CLOSED TRADE: EURUSD: BUY@1.08240 Clearly A Wave (3) +458 pips

FX:EURUSD   Euro / U.S. Dollar
1676 12 17
In my last post on this trade, I said that wave (3) up was starting. BOY! Did it EVER! Clearly breaking out of that LONG consolidation! My members and I made +458 pips on this trade although we did close it out too soon. But I'll never complain about making pips. For those that also went LONG on my trade analysis, good for you. Here's what I said...

So what we have here is a CLEAR CUT wave (3) move up. It has clearly broken that consolidation and is headed MUCH HIGHER. But where to get LONG on this move again? Well, I'm looking for it to retrace back down to that broken MAJOR SR Structure and retest it to go LONG again.

The very large H&S pattern also suggests that we will be seeing MUCH HIGHER prices ahead. So stay tuned! You can believe that I will be catching more pips on this pair.

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Very nice analysis . Followed my chart and took guidance from your chart , got profits . I trade with Nseindia.com , govt controlled and limited market hours. So select Eur/inr futures Feb closed buys at 75.38 opened at 74.50 regards
also when market make 2 V shape(specially on a larger time ) they tend to make the 3 rd V (often it takes out the low or high it makes) here if u draw a line (on daily chart) connecting aug 23 rd 2015 high(1.17),, to oct 14th 2015(1.1495) u can see we already made 2 V shape now of course we just went over a bit(also wave 4 over laping wave 19its common on wave 5 or c wave) its likely to make a 3 rd V shape with new low
Yes i was stopped out at 1.0996 that is part of trading but i am still short biased (i can be wrong) here is why
1)co relation (usdchf ,,eurusd inversely co related so does dollar index to eur---dollar index just completed 4th wave on daily chart with kenjensan on weekly ichimokku and lower cloud as support (5th wave to resume usdchf still has a wave to go up) also gold it is ready to fall
2)wave 2 dont have such a messy correction its either wave 4 or B wave (here i think wave b as ABC---wave a from 1.0515 to 1.106 now B wave as(wave a 1.106---1.077,,,b wave 1.077 till now as smaller abc then a c wave to follow
3)eurusd facing tenkensen on weekly ichimokku (very strong resistance
4)corrective waves happen within a channeling impulsive wave brake out of channeling (draw a line dec 14th high to dec 28th --upper line then dec 17th to jan 5th lower line u have a channel ==wave a,,,,,then connect jan 6th jan 31 st lower line then jan 10th to jan 15 th u have ascending channel b wave

if it is impulsive wave then
1) first wave of the 3 rd wave usually will come close to end of wave 1(in this case 1.106)
2)when u connect starting point(here is 1.0515 ) wave 2 here would be 1.07(draw a line and call it lower boundary line ) then draw a parallel line from top point of wave 1(here 1.106) 3rd wave will brake that channel to become impulsive
3)last but not least 2 nd wave are neither messy nor have triangle

again i lost the trade and euro went against me 145 pip(My biased could be wrong) but still i am short biased i think we could even break the 1.0515 head towards par with dollar
Wow! My head is spinning after reading all that! My trading is simple: KISS method. If it's a horse, call it an horse. What just happened cannot be classified as anything but a wave 3. So ergo, what went before it was a wave 2 and before that a wave 1. And of course, next comes a 4 and a 5 higher. Simple. I don't care about what the 2 looked like, what the 1 looked like, etc, etc. Traders get too bogged down with details and analysis when the answer is as plain as day in front of them. They'd rather try to break it down into something it's not. Charting is not about find the minutiae. The little details. Or finding the obscure. It's about finding the obvious. The simple. The thing that stands out. Which of course sometimes isn't that easy to see. Why? Because the market moves according to what trader's are doing and NOT some mysterious entity or force. Trader's buying and selling moves the market. Simple. It's the why they are buying and selling we are trying to divine. The chart does not care what your or I put on it. To the chart, it is not there. It doesn't exist. Whether it's a ichimokku cloud, tenkensen, MA's, bats, crabs, kittens, dogs or whatever. Traders put them there and trade off of them just like you and I do. So if you trade off of something, say for example a simple but obvious trend line, that most other traders also see, then likelihood you may be on the "correct" side of the market. On the other hand, if there was a bat formation that was not so obvious for example but I found it, chances are not many traders see it and are not trading off of it. So the chances of that bat succeeding is minimal. Maybe it does for other reasons though. Anyway, the point is...simple is better. There's no point in trying to be smarter than everyone else in trading. There are no IQ awards. You don't get paid on ego. The market doesn't care.

I'm not poo-pooing all that you wrote as reasons for why you are thinking what you are thinking. But from your previous posting, it's obvious your analysis was off-base. Ergo, the loss. Happens to everyone. Happens to me all the time! I've had some spectacularly wrong analysis posted on here before and will continue to have them as well. Just have to learn to let it go and move on. Insisting it will go down won't make it go down. Will it EVENTUALLY get down there and probably lower? Yes, I also think so. Just not now.

Just my 2 cents and it's not criticism of you. Please don't take it that way. Others read this as well and I respond for their benefit as well.
+5 Reply
Do not now how you are doing this but I am impressed. You are real Pro. May I ask how many years you are a trader?
I've been trading for more than 25 years. Oh,ooops! Guess I'm telling everyone I'm OLD!
+3 Reply
IvanLabrie EverythingForex
I see more upside here, 1.13275 to be precise.
Great job nonetheless.
Totally agree! There is MUCH MORE upside on this to go! If this was wave (3), there is wave (4) and (5) to go. I'm actually seeing 1.16 eventually.
IvanLabrie EverythingForex
Yes, it's possible, and a terrific short at the top!
PaQu EverythingForex
:) I am old too buy do not have this 25 years experience asset yet :) I am scary of thinking how old would I be once I have it. Good luck!
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