TerryHarmonicTrading
Short

EURUSD - Short on ABCD completion

FX:EURUSD   Euro / U.S. Dollar
Hey guys, this is my gameplan for EURUSD             for next week.

Price has been respecting this downward sloping channel on the daily chart .

I will look to sell once this ABCD pattern completes at the top of the channel.

THIS IS NOT A PENDING ORDER, I have to see some form of

1. Candlestick reversal
2. RSI divergence

before I will execute my short.

SL and targets all on the chart.

Good luck and good trading guys!
Order cancelled: Price broke below the low, sell setup invalidated.
I may go short again if being retested.
Reply
sorry what i meant is shouldn't you buy now and wait for it to hit the upper channel then sell ? or you think it might break out from the lower channel and go south further ?
Reply
Trend is down. It could stick to the lower channel and not rebound.

Better probability is to sell high.
Reply
hi terry
can u share some insights why would you rather wait for the sell signal when it has touch the lower channel ? Past few times , it has touched and rebounded, would that not be a good probability? thanks
Reply
The value zone is at the top of the channel.

Many sellers trade just by following the trend and selling when it hits the extreme.

If you sell at the lower channel, your risk to reward ratio will not be fantastic.

Always remember, buy low sell high. Sell high buy low.
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