KVE
Short

EUR/USD UPDATE: Trendline re-tested and bat (almost?) filled!

FX:EURUSD   Euro / U.S. Dollar
593 6 19
Today all my long positions were automatically closed and a short order was triggered!

We might get another small push up still to possibly re-test the high (or possibly even overshoot it...), but I believe we should get some retracement at least in the coming days.

A possible wave count is on the chart, possible end of wave 5 of 3 of 3 might get us down to 1.1120 and 1.1040 in extension. My short target is in between those 2, possible partial profits at the higher level.
Seeing as this is possibly only a wave 5 of 3 of 3 means that we may still expect more upside after this possible retracement (ultimately to a possible wave 5 of 5 of 5 which could trigger a very nice hort)!

The bat at the longterm trendline has been on my radar for a while, I think I first mentioned it here:

As for my initial longterm long setup for which all 3 targets were met (!):
Comment: Zooming in suggests the current impulse wave 5 is not finished yet., ending diagonal still forming, possibly 2 subwaves (1 down, 1 up) left..:

The bad news is that I might have to adjust my target and trail SL closer on my current short (still good to catch wave iv withing the ending diagonal though!).
The good news is that I will probably get a chance to enter a longer term short at an even better level!
Comment: Well I think it's safe to say that the up wave, bat and trendline re-test was complete after all...

Looking for at least an ABC correction now, since the down move was quite steep and the previous correction of this degree was more of a flat this might turn into a sharp zigzag correction.

Depending on where a possible B wave ends we might therefor get a nice and quick C wave short opportunity.
Trade closed: target reached: We actually just missed it but I closed all remaining shorts anyway. I believe wave A might be over and we are now up for a possible wave B so it might be better to try and catch that one too and then possibly a nice C wave after that... New idea based on the hourly charts:
Comment: Anyone still short may consider closing shorts and entering a shorter-term long. We reached the 61.8 retracement of the bat today!

Posible long:
thank you so much for all likes.
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KVE arif_awan
NP, keep up the good work!
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thanks you for your support, all I learned from great traders like yourself.
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amazing chart
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On this one too Good Luck :)
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KVE KevinSinghDhaliwal
Long awaited! Smaller timeframe analysis suggests it has not entirely played out yet... No need to jump in right away I think,
GOOD LUCK to you too!!
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