pcastela
Long

EURUSD long

FX:EURUSD   Euro / U.S. Dollar
283 7 1
EURUSD             long at the end of 1st wave down at 1.2760 , for a correction to at least 50% at 1.29.
Risk/Reward Ratio = 7 !!!
moved stops to 1.2805 below former resistance and now support 1.2810
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pcastela pcastela
stops hit!
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Can you explain the strategy? How you calculate the number 1), 2), 3), 4), 5)? Thanks
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pcastela davide.manzo
sorry, I removed the comment. did you get my text? cheers
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Can you explain the strategy? How you calculate the number 1), 2), 3), 4), 5)? Thanks
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pcastela davide.manzo
yes, of course. this is based on the Elliott Wave principle (http://en.wikipedia.org/wiki/Elliott_wave_principle)

Long story short: The market is cyclical and consists of a cycle of waves. Each wave consists of multiple waves.

In this particular case we have 5 waves down (impulse wave 1) and we will have 3 waves up (correction wave 2).
wave 2 will retrace wave 1 around 50% or 61,8%. (these are fibonacci ratios)

i will post a chart later for you to see, im pcastela on twitter just in case.

cheers
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Entered the trade nicely at the end of the minor 5th wave.

Wave 1 has the tendency to retrace between 50% (1.2898) to 61,8% (1.2933) levels.
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