EverythingForex

QUICK ANALYSIS: EURUSD - Expanding Triangle Wave 4 Not Yet Done

FX:EURUSD   Euro Fx/U.S. Dollar
2832 8 34
This is a trade that was given out to my member's:
"TRADE ALERT: CLOSED TRADE: EURUSD             SELL@1.07947 SL@1.08250 TP@1.07160 TP Hit +78 pips profit."

Unfortunately, I could not post it here. But the reason why I want to mention it now (besides the shameless plug for my service) is that this pair is setting up for some kind of big move soon and waking up out of its' funk. But first, it must finish off this wave 4 consolidation. The way I have it doing that is to finish this expanding triangle pattern, This is the pattern I presented to my members and issued the trade advice to sell from the leg C for a ride down the leg D. Now that it has done that and we have collected our pips, what I am now looking for is to trade that leg E up to finish the expanding triangle. Now, there is no guarantee that it will do that and not just take off downwards from here. So in order to take that LONG trade up the leg E, I'll need to see PA confirm that move.

There is also the matter of that POTENTIAL Bat pattern that is still waiting to be completed. A move up in that leg E to the top TL of this expanding triangle will do that.

MY TRADE PLAN
I am waiting for some bullish PA to tell me to take a LONG trade. Till then, I am still just waiting.....but when I see the trade develop, a trade notice will be going out to my members in REAL-TIME first as it happens.

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*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 or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. 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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Bleck
a year ago
Hi ! Just wondering why you are considering an expanding triangle (rare occurrence in Elliott Wave theory) instead of a simple WXY ( with W and Y dividing in 3 waves ABC) for your wave 4 !
Reply
EverythingForex PRO Bleck
a year ago
Trade what you see. Not what rules or guides say what it should be. Yes, wave theory and wave counts play a big role in my analysis but as you said, it's not that expanding triangles CAN'T happen in wave 4's but are not common. So if that is what I see, I go with it. As you can see, trading the presumed expanding triangle worked out good for me. Now, with the gap opening, of course it's easy to say it was not an expanding triangle so now my job is to re-evaluate what it is. Before the gap on the opening today, prices were indeed following the expanding triangle scenario and if it had completed it, there's no saying it wasn't one. But as it is, no method is perfect.
Reply
Rayge
a year ago
hit sl?
Reply
EverythingForex PRO Rayge
a year ago
uh, no. I did not have a long trade on this pair.
Reply
Rayge EverythingForex
a year ago
still long?....
Reply
EverythingForex PRO Rayge
a year ago
I do not have any long positions on this pair.
Reply
tjnrs
a year ago
Am new to all this. I have 2 buy position at 1.104 holding since more than 2 weeks. When can I hope to recover? I also have 3 sell positions from 1.07 since a week. Am confused what to do next. Kindly help with suggestions. Thanks.
Reply
EverythingForex PRO tjnrs
a year ago
no one can tell you when or if prices will rebound. only thing anyone can do is guess. Anyone say otherwise, they are full of BS. No one can know 100%. So I can't tell you either. But it sounds to me you didn't have a plan going into the trades you took as to when to get out if things went bad. If so, my only suggestion to you is to get out of the trades, take your losses and learn from them. Yes, I know what you are thinking. You are worried that as soon as you close those trades, then the market will recover and go your way. Well, it might. Yes. But what if it does not? How much more losses will you take? Hope is a dangerous thing to have and risk your money on in trading. And what will you have learned? It is more important you learn from this experience and not repeat it.
+1 Reply
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