Hi traders, It is very easy to see that the uptrend is exhausted and finished. Maybe it will go a little higher but only a few pips. My guess is up to 1.1220. And here starts my analysis. (Don't worry, my idea is quite simple to understand and much easier to trade.)
There are two strategies:
STRATEGY #1 First of all I put a sell limit order at 1.1220 with a small lotsize. (Without any visual confirmation, I know, but that's the game.) If the market will reach this level, fine! I am done and wait. Then the price should fall below the horizontal line with the sell limit order #2. I will place this order ONLY if the price is far away so it could not be triggered too early. During the day the market will retrace to this horizonal line (SLO #2) and then I will sell more because then is the confirmation on the chart visible.
STRATEGY #2 If the market will fall instantly instead of creating a new high, I delete my SLO #1 and wait until the market will retrace to the SLO #2. So I don't chase the price. I never did that. Just waiting patiently until the market will move to the levels.
If you have any questions please COMMENT or - if you like my idea - LIKE it! Thank you in advance ;)
I wish you good luck and a lot of pips!
Comment
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Ok, I deleted my SLO #1 and opened the SLO #2 in line with the Strategie #2 at a price of 1.1850. Then I only have to wait. (The stop depends on your money-/riskmanagement.)
Trade active
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SLO #2 is triggered.
Comment
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The goal for today is done by the market. If you measure with the fib tool the last swing down then you get exactly at the 2.0 the daily/weekly and even the monthly high. Right to the pip! Market is in a heavy distribution phase. So let the fiber ride!
Trade active
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The fall has begun and now I am moving my stopp to 1.1267, right on the top of the high, and wait. No stress, nothing at all.
Trade closed manually
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I have closed my sell position for this trade with a small plus. Why? Because I am awaiting a minimum 100 pips move to the upside for today. So this move for today will create a new high.
Thank you very much for all your comments and likes and your ideas!
Comments
MrOlivierRivest
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Smart man, in control of your mind. That's a champion analysis.
Will be waiting for the new high of today to pick up and then sell on the right set up.
@codyh14, Thank you for your nice EW-Chart. Your entry point was more exactly then mine, perfect! I wish you a lot of pips!
sinakhan98
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Hi... finally someone that sees this ride as it is. I remember talking about 1.13 area when EURUSD was at 1.08 first time but as usual no one took that call as a serious call :-)
Right now the pair is moving in a rising wedge and the top (for this wave) could be either where it is now, which is the 141% extension of the bottom or maybe even next level, 161.8% fib at 1.1293.
But most important is that this wave down should be taken very seriously when its end coz on daily chart I see a Decending Broadening Wedge that was broken after that big gap the pair created weeks ago.
So, "usually" the target for a wedge like that is around 70 - 75% of the height of the wedge, counted from where price broke out of the wedge. That would give us a EURUSD price around 1.17 - 1.18.
On downside the red line on my chart below should be watched very carefully to see if pair can hit the line and whether that line will hold the pair from further falling or not. I think the final target for this pair is 1.18 but I will wait for bullish signal at lower price and decide what to do :-)
Thanks!
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Trader3000
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@sinakhan98, Thank you for your idea and clear description of it. I like charts that everyone can read easily, well done!
Will be waiting for the new high of today to pick up and then sell on the right set up.
Enjoy the ride guys and thx again @Trader3000