UPDATE #1: EURUSD; why prices declining? (+186 pips)

FX:EURUSD   Euro / U.S. Dollar
1654 11 25
Following up on my previous post on this pair (see Related Ideas: "EURUSD; Overall bullish but why are prices are declining?"), prices are now reaching he completion of the bullish cypher . As of this posting, prices are just short of D point. In that post, I said that "I had posted a POTENTIAL Bearish crab pattern which almost completed but I was able to get in short a little later after seeing bearish price action and knowing that that wave up was near its end so I got in short on it. And I am now riding that trade down. ". I didn't actually post a TRADE CALL when I got in as I didn't have time to do so. But just FYI, I did get in the trade at 1.13763 after seeing very bearish price action. At this point, this trade has bagged +186 pips.

Now that prices are nearing the completion of the cypher , I am closing that position pending a coming wave 2. I think that this wave 2 should retest the bottom TL of the broken expanding triangle pattern I had mentioned about in my previous post and that you can see in the above chart. It also happens that the retrace to the bottom TL would be at the .382 retrace of that cypher CD leg and would also be the TP1 of the cypher . Should wave 2 end there, then we should see a STRONG wave 3 down.

Closed the SHORT position on this pair that I had and will wait for the cypher to complete. If or when it does complete, I will take a LONG position on it to hopefully capture pips on the bounce up to the bottom TL of the former triangle where I think wave 2 may end. Then I will be looking to SHORT again.

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!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
hi man what PA mean?
Price Action
Price Action, Not his Personal Assistant, hahaha.... Dont get me wrong...
I am long on Eurusd and w8 for UsdJpy to drop
Hope everything goes as planned=)Have a good day mate.
I'm not long just yet even though the cypher just completed. I'm waiting for a bullish PA to tell me to get long. But GL!
SaudAlAzab EverythingForex
wow your the man ... I cant wait till i be as good as u
Thanks for the praise but there are many posters here that are also very, very good. I'm not one to put myself in any such category. I just do as I do.
+1 Reply
thanks for the update
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