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Long

QUICK ANALYSIS: EURUSD: The Direction Is Clear Now. Going UP!

FX_IDC:EURUSD   EURO / US DOLLAR
Ever since prices were sitting at the point (B) (red), I had been calling for LONG positions. Only question at that point to me was NOT if it was going LONG or SHORT, it was how far up it would go! At that time, most trader's were looking SHORT for a resumption of the downtrend while my own analysis did not call for that at all. So here we are, sitting almost 600+ pips from that point (B) bottom. So what is happening with it now?

What you are seeing in the main chart is the close-up on the POTENTIAL bearish crab that is very close to completion @1.15699. in my wave count, when this crab does complete, that may mark the end of the wave 3 of this wave (1). However, in order to complete the crab , prices will need to break through some resistance overhead. If and when it does and completes the crab , we may see a wave 4 retracement back down to retest the upper trend line of the broken triangle. Which would be a brief retracement before starting up again in wave 5.

Overall, this wave (C) has a loooonnggg ways to go!

DAILY CHART - Moving Up With ROOM To Go!
snapshot

MY TRADE PLAN
I will wait for the crab to complete and look to take some SHORTS to catch the wave 4 retracement. However, I will keep a close eye on PA to look for a chance to get LONG again for the long ride up!

*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. 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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