According to my previous idea posted one month ago: I think this pair reached its bottom. After that the price action shows clear signs of a trend change This is and updated monthly chart analysis:
I think the parity is the less possible scenario now. We are blinded by the "experts" who are talking about the parity months and months. We must look at the price action and not listen to others people opinions.
Looking at w1 chart we can see a new EW cycle is beginning: A sequence of HH and HL is starting
Lookin at D1 chart we are at the middle of wave III (more exactly wave 4 of 3)
If this setup works the price must reach the 1.200 level and more.
I marked with yellow labels the possible entries.
Best regards.
Comments
SunnyBTC
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Hi. The counts on wave 1 is corrective than impulsive imo. Also wave 4 overlaps wave 1 so it would be invalid. Not sure but i'm still assuming we're seeing wave C here
SunnyBTC
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(wave 4 of wave 1 that is)
FullTimeTrader
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I know some traders looks last movement as corrective ABC of a higher 4 wave, thats valid also. Thats why i first look at higher TF. Looking at M1 chart (specially the gartley, target 0.38 usually is achieved) i prefer to see an impulse here.
Wave 4 does not overlap wave 1.
Lets see what happens
IvanLabrie
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The first move off the lows is corrective, a WXY structure, A then B down in a flat, and now an impulse up in C.
That's how I see it.
TheShakeOut
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Very interesting analysis. My volume spread analysis is also showing strength in the market.
I don't trade candle patterns...I think the FX market, being a 24hs market, doesn't have much significance in the position of the open or close, and thus renders candle patterns useless.
IvanLabrie
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I covered my first short for a 0.4% loss, now waiting to short again, probably once NFP is out.
Doesn't look like the start of A or 1 down, after 5th conclusion, and it makes sense we're still not there yet.
Stokkzilla
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People on here dont see because there are not many real price action traders on here. I trade strictly price action so i get it. Most people here trade patterns & algorithms.