EverythingForex
Long

EURUSD: Wave (v) Projected Ending

FX_IDC:EURUSD   EURO / US DOLLAR
562 2 11
As prices are quickly approaching the end of wave (v), what I wanted to show here is where there is high probability of wave (v) ending. The butterfly D point is at 1.13266 and the Gartley D point is at 1.13645. Gartley D point is almost EXACTLY on the upper trend line of the large contracting triangle.

Here's why there MUST BE a new retracement leg down when either or both the butterfly or Gartley are completed. The MAXIMUM length of the wave (v) CANNOT exceed 1.13749 or else wave (v) will exceed the length of wave ( iii             ) and that can't happen or else my wave count will be wrong! So assuming that my wave count has been correct this whole uptrend, then when prices reach the completion of either pattern, there will be a good opportunity to go SHORT on this pair. If EURUSD             does follow my contracting triangle pattern and heads back down in a wave (D), then there will again be LOTS of pips to be made! Although, I would caution that SHORT positions MUST be taken with care because just reaching this point (C) of the contracting triangle DOES NOT insure that the triangle pattern is set. I had another scenario where the wave (C) just continues up and up for A LOT LONGER! That scenario is STILL a possibility! And when going SHORT at point (C), must keep that in mind!

*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. 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!

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Krasen
a year ago
Good Job! Congratulations!
Reply
EverythingForex PRO Krasen
a year ago
Thanks! But it's not really about me and what I made. Whether I post the trade or not, I would've still traded it. I post to hopefully help others to see how I trade and maybe help people who might be struggling. GL!
+1 Reply
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