understand where we are in the structure. Once this wave 4 is complete we can sell once again. It is good to spot patterns but I don't know based on this post what else you look at because in general a pattern is not enough, you need to build a case to trade with at least 85% success ratio. I agree with a comment posted here as well that we should consider this an ending diagonal.
We are all traders and sharing is learning! I won't say I disagree with you because I don't. I just rationalized my view based on your post, to me there is no right or wrong because it is a probability game. Thanks for the effort and I will definitely check out your work more often! Safe trades!
OK I have an opinion and you are welcome to it! There are so many ways to trade if anyone believes their way is the true path they should really get over themselves. What I do believe in is results, plain and simple. If WaveExpert wants to count support and resistance levels a particular way and it works then she is correct. If that does not sit well with the purists so be it. I gave up counting the minutia to make sure my wave count met all the criteria. I simply use the AO indicator, every time it crosses the center line it is the end and start of a wave. I add a dash of RSI, a tablespoon of support and resistance, an generous portion of Fibonacci, a pinch of trend line and a good helping of the secret ingredient, Common Sense.
Figure out what works for you and use it, not much point in putting down others ideas because you don't agree with it.
thank you!! i like the note you made. i would only view the pattern as a descending channel. like the fact you added about the descending flag cause its new for me and i have seen it happen but just viewed it as a failed channel. now i know its also a descending flag.