UPDATE #1: QUICK ANALYSIS: EURUSD: Picture is clearing up fast!

FX:EURUSD   Euro Fx/U.S. Dollar
3384 25 37
Again...patience has it's rewards......

In my previous post, I had mentioned that I am waiting for a pullback before I look to get SHORT in this pair. Well, that pullback is now in progress. This pullback looks to be a wave 2 of a wave 3. So if this is correct, the next move down will be a wave iii             of 3! As close to a gold             mine as we can get in trading! But first to deal with where is a good place to get in with as little risk as possible. For now, I am thinking that a pullback into the .618 - .786 retrace of wave i may be a good place to look for as it will also meet a developing TL.

Given that I am looking for a SHORT trade here to follow the CD leg of the crab down and my wave count is calling for a wave 3-type move down next. I am intently looking for a good entry point. I'll be watching for bearish price action starting from the 50% retrace of the wave i. If I see bearish PA at that point, I may take a short trade there as it isn't to far from the .618 or .786 levels.

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!

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1.16 in 2 days
+2 Reply
let's see a chart.....
maybe not in 2 days but 1.16 is in my opinion more probable than 1.11
again, love to see a chart explaining why. Different opinions are welcome as they may provide insight and another point of view. But don't just state what you think. Show why.
+2 Reply
brewing false breakout to the 138 ??? Now if start to procrastinate the abolition of interest rates at the Federal Reserve ... or any other duck , perhaps above ???)) )
+1 Reply
yevgeny.shirshoff yevgeny.shirshoff
it's just my thoughts .. unconfirmed ...
+1 Reply
No matter what will happen, good view!!!
+1 Reply
Great~! Totally agree with you and wait to sell, but you don't mention your SL, 1.1288 or 1.1318, I'm not sure which one is better...
a maximum of 126 ... If the opening price breaks through 121.6 ... what next ... God knows .. go ask him)
Agreed. You can't get away with such a steep breakdown, pullback imminent to test levels (probably testing the hourly averages as well)
still valid Sir?
Dust kuzibekov
1.16? yes still valid
I don't get those that insist on making comments who can't back them up? If you disagree with me, that's fine and welcomed. But if you do comment, at least be constructive and helpful if that is the purpose of your comment. That is why this community exists. To help one another. Not to try to shoot another person's idea down. Post something and then you can talk about it.

1.16? Show why. Or are you afraid to be accounted for your comment? This is the kind of people that will brag and boast about "I told you so" if they are correct and will just disappear from sight if they are wrong. What use is that to anybody?
+3 Reply
Nope, I mean short set up, just testing some HP trading methods thus asked, my view is very bearish on this pair. I dont think we ever gonna break 1.15 level till december, even we will not have rate hike, ECB will bring it down. Game theory ... if FED doesn't do it ECB will do. My target till December 1.0000 or below.... Good luck
kuzibekov kuzibekov
@kuzibekov Yes, as a setup, yes. It is still valid. It is until my current wave count gets invalidated. Then the setup is no longer valid. So far, this setup is starting to look better and better. Higher it retraces without breaking my wave count, the larger the reward and the lower the risk. So I am actually hoping for a little more upside here. As for 1.0000? Wow, to me that a stretch. But We'll deal with that when the time comes. But we do agree for the short-medium term, I'm looking bearish.
It's not a trade that I posted so if you are asking if the "trade" is still valid, well, no because there's not trade. Not yet. I'm waiting and watching.
+1 Reply
kuzibekov EverythingForex
Thank you Sir.
if this pair closes above 1.2230 today, it's time to go long.
+1 Reply
Ummmm...I'm gonna assume that you made a typo here. I think you meant 1.12230? Well, if you think that, I'd like to see your chart and your reasons for it.
why 122.3???
EverythingForex PRO yevgeny.shirshoff
I don't think he meant 1.2230. That's almost a THOUSAND pips! And no response from him so I'm guessing he doesn't have any good reason.
I agree EF, This should be a good entry point to add or enter. Expecting this to go to the monthly trend line before going any higher than current price.
EW count on the five minute.
EverythingForex PRO ForexTradeIdeas
Damn! You do a 5M wave count? It could change before you even finish posting the chart!
ForexTradeIdeas PRO EverythingForex
I entered at the 60% fib (wave 2) retrace, wasn't 100% sure it was coming back down, till I got the count. Market was slow back in profit now :-)
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