EverythingForex

ANALYSIS #2: Bullish Scenario.Triangle Holds Wave (C) UP!

FX:EURUSD   Euro Fx/U.S. Dollar
627 0 22
I am posting this BULLISH scenario so you know what I am looking for in terms of price action to tell me if this bullish scenario will happen or my bearish analysis (see Related Ideas: "ANALYSIS #1: EURUSD: BEARISH In Downtrend But How Far Will Go?") will happen. For those that follow me and have been reading my posts on this pair, you know that I was and still am VERY BULLISH on this pair and believe that we are still in for a corrective wave (C) up to occur. Although my recent bearish analysis shows that wave (4) has completed, that is only a POSSIBILITY. Not a sure thing. Always must look for the alternative scenarios and what kind of price action would show the way. Always be ready to accept that prices are moving in a different direction and be prepared should it not go the way you think. Remember, we can only take an educated guess at what will happen. Only the market knows the true direction.

On the chart above, I have marked out several points that the price action will be giving us clues as to what to expect next. At each of these points, it will be very important to pay close attention to what the market is saying and be patient and not overreact or jump the gun. If you are in positions, it's time to protect them before those points.

One point in particular will be especially important: that is the point prices reach the bottom trend line of the triangle pattern IF they get there. If that trend line holds, then expect a HUGE move higher. Should it break, then I will be looking to my recent post on the bearish scenarios on this pair.

MY TRADE PLAN
As in my other post on this pair (see Related Ideas: "ANALYSIS #1: EURUSD: BEARISH In Downtrend But How Far Will Go?"), I am now just staying on the sidelines and waiting for clearer price action before I take any positions LONG or SHORT. The picture is NOT clear at the moment. Not to me anyways. I will be ready no matter which direction this pair talkes and the upper and lower trend lines of the triangle are my decision points. Personally, I favor the bullish scenario as I have been bullish on this pair from 2 months ago. But I won't get stuck on being too caught up in me being right to not see the true direction. You shouldn't either.

*DISCLAIMER:
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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