3 Steps Ahead of the Market

FX:EURUSD   Euro / U.S. Dollar
There is only 2 people that I follow when it comes to trading and the forex market in particular. One of the things that they preach and that I try to apply to my trading on a daily basis is, staying ahead of the market. Right now on Eur/Usd             there is a great example of this. Now this could all blow up in a matter of hours, but nonetheless I am prepared if it does play out the way I expect it to. Eur/usd             broke out of it range last week and Is now rallying back up to previous support which should become resistance. As you can see with the 2 blue lines it is potentially putting in an ab=cd pattern. Now if this ab=cd pattern completes, it should complete around the 1.1358 level which is a 2.00 fib inversion of the b-c leg. I have done a ton of painstaking backtesting and have discovered that after a .50 retracement of the a-b leg that there is a high probability that it will complete at the 2.00 inversion. Now if price happens to venture a little farther than the 2.00 inversion and touch the .618 retrace of the recent down move, then we will have the b-c leg of a potential bullish gartley pattern which could potentially complete at the 1.1171 level. Now like I said, this could all blow up in my face, at which point I will erase all of this analysis and start over. But, if it does play out like I have planned, then all I need to do is be patient.
nice... should hit around 1.1385 but looks like your SL will survive that.
tommyb35 99nines
yeah hopefully my SL will. According to my backtesting, this setup with this stop loss is about 62% accurate. Just have to wait and see. Thanks for the comment.
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