EverythingForex
Long

TRADE: EURUSD: BUY@1.11860 Completed Bat + Wave Count

FX_IDC:EURUSD   Euro/U.S. Dollar
2626 51 36
In one of my previous posts on this pair, I talked about this bullish bat (see Related Ideas: " EURUSD: Almost Completed Bullish Bat May Signal End Of Wave 4")
Now the bat has been filled. In addition, I have readjusted my wave count and it shows that now the wave (v) of the ABC 5-3-5 zigzag pattern may be completed and that wave 4 has just stopped short of the wave 1 end point. This is a good place to get LONG on this pair. The upcoming wave 5 should be pretty interesting!

For those that are more conservative, waiting until prices actually break through the channel it is currently in (see Related Ideas: "EURUSD: How To Trade The EUR") would be wise. However, I trade what I see. And with the completed bat and my wave count, my charts is telling me to BUY.

MY TRADE PLAN
Since today is Friday, I'm not expecting any major move here. And in addition, by taking this trade now, I will be holding it over the weekend. So there is always the risk of this market gapping down on Monday open. But that is a risk I am willing to take and more importantly, that my trading plan allows me to take. Never break any of your trading plan's rules. Not taking the trade now would not be a bad idea and waiting until the market opens on Monday would be wise as well. By doing so, being that it's Friday, I don't think it would make much difference. But to each his own.

*DISCLAIMER:
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!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
HI WHAT YOU THINK ABOUT THIS? I PUBLICITED THIS IN 10.07.2015.
snapshot
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Well, that's a very nice looking cypher but it's just way too long a TF to be able to trade it. If using it to just show that this pair has some room to go down, yeah. It's good. And I agree. There is plenty of room left for this pair to go down. Just not anytime soon. Good chart though. Thanks!
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snapshot
How does your wave count look?
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EverythingForex joe.francis.507
Joe, your wave count cannot be correct. wave 3 is shorter than wave 5 which is a violation of one the 3 basic rules of Elliott waves.
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rodolfo.bianchet EverythingForex
Doesn' t the theory says that wawe 3 cannot be the shortest of the impulsive vawes? in this case the shortest vawe is 1 . which rule are you referring ?
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joe.francis.507 rodolfo.bianchet
To my knowledge yes. Wave 3 cannot be the shortest. My theory on way wave 5 is extended is just because how strong of a trend we are in.
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EverythingForex rodolfo.bianchet
Yes, that is the correct rule. It can't be the shortest but isn't necessarily the longest. But in most cases, when labeling the 5 waves, you want to see wave 3 be the longest if the sub-waves allow it. In this case, the sub-wave count definitely can support wave 3 being longer. But again, as I've said many times,having the "correct" wave count really isn't that important. Most important is that your wave count leads in the correct overall direction unless of course you are trying to trade the sub-waves. Which is not recommended unless you are a scalp trader in which case, your preferred choice of tools would not be elliott waves.
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rodolfo.bianchet EverythingForex
ok great . thanks for the answer .
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The thing is if u see the decline from 1.17 high to the friday close , we see a clear 5 wave impulsive decline. I think we have already topped EUR at 1.17 and new lows below 1.05 should be on the card in coming weeks. You may see a rally in next week which i believe will be corrective in 3 waves.. lets see
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hikagemono msalotto
I'm short this pair with my SL @1.2064. Nice & tight.
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