FullTimeTrader

EURUSD-my plan for next days-short then neutral

FX:EURUSD   Euro Fx/U.S. Dollar
2245 14 39
Hello, Elliott Waves is not the holy grial, but its useful giving us extra information about the market structure. After having the context or framework we can pinpoint our entry using another trading system.
According to this analysis i think the correction for primary wave 4 (blue) is not finished yet.
This idea is based on the EW guideline of alternation, if wave 2 is simple and sharp we can expect wave 4 to be sideways or complex

This scenario already happened on EURUSD             looking at price history
Wave 2 (green) is simple......... then wave 4 (green) is sideways (triangle)

Wave 2(blue) is simple (zigzag) .... then we can expect wave 4(blue) to be a sideways correction.
Based on this rationale im discarding the possibility of a simple zigzag correction for wave 4 (blue), so i conclude wave 4(blue) is not finished yet.

Right now this correction is developing as a 3-3 structure (ABC-ABC red). Ideally we can expect a triangle i drawn on the chart, but it can be any sideways correction (flat, double three, triple three)

Its highly recommended not to trade the wave 4 because usually it is a trap for bulls/bears and the market can offer vey choppy price action.

Right now im short trading the last c wave (red), after that i will close my position and better stay aside unless i see a clear structure waiting for the end of wave 4 blue. A better idea would be to trade the final wave 5(blue)

I know many people loves to trade the EURUSD             but not to open a trade is also a position.

Best regards.

*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome.
We all are here to learn sharing ideas, have fun and improve our performance.



Kamazing2
a year ago
Very nice EW Analysis sir! Thank you for sharing!
+1 Reply
Why short first?
Based on that trendline?
I'd much rather go long eurusd and short gbpusd instead.
Reply
FullTimeTrader IvanLabrie
a year ago
I have opened a short position before:
EURUSD-stop and reverse-alternate plan

I think this bearish movement has some potential. The last ABC zigzag is not finished yet. The correlated USDCHF, etc.
Why long? at what level? some members says the same but i want to see a chart to study and consider it...
Reply
IvanLabrie TOP FullTimeTrader
a year ago
EURGBP, you've already seen it.
Reply
deren IvanLabrie
a year ago
Long until where?
Reply
IvanLabrie TOP deren
a year ago
Long EURGBP is the trade.
EURUSD, no viable setup here yet.
Reply
nappenbir
a year ago
i think here want continue more down!

snapshot


Reply
I see a lot of viable counts here.. how about showing some alternates
Reply
I see a lot of viable counts here.. how about showing some alternates
Reply
FullTimeTrader NickCoulby
a year ago
Hello, i know there are about 4-5 alternate counts considered by experts, but my prefered one is this, anyway my bias is that the price right now has more downside limited potential :

snapshot
Reply
deren
a year ago
I doubt that if the price can reach 1.11 - 1.12 area ever again.
Reply
el_trader
a year ago
I take note your EW. Regards
Reply
I would say currently EU is at an important level.
Price action now/today will determine my positioning for entry tomorrow.
snapshot
Reply
FullTimeTrader PriceActionTrading
a year ago
yes, i would say price has a downside limited potential, i will be ready to close my short position
we have a gartley completion soon, as well the trendline, it seems a correction is near but price action will determine it as you say
+1 Reply
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