YuzukiChan

Keep it simple: The most convincing EU chart

FX_IDC:EURUSD   Euro/U.S. Dollar
325 3 10
Sometimes you just need to look it from above.
But how can you trade this?
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YuzukiChan IvanLabrie
The downtrend correction in EU beginning from the mid 2008 seemingly draws a flat. You cannot trade this, but this may help you put the flat in perspective to conclude that the final leg down -the one began in about the beginning of 2014- has actually come to an end. Otherwise, you may expect further downward action in lower time frames, which I don't.

Right at the end of the C of the flat, there is a Gartley pattern followed by an impulse. Let's take that one. The "Gartley and impulse" might be a correction (a triangle maybe) for the C of the flat, or it might signal a new dawn, a new upward cycle. Those two possibilities require different countings in lower time frames. And the chart above shows that the second possibility is more likely.

Although, one may want to consider the chart in log scale, which would not give the same result.

As always, there's one way to find it out. My style is more aggressive in trading, so I generally choose to believe what's closest to me, and to hope that the idea will pay my bills even if it turns out to be wrong in the final analysis.
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IvanLabrie PRO YuzukiChan
I don't use harmonic patterns, but I see what you mean.
There is an abundance of tradeable setups in lower timeframes, I like to stick to 1h/4h/daily with weekly and monthly for reference mostly, but not trading off them.
The week ahead seems very interesting, should be a very volatile one.
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