The EURUSD chart looks really nice to me. I think this pair is consolidating in a wave 4 of a 5-wave impulse up. I see the pair go around 1.28 and then start to go down as a new impulse down OR a long term consolidation. If the price reach 1.21 it could be a 700 pips ride.
The second option is that the ride is already started and it's consolidating to go higher now. It's a real possibility if you check in H4.
So the plan for now is to take a look in H1 this week to see where we go.
CHART COLORS:
GREEN = W1 ---- BLUE = D1 ---- PINK = H4 ---- PURPLE = H1
CHART LINES AND ARROWS: SOLID = PAST MOVE ---- DOTTED = ANTICIPATED MOVE
MY TRADING STYLE
I took a lot of time learning Elliot waves and it changed the way I look at charts. It’s much clearer when you know where the market is potentially going. I don’t really believe in moving averages theories or other “magic” indicators. I only need one to see divergences. If you trade the “patterns” like “head and shoulder”, “double bottom” or everything else, it’s OK with me because most of the time it fits and the waves count.
The hard part is to catch the strong moves, it’s easy to get lost in consolidation. My way to do is to analyse many timeframes, in a daily consolidation we can catch strong moves in H4 or H1. Same in weekly consolidation, strong move in D1.
What makes forex trading easier then stocks in my opinion, is that a currency is in perpetual consolidation, it will never go to zero. Long term, we will never see a 5-wave impulse followed by another one 5-wave impulse in the same direction. I said I don’t use moving averages but I think the 200 MA can be a good indication to prove that the currency market is always consolidating, the price will always go back to it.
NOTES
I do not give advice to buy or sell. I just want to document my journey and interact with other traders. All the levels mentioned are approximative, it can be higher or lower. I am often wrong but I try as hard as I can to cut the losses quickly.
You can reach me on social media, the one with the bird, I am marttrader!
The second option is that the ride is already started and it's consolidating to go higher now. It's a real possibility if you check in H4.
So the plan for now is to take a look in H1 this week to see where we go.
CHART COLORS:
GREEN = W1 ---- BLUE = D1 ---- PINK = H4 ---- PURPLE = H1
CHART LINES AND ARROWS: SOLID = PAST MOVE ---- DOTTED = ANTICIPATED MOVE
MY TRADING STYLE
I took a lot of time learning Elliot waves and it changed the way I look at charts. It’s much clearer when you know where the market is potentially going. I don’t really believe in moving averages theories or other “magic” indicators. I only need one to see divergences. If you trade the “patterns” like “head and shoulder”, “double bottom” or everything else, it’s OK with me because most of the time it fits and the waves count.
The hard part is to catch the strong moves, it’s easy to get lost in consolidation. My way to do is to analyse many timeframes, in a daily consolidation we can catch strong moves in H4 or H1. Same in weekly consolidation, strong move in D1.
What makes forex trading easier then stocks in my opinion, is that a currency is in perpetual consolidation, it will never go to zero. Long term, we will never see a 5-wave impulse followed by another one 5-wave impulse in the same direction. I said I don’t use moving averages but I think the 200 MA can be a good indication to prove that the currency market is always consolidating, the price will always go back to it.
NOTES
I do not give advice to buy or sell. I just want to document my journey and interact with other traders. All the levels mentioned are approximative, it can be higher or lower. I am often wrong but I try as hard as I can to cut the losses quickly.
You can reach me on social media, the one with the bird, I am marttrader!
My ideas are published at first for following my journey, if you like it, it's perfect but don't assume I am right, do you own research.
Feel free to contact me and follow my twitter, the more we are, the stronger we will be!
Feel free to contact me and follow my twitter, the more we are, the stronger we will be!
www.tradingview.com/chart/YEeGX4TH/