I don't know how many times I have been challenged about the efficacy of wave counting in trading and whether it really works or not. Most all the time, the ones who challenge me have no true understanding or knowledge about wave counting and how it truly works. Only superficial sense about what wave counting is and they pass judgement based on loose information. Well, if you know me and my method, you also know that I am a HUGE proponent of wave counting and use it extensively as a backbone to my trading and analysis. And time and time again, wave counting makes me money! That's all I need to know about whether it works or does not work! Wouldn't you agree? I liken wave counting to the map of the GPS. The "road map". If you know how to read it, it will tell you which direction you need to go.
Anyway, on to my analysis of EURUSD here and what is about to do....
From my wave analysis, this is currently working on a wave c of (x). That wave (x) is part of the larger overall wave B correction which of course we know also is composed of 3-waves. The last of which is impulsive...the wave C. In wave counting, what we try to identify is the PRIME trading opportunities. Namely, the impulse waves. In that sense, wave counting tries to put us onto a trend sometimes even before it can happen! In this case, what my wave count "road map" is telling me is that the wave C is NOT HERE YET and we should not be buying just yet! In fact, I'm SHORT this pair right now expecting the last IMPULSE wave c of (x) to be taking place. You see how it is that wave count tries to put you onto impulsive waves? If you read it right of course!
But if you take anything away from my post here, its that there will be a wave C coming and that wave C may be BIG but you need to be PATIENT and wait for that wave C to arrive AND for price action to confirm that it is underway! Get too gung-ho and trigger happy and you will probably get burned!
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@Camtoh, I cover AUDUSD and AUDJPY. Check out my links above
Camtoh
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@EverythingForex, I have to sign up a package in order to check them out? Or is there like a free trial? Thanks!
EverythingForex
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@Camtoh, I do post free charts on them from time to time for those that follow me in those links above. But I release charts and analysis on them twice a day for those that have the package(s). And no, I don't do free trials because they won't help you. But I do offer a guarantee. PM me for more details.
FXCM
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Thanks for sharing, I agree with your idea and am bearish view on EURUSD as well and am looking at a potential breakout trade
InvestingScope
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We are on similar lines. If 1.1430 breaks (support), the 1D Channel Down should make a Lower Low near 1.1300 (1W support). We are still bearish: