EverythingForex
Short

TRADE: SELL@NOW UPDATE #1: EURUSD: Wave (v) Projected Ending

FX:EURUSD   Euro Fx/U.S. Dollar
In my previous post on this pair, I projected that prices if hitting 1.13749 could not exceed it (see Related Ideas: "EURUSD: Wave (v) Projected Ending"). Well, prices hit EXACTLY 1.13749! It also completed the Gartley pattern and is in the PRZ of the butterfly as well. And it is right at the upper trend line of the large contracting triangle pattern . So much confluence makes this a STRONG SELL.

Where to sell? Anywhere it is right now as of this posting! This is possibly the end of wave (C) of the triangle and we could be poised to see wave (D) down. the operative word is "could be". As I have said before, there is a scenario I talked about before where wave (C) could continue going up and thereby invalidate the contracting triangle pattern . If that happens, then wave (C) will extend further. MUCH FURTHER! So if going short here, I again warn to be diligent in monitoring the SHORT trade.

MY TRADING PLAN
Yes, I am going SHORT here in hopes of catching the possible wave (D) down of the triangle pattern . Or at the very least capturing some pips profit off the Gartley/Butterfly combo. What I'll be looking for is the TP1 profit target of the Gartley to see what PA is doing and telling me at that point. This wave (C) is in fact a very strong uptrend so this is a counter-trend trade. Something to be cautious about at the very least

*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!

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..
FapAli PRO
2 years ago
GL man!
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EverythingForex PRO FapAli
2 years ago
U2!
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ShaharyarZafar
2 years ago
I also entered at exactly 1.13750. I'm expecting this move to go down to 1.11400.
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EverythingForex PRO ShaharyarZafar
2 years ago
1.13750? But prices did not go to 1,13750, right? At least not here on the tradingview charts and not on my broker's charts. Because if it did, that 1 pip DOES make difference in my reasoning for this trade! I double-checked it and as far as I can see, the high was 1.13749. But if you went short as well, good luck!
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minh EverythingForex
2 years ago
Price when up to 1.1376.
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EverythingForex PRO minh
2 years ago
Somebody help with this. My chart is showing 1.13479 as the high. Is anybody seeing different?
snapshot
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minh EverythingForex
2 years ago
my broker capital spread was at 1.13767, at investing.com was 1.1376. Have no idea which is the right price, does it make a difference tho?
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EverythingForex PRO minh
2 years ago
different broker's sometimes have different prices. Does it make a difference? If following my logic for why this is a good trade, then yes. BUT that also depends on the prices on your broker's platform for all the XABCD points of the patterns and also the prices on starting point of this trend. 1.13479 is based on the starting price on the trend according to tradingview's price feed. So if your broker is giving using different feed and has different prices, you'll need to make the adjustment on your end and see if it makes a difference.
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minh EverythingForex
2 years ago
Thank you! Still new at this, by the way your charting skill are amazing... =)
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EverythingForex PRO minh
2 years ago
thanks!
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bilk29
2 years ago
guddd wery well
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Don_Corleone PRO
2 years ago
Already short from 1.13640:)
My tartget was hit on my prev EurUsd analysis and now this short opportunity...
Hope it works out nice as well!)Wish us luck
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EverythingForex PRO Don_Corleone
2 years ago
yeah, man! Let's hope! GL!
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moneymaking
2 years ago
Hey Everythingforex, me and Ivan were also discussing about either shorting here or might wait for more conformation. The strength the market had to reach this level was very strong, which is casing this debate about shorting at this level. All the BEST to you :)
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moneymaking moneymaking
2 years ago
correction: which is causing *
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EverythingForex PRO moneymaking
2 years ago
Hey, MM. You know that I trade what I see, right? And right now, I see a retracement at the very least even if it is not a wave (D) down but a continuation of the wave (C) up in a strong uptrend. If it is a wave (C) continuation, then this retracement should be a wave 2 of a 5-wave wave (C). Then we'll see a (drum-roll, please!) wave THREE! That is actually my preferred scenario and not a wave (D) triangle pattern. GL, bro!
+2 Reply
moneymaking EverythingForex
2 years ago
Thank you for the detailed explanation mate. Highly appreciate it :)
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EverythingForex PRO moneymaking
2 years ago
My mistake, mm. If it continues up, it's a continuation of what could already be a wave 3.
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moneymaking EverythingForex
2 years ago
Oh Alright, thank you for the correction :)
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mtylcnr
2 years ago
the correction can be flat too , if it was triangle you may be right , it is ending
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mtylcnr mtylcnr
2 years ago
my idea
snapshot
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EverythingForex PRO mtylcnr
2 years ago
it is a valid possibility for sure. In that scenario, it is matching the ABC zigzag correction I mentioned. Like I said, I actually favor that scenario because it'll be a lot more predictable AND more profitable! GL!
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EverythingForex PRO mtylcnr
2 years ago
Yes, of course that's a possibility. I posted about that 18 days ago where I mentioned that I saw 3 scenarios how this correction would unfold and one of the scenarios was a flat correction. Which I might add is not my favored scenario. If you look at that post, I also have a scenario (Scenario #1) where I showed a possible ABC zigzag correction with wave (C) heading MUCH HIGHER. That is actually my preferred scenario. But I remain open to all possibilities and will trade whatever comes along. Thanks for the comment and GL!
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reymac
2 years ago
Great idea thanks. I'm trading as 4hr bat pattern.
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EverythingForex PRO reymac
2 years ago
GL!
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ShaharyarZafar reymac
2 years ago
same here. I wont be messing with this trade. though i do have a tight SL
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AhmadHassan745
2 years ago
Where to place the Stop Loss?
Any Idea?
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Don_Corleone PRO AhmadHassan745
2 years ago
U can place it just before the X point of the move,so it should be around 1.14370 area
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EverythingForex PRO Don_Corleone
2 years ago
I placed my S/L at 1.4352. This is just above the X point of the Gartley as I am also trading off this bearish Gartley. Now that's according to my risk tolerance. You'll need to see if that fits your risk tolerance and your trading plan.
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Don_Corleone PRO EverythingForex
2 years ago
1.4352 S/l ?No way:)
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EverythingForex PRO Don_Corleone
2 years ago
Did you have the X point of the Gartley at 1.14370??? Did I get it wrong?
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EverythingForex PRO EverythingForex
2 years ago
snapshot
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AhmadHassan745 EverythingForex
2 years ago
I think, it is a typing mistake by Everything Forex, """ I place my S/L at 1.4352""",
It should be 1.14352
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EverythingForex PRO AhmadHassan745
2 years ago
Haha! Yep, Ahmad. It was a typo! My bad. I'm not the best at typing.....
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EverythingForex PRO Don_Corleone
2 years ago
Sorry, Don. My bad, Typing mistake with my fat fingers!
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Don_Corleone PRO EverythingForex
2 years ago
LoL:)Have a great weekend!)
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MarcSmithDR
2 years ago
@EveryThingForex
EURUSD exceeded and closed @1.1386
Is this SHORT Trading Idea still valid?
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EverythingForex PRO MarcSmithDR
2 years ago
Yes, it is. Why? The 1.13479 point was to validate or invalidate my wave count. Not the trade itself. The trade is based on several factors. Mainly being that the patterns met with the triangle upper trend line resistance. So this trade is more a pattern/structure trade than a wave count trade. I don't make trades based solely on wave count but use wave counts to help me determine direction. I'll be re-evaluating my wave count because of the breach of the 1.13479 point.
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MarcSmithDR EverythingForex
2 years ago
Thanks for clarification!
Is it possible that this pair can reach 1.15/1.16/1.17 before it goes down?
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EverythingForex PRO MarcSmithDR
2 years ago
Yes, of course. Anything is possible. After all, the market is the market and does not need to follow anyone's plans....including mine! I can draw all the lines, shapes and labels I want. It's not going to do what I want it to do. It will do whatever it's going to do. Don't take my answer as a flippant way of answering your question. It's not. But if you are asking that question, then that is my answer. I'm not perfect. I can, will and have been wrong many, many times and will continue to be wrong many, many times. But that is part of trading. The trick is to recognize when you are wrong and adjust. I'm never tied to my own predictions so much that I fail to see the obvious. Hope my answer helps. Good luck.
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AhmadHassan745 EverythingForex
2 years ago
superb...!
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forexcare PRO
2 years ago
I do not not think eur/usd will do TR, bcos RSI in any time frame do not show sidesway
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EverythingForex PRO forexcare
2 years ago
Thanks for your comment. Whether or not it does a triangle, I'll be ready to act. So to me, it does not matter. I also don't favor the triangle but favor a zigzag. But can't dismiss either one for now as there is no confirmation of either one just yet. Be careful using RSI as your tool of judgement. RSI is only an indicator and all oscillator-type indicators are lagging indicators. They don't really show anything important until it's too late. I also use RSI but only as additional confirmation. Not to tell me what is to come. Good luck!
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feiwuba
2 years ago
but now , above the 1.3750
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Great chart.. I saw those patterns posted by several users (including me of course).. I hope that it isn't to obvious. From my experience, too obvious patterns do not work. Anyway I'm bearish
Closed above the 200 MA but it is now inside the PRZ now
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IvanLabrie PRO themarketzone
2 years ago
Same boat...I think the sentiment is bullish, this might be a technical trader thing. Extreme bullish sentiment and general panic surrounding equities + risk off rally.
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EverythingForex PRO themarketzone
2 years ago
Well, when I posted these patterns 13 days ago, I only had less than 2% of viewers agree with me. At the time, the overwhelming market sentiment was bearish with many traders anticipating a break to the down side continuation of a strong short-term bearish trend and a continuation of the long-term overall bearish trend. I did not as my overall analysis showed that the correction was far from over and a bearish continuation was not in the cards.

As of now, the market sentiment has not changed even with the recent uptrend. The overall sentiment remains bearish though less so than 13 days ago. CoT, SSI and SWFX all showing bearish sentiment for this pair. Does this mean the market is going down? Overall, I still don't think so. But I do believe a relief retracement is in order before the wave (C) uptrend continues.
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themarketzone PRO EverythingForex
2 years ago
My guess is.. and its just a guess.. that EURUSD will stall here perhaps till next ECB meeting. We will see.
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EverythingForex PRO themarketzone
2 years ago
BTW, tmz. I enjoy reading your weekly reports. Keep up the good work.
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themarketzone PRO EverythingForex
2 years ago
Thank you very much.
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AhmadHassan745 themarketzone
2 years ago
Wao...! Bat, butterfly, AB=CD
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Jebanese
2 years ago
Sir, You are really great!!!
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EverythingForex PRO Jebanese
2 years ago
Thanks but I wouldn't say that! I've been wrong many. many times as well! And will continue to be wrong many times! Good luck to you!
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NachiketApte
2 years ago
we ended day at 1.1380. so we have broken ur point C. you still think we can retrace here.
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EverythingForex PRO NachiketApte
2 years ago
Yes, That is what the charts are telling me. It's not what I want. Breaking 1.13479 point only invalidates my previous wave count on this pair. Does not invalidate the SHORT trade. See my latest post on this pair....
EURUSD: OVERWHELMING Confluence For A SELL!
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