DanV
Short

EURUSD - ANOTHER SHORT TRADE IN THE MAKING

FX:EURUSD   Euro/U.S. Dollar
Whilst waiting for the planned long entry published in my chart about month ago (link below), there appears to be possibly another short trade developing. Last one worked out fairly well (link below).

Here is the summary:
After spike a high of 18th September, the price declined in what appears to be an impulsive move of 5 minor waves. If correct, this could be wave (a) and the overlapping bounce since looks like wxy move of which we are in near completion of wave c of "y" in the form of ending diagonal (3-3-3-3-3) structure. So after minor retrace a final swing into 1.1400 -1.1425 zone could set ideal shorting zone with stop just above 18th Sept high around 1.1470

The decline anticipated towards 1.100 is wave (c) of the second zigzag which should unfold in wave 5 impulsive move. Hence, decent short trade could be considered as per the details on the chart.

Entry for short: 1.1400 -1.1425
Stop Loss: 1.1470
Target: 1.110 zone

Warning: This is my interpretation of price action using TA approach that I consider helps me most but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views.

For those who appreciates my analysis, select to follow me and the chart for notification of future updates. Indicate you like my analysis by thumbs up, comments and sharing it with others. If you have an alternative idea then please be constructive and share for all to learn from.

Thank you for taking the time to read my analysis.

DanV
danv-charting.com
http://www.danv-charting.com
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UPDATE: Republished trade setup after having been stopped out but with valid counts
+1 Reply
UPDATE: Trade stopped out. Will review counts in view of this. For now it seems that we might get retest of Aug high and larger trend which I think is to the upside could be in play. When Hourly bearish inside bar was taken out might have been the early clue of trade failing if you were watching price action. Once there is some clarity I will republish with updated counts. Thanks for your support
Reply
Yes, I think my count's getting validation now:
snapshot

Looks like expanding triangle, more time in B than in A, 3 part legs, this next leg should be sharper too.
I'm not 100% sure of the longer term count, but it looks like the decline from the highest high is some form of ABC or complex correction, monthly scale.
Like your AB=CD highlights.
Reply
DanV MOD IvanLabrie
I am not sure if it is developing expanding triangle. Move of the 23rd Sept low to date is still too overlapping suggesting corrective move of previous impulsive decline. That suggest that may be what we have is Expanding Zigzag ie Wave B ending above the origin of wave (a) on my chart. If correct we still should get a short opportunity but from a little higherlevel.
Reply
Same view here sir, I love it.
Reply
DanV MOD Yahia.Awes
Excellent. Thanks for sharing your chart.
+1 Reply
Anytime Dan, I have a short bias on everything against the dollar, I also posted a bullish DXY chart.
Reply
DanV MOD Yahia.Awes
You could be right. DXY chart is little puzzling right now. But if your chart plays out then we might get more than just a retracement I am suggesting on EURUSD. It will get clearer with more price data hopefully. Thanks again.
+1 Reply
Anytime sir.
Reply
this is nice and complex analysis. Stoploss above nearest structure and takeprofit based on the waves. Good job, I hope that this trade will move in your favor
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