FullTimeTrader
Long

EURUSD-We knew it! Complex WxYxZ correction developing

FX:EURUSD   Euro / U.S. Dollar
4122 19 58
Hello, according to my previous idea i expect this pair to reach parity but price will not fall directly to that price.
We expected a very complex wave 4 and this is right what price is doing now.
First, looking at W1 chart price is still unfolding wave 4 circled. Using the Fib Time Zones Tools we have the projected date for parity to be reached by June 2016 (a long way until then!)

Lets go back to present, looking at D1 chart price is unfolding a complex WXYXZ correction, right now after a strong decline i expect a strong rally, possibly reaching last highs.
Prefered area for a longs is near 1.1000 because:

- 0.7860 fib retracement
- potential AB=CD pattern (pink line)
- strong area of S/R

Depending on your trading style, you can have buy limit orders there or wait to see how price reacts to that area.

We have a setup on H4 chart below:

Regards

*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome (agree or disagree).



Good entry zone, let's see how it goes. Same view so far.
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Totally agree, some sort of breakout is bound to happen soon though: inside days, oscillators in the middle, PA caught in channels and trendlines...:
No way to tell what kind of breakout, so I'm cautious with this pair, only short-term trades for me, probably some more up- and down movements with no clear direction coming I would guess...
Am preferring longs though, more signs point to the upside imo.
Cheers!
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@FullTimeTrader Nice opportunity to long now ;)
+1 Reply
Hello, nice chart, im closely looking price action for a corfirmation according to my trading system. regards.
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Hi FTT.
i wanna now what is your idea about my chart?
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FullTimeTrader PooyaSalehipour
Hello, interesting chart to consider. As i see its based on the trendline and ema200, RSI and S/R. That setup could work very well but under certain market conditions only, personally i prefer setups based con price action, EW, harmonics and then use the indicators as confirmation.
+1 Reply
PooyaSalehipour FullTimeTrader
i analysis by waves and i don't use them almost. but, You are right. every strategy is the market need. thanks for reply ;-)
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These two channels seems to be containing price, we can still use them for next movements
+1 Reply
There we have the proof of the bullish case!
http://portal.ransquawk.com/headlines/speculators-have-reduced-their-usd-longs-to-the-lowest-level-seen-in-over-a-year-according-to-the-cftc-04-09-2015
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this is going to blow up. So as Gold and Silver, and Crude. The picture is now complete.
+1 Reply
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