EverythingForex
Short

TRADE: EURUSD: SELL@1.12720 Trying to catch a wave 3

FX:EURUSD   Euro Fx/U.S. Dollar
2620 10 40
In my previous post on this pair (see Related Ideas: "UPDATE #1: QUICK ANALYSIS: EURUSD: Picture is clearing up fast! "), I said that I would be waiting for a pullback before I would try to get SHORT for a possible ride down the CD leg of the POTENTIAL crab pattern and a possible wave 3 down. That pullback has happened and it has in fact pulled way back looking like it will keep shooting higher. But as it has reached the .786 - .886 retrace of what I have called a wave 1, the momentum has slowed and we are now seeing typical topping action which is bearish PA. Now this kind of topping action can just be a "pause" in the upward movement but it is bearish PA nonetheless. What makes me think that this is not a "pause" but a reversal coming is my wave count and my expectancy that there is a move down coming.

MY TRADE PLAN

And that is why I am taking the trade. It is well worth the risk. This large retracement has shrunken my stop loss and reduced my risk on this SHORT trade significantly. And this is why patience in trading is so valuable. My stops will go above what I am considering to be the wave 2 top which would also be the very beginning of the wave (i) down. Any move above this point will invalidate my wave count and I will need to re-assess before taking another trade.

*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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agree!!!!!!
Reply
rmv
a year ago
At which price is the the wave 2 top?
Reply
point your mouse to the bar where I have marked the blue "2" which was the last high point before the current one. That is the wave 2 top.
+1 Reply
Hiisham
a year ago
Hey
i was wondering on wish price could we put ours SL ?
Reply
EverythingForex PRO Hiisham
a year ago
As I said, any thing above the wave 2 top will invalidate my wave count. So I am putting MY SL above that point (accounting for my broker's spread of course). I can't and won't tell you where you should put your stops. It is entirely up to you. And also, not every platform will have the EXACT same prices on their data feed so my SL may not make sense on your broker's platform and I also cannot account for each and every person's broker spread. So I do not announce any hard and fast SL point for those reasons. And for the reasons in my DISCLAIMER. Hope you read that.
+3 Reply
Hiisham EverythingForex
a year ago
Thank you :)
Reply
EURUSD


Also keep in mind this setup as it progresses; potentially a third wave completion / fourth wave retracement
Reply
EverythingForex PRO izogawa_trading
a year ago
Uhhh....yeah....that's the exact same setup as my chart I posted 2 days ago. Guess that means you agree with me?
Reply
izogawa_trading EverythingForex
a year ago
snapshot


Sorry I dont see the previous post; just see two patterns.
Reply
rmv
a year ago
Where would you put your take profit/
Reply
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