EURUSD: Trade setup for short

FX:EURUSD   Euro / U.S. Dollar
In the previous idea I set a target price in diapason 1.148-1.15. On Friday the pair did a1.1465 , but wave count inside fifth wave looks ended, the pair has touched support blue line, also significant H4 MACD divergence, Fibo proportions (wave (C) = wave (A) x 1.618) indicate, that the pair already have a new hight or nearly the top.

The best way for say, that the wave fifth of 5 ended when price will break a wave fourth of 5 at 1.13225.
When the pair, will break a wave 4 of (C) at price 1.11297 it will indicate that the wave (C) has ended and pair will going down.

Also, I look at DXY             index. There the wave count of correction are looking ended too and index ready to rise. It means, that this pair will going down and take a new LOW (at least a parity) and DXY             will going up and take a new HIGHT.

So, what next?
Aiming, Aiming... and short. I will wait when the pair will break 1.1325 - good signal for short with SL 1.1465. It is aggressive short, but it may give an amazing trade if wave (4) end.

ALT COUNT also possible here. It means, that after a small down this pair rise again and will try do a new top. This count will cancel after brake at 1.1119.

I can agree on short as pull back as long as the price trades above the level you mentioned - 1.13225. The reason why is continuation pattern - cup&handle and invalidation of that pattern is close below 1.13225. In order for this bullish pattern to work is the break of the blue resistance you have on your chart. Basically, our views are very close but it is just that I do not see EURUSD that low atm. However, we should trade what we see on the charts, not what we think :) Heiken Ashi you have there is hinting on continuation, lets keep this cross in focus.

Good luck

+1 Reply
its_new_wave Nightwish
Sure! No one a trade idea does not a 100% guarantee of execution. This is the case I have a alternative count, which will provide idea of continue the rise :)
... and also, I like aggressive style of trade on forex ;)

Thanks for reply, good trades and good luck
+1 Reply
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