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Short

UPDATE #1 SHORT ANALYSIS: EURUSD: Catching some pips down

FX:EURUSD   Euro Fx/U.S. Dollar
In this update on the last post on this pair (see Related Ideas: "SHORT ANALYSIS: EURUSD: Catching some pips on the way down"), I am now showing a possible triangle wave (b) before prices might fall lower according to my scenario.

In the above chart, you'll see a completed bat that has already yielded pips (I did play that bat but I did not post here because at the time, I was having some technical issues with tradingview). But following on the heels of that bat, there is now a POTENTIAL bullish Gartley that is forming. If prices do fall to fill this Gartley and possibly get into it's PRZ, then prices will have reached a point where I would have more confidence and verification that this pair is indeed forming this triangle pattern. I would be labeling that end of the Gartley as the leg D of that triangle. HOWEVER, prices would need to bounce from there back up in a LEG E for the triangle confirmation.

MY TRADE PLAN
I'm already SHORT on this pair per my recent trade post (see Related Idea: "TRADE: EURUSD: SELL@1.11900 Wave Count Says Sell"). From this point (as of the time of this posting) to the possible bottom TL of this possilbe triangle is only about +50 pips. So I will not be initiating any new SHORT position right now. I'll wait till prices get down to complete the Gartley and then watch the PA for signs that it will go back up to complete the LEG E of the triangle.
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sam_thesupreme
a year ago
Hi, I think this setup will go to hit the B point (@1.12806) of currently running trade Sell@11900 which could extend as wave e and might hit SL.. ??
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