EUR/USD Labyrinth, Act 3

FX:EURUSD   Euro / U.S. Dollar
Trading Plan:
Long, entry - 1.1310, SL: 1.1247, TP1: 1.1720, TP2: 1.1842, TP3: 1.1980
Trade active: The entry for longs was achieved. The price went as low as 1.1301 on the 31st of October.
Trade active: The price returned to 1.1301 area and moved lower into the 1.1240 area. It is a good area to go long at least for 50 pips.
Trade active: Looks like the price made a full extension of the 3rd impulse wave, down to 1.1213. It produced a 0.618 Fibo retracement on the weekly chart (low: 1.0399, high: 1.2555). And even if one of the main cardinal rules was broken, the chances are high that the price moves up.
In the near term, it might touch the downtrend red line.
Comment: The PA needs an energy drink :)
Trade closed manually: See my newest chart:
Comment: of the 5th impulse wave or 3rd motive wave
Trade closed manually: Unfortunately, my projection for the corrective wave did not happen, instead, a flat ABCDE corrective wave was produced.
Question please: How can Wave 4 be higher than Wave 2? thx
+1 Reply
RCtrader2 ananora23
@ananora23, It can be longer than wave 2, the rule is for it not to go beyond the start of the 3rd wave (2nd impulse wave).
With you on this one. Buyers’ stops are being cleared, sellers overly confident - time for a haircut.
RCtrader2 Zoen_Trieste
@Zoen_Trieste, I hope it goes down to 1.1310 or lower sometime next week so that we obtain a good entry for buy orders :).
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