glennmercer
Long

EURO: Combining EW With Harmonics - Triangle Breakout

FX:EURUSD   Euro Fx/U.S. Dollar
Hey traders! Looks as though the complex correction is complete for this pair. We have a bullish impulse that followed which points to wave count confirmation, but not until the fifth wave completes. I want to trade this fifth wave after the triangle completes. At the schedule completion of the triangle, a potential bullish Gartley has formed a potential reversal zone. In addition to a high probability breakout, we also get a nice risk to reward ratio out of it. It is smart to wait for bullish confirmation and pullback.

PS: Video support for analysis coming soon! This complex correction is a good candidate for explanation.

Cheers!
Trade active: This one is CAUTIOUSLY active. The triangle is not ideal but I don't see any reason not to trade it with the bat pattern. If I see any signs of corrective structure, even in a rally, I will close manually. If we see a bullish impulse I'm in until target.
snapshot
Trade closed: stop reached: Entered SHORT on the USD via USDCAD after this one. We're already set to B/E on that trade. Check it out below:
Comment:
USDCAD Triangle Complete: Selling off WAVE-E
sl hit?
Reply
Yes, SL hit on this one. New wave count pending. I like a short on USDCAD much better though at the moment. Cheers!
Reply
Hey bud, I just got in at 1.1195.

Stop is same as yours at 1.1187

Good luck friend.

I'm emailing you next week after Hurricane Matthew passes me. LOL
Reply
Sounds great Hanu, trying to avoid that one myself! Have some serious tailgating to do this weekend and I'm hoping it misses us on the east coast!
Reply
we can have a rally to the top after, the publication of data, 2:30 pm
+1 Reply
Thanks David. Yes. And if the wave count is in agreement I'll hold this one through the pre-NFP news.
Reply
Hi Glen, is this trade already active?
Reply
hi Hanu, yes it is active
Reply
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