HighProTrading
Long

5-wave potential completion EURUSD part 2

FX:EURUSD   Euro / U.S. Dollar
845 6 7
Continuation on my post:

The Euro             continued to go lower and the pattern seems very close to completion. In addition both CNBC and Boomberg ran headline articles earlier today suggesting euro/dollar parity and lower soon. This is a high risk counter-trend trade so respect your stops and use position sizes in accord with sound money management principles.

Suggestion: add remaining 50% position now
Target: exit with 50% at 1.14-1.15. Close remaining position at 1.18-1.20
Stop: 1.04 level

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HighProTrading
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Actually this a third wave divergence and the Elliot wave oscillator is the proper reference. The awesome oscillator can replace it as well.
However, the price can reach even 1,03.

Reply
HighProTrading AristotelCostel
Could be, I arrived at a similar conclusion by different means: http://www.highprotrading.com/euro-gdx-and-copper-comparison/
+1 Reply
AristotelCostel HighProTrading
I agree with copper correlation. The answer is debt deflation and "dark" deflationary forces. :D
You've seen it in copper, I've emphasized in oil.
+1 Reply
HighProTrading AristotelCostel
As the guys at EWI would say it's all the same market
+1 Reply
i don't know what fundamentals u have but since there is no sign of MACD showing uptrend it's going to go down there is also no sign of volume decrease so...... let's wait & see
+1 Reply
This is not a call based on fundamentals but on pattern and sentiment. If I was too early that's what the stop is for, there's always gonna be another trading opportunity.
+1 Reply
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