Recently, I had a guy who will remain unnamed who challenged me on my posts that I had been giving for free on Tradingview. He obviously had an axe to grind. Maybe he followed one of my analysis and lost money. Maybe it's another reason. But he's an example of someone who can't accept responsibility for his own actions and must blame someone else for their loss. Do I make bad trades? Yes. Do I take losses? Yes. Does everyone? Yes. Even Warren Buffet. But regardless, what those kinds of people don't or refuse to see is all the work behind the scenes that goes into these analysis. Yet, they expect to be fed for free. And then when it does not work out, they want to blame someone else. The point I am making is that these analysis take a lot of time and a lot of work. They are the result of my own hard work but I am the first one to get frustrated when things don't work out the way I envision it. But then I just get back to work and see where I went wrong. If you are expecting to be spoon fed all this hard work for free, there's a word for that: freeloader. Otherwise, just take it for what it is. Purely my opinion! Now on to the analysis....
EURUSD has been much confusion to many people lately….including me. Before the BoJ, I admittedly was not clear on what EURUSD was to do. In fact, I was expecting it to drop! Though I was not convinced. Thus, I had been holding off on trading it after suffering a loss on trying to sell it. But now, the clouds are clearing…
Analyzing EURUSD has been a real headache and took A LOT of time to reveal the hidden story that the chart is telling. For sure, I’ve gone back and forth on EURUSD and tossed away many analysis on it that took time to do. But it’s the work that must be put in to be successful in trading. It’s really frustrating when after I’ve done so much research and analysis and I’m wrong. But that is also part of the process. Failure breeds success. I’ve recently had a failed trade on EURUSD that has led me to see what I see now.
So what the big picture is saying in EURUSD is that it is now in a developing uptrend. It isn’t a sure thing just yet but the recent price action is . In another few weeks or sooner, we may see an explosion upwards that will give us that confirmation. But in the meantime, there is still some more consolidation to get through which will of course, cause even more confusion and panic.
What I am seeing is that EURUSD has been in an uptrend for months now! But a very, very confusing and complex one. A WXY complex pattern. The wave (W) was completed awhile back. And the wave (X) done back in March. From there, it has actually been in the wave (Y) up already. That wave (Y) I am seeing as an pattern.
The 2 POTENTIAL patterns, a (blue) and a bat (green) are still waiting to be filled. That bat I am expecting to be filled soon. But more importantly, there is a forming within this correction that shows how things are going to play out. If you are familiar with fractals, then you know that is the backbone of wave counting. And fibonacci. And most trading strategies. It is one of the reasons why patterns repeat themselves over and over from larger degrees to lower degrees. And one is very clearly taking place right now. Can you see it?
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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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