EverythingForex

EURUSD: Making It's Way Up In A Long-Awaited Wave (C)

FX:EURUSD   Euro Fx/U.S. Dollar
2781 7 39
So how long have I been waiting for this wave (C) up? I posted this chart 5 months ago:
snapshot

See that black wave (C)? That is what should be happening now. Why is it so important to get that right? Aside from the part that this wave (C) will yield a lot of pips on its' own as it goes up, the finish of this wave (C) means the beginning of the wave 5 of the larger wave back down and THAT will mean A LOT OF PIPS! But let's deal with what is going on now first.

WAVE COUNT
In this 4HR chart, we are looking only at the wave (C) subwaves and breaking them down for the trading opportunities. That large wave (1) up which I predicted to occur 2 months ago (see this post: "(T) EURUSD             - Wave (C) Now? Predicted 5 Months Ago. Today...BAM!") set the stage for this wave (C). After that wave (1), prices consolidated for weeks in a wave (2) before fairly exploding upwards in what is currently wave 3. Within this wave 3, it seems prices have just completed the wave ( iii             ) of 3 and is now in the wave (iv) of 3.

PATTERNS
There is only 1 pattern of consequence here and that is the POTENTIAL Bat that would be better seen on the DAILY Chart below.

DAILY CHART

EURUSD: Daily Chart

WEEKLY CHART
EURUSD: Weekly Chart

MONTHLY CHART
EURUSD: Monthly Chart February 2016

WHAT TO EXPECT
Prices should be declining some more in a wave (iv) but not for much. Prices are already resting on a MAJOR TL with a B Point slightly below it. That should provide the support needed to end the wave (iv) and begin the wave (v) up to complete the wave 3.

MY TRADE PLAN
I'll wait until prices decline some more into more support area and watch for bullish PA to announce that wave (iv) is done and that wave (v) is starting to BUY into the larger wave (C) up.

*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 or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. 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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Related Ideas

AmrRayan
10 months ago
Thank you very much, amazing charts, & great work.
Reply
EverythingForex PRO AmrRayan
10 months ago
you're welcome
Reply
delete123
10 months ago
I think it all depends on what Yellen has to say this wednesday - if she's as pessimistic as Dudley, we might hit 1,14
Reply
Mx70
10 months ago
Hi Great to see your view.
I unfortunately missed the latest upswing as my order is set at 1.107.
Great to learn from you.
Many thanks again.
Reply
EverythingForex PRO Mx70
10 months ago
yw.
Reply
AmrRayan Mx70
10 months ago
My order is still setting on the same level as yours Mx70, waiting for the big up move, i think what was happening yesterday is that price action was forming a double flat with an (x) wave to the upward in between, i still have hopes that the price action will hit the 1.106.. area and then bounce back impulsively again in 5 waves to complete the 5th wave of the bigger 3..lets hope i am right as i have been also waiting for that move for long time :-)
Good Luck!
Reply
EverythingForex PRO AmrRayan
10 months ago
well, that is what I think should happen. Up to finish off the smaller 3 of (3). Then down for the 4 of (3) and then up again to finish the 5 of (3).
+1 Reply
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