colinsheen
Long

EURUSD possible short term bottom

FX:EURUSD   Euro Fx/U.S. Dollar
168 0 7
I guess it is possible EURUSD             has bottomed in the short term with an ending diagonal as 5th wave.

My trading plan is to long at this level, stop loss at 1.0510, where wave ((5)) of the ending diagonal will be longer than wave ((3)), and invalidate this ending diagonal count.

Upside target is 1.0850 (previous 4th wave)
then 1.092 ( 38.2% retracement )
then 1.103 ( 50% retracement )

Combined with my other bearish USD ideas, I'm pretty confident for this trade and I have entered long already.
Trade active: already entered long at 1.0590, stop placed at 1.0510, 80 pips risk.
Comment: BTW, this trade idea came from manijeh and anil, kudos to them.

EURUSD Elliott wave


EURUSD looks like an ending diagonal.
Comment: Its good to tighten stop to 1.0550, or BE to your entry level while price has bounced back above 1.06.
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