CLOSED TRADE: EURUSD: BUY@1.09610 Wave 4 retrace -68 pips

FX:EURUSD   Euro / U.S. Dollar
2148 24 21
Stopped out on this trade for a -68 pip loss. What maybe happening right now is that it is making a wave 3 extension or ABC zigzag 4 with (b) dip. Will be watching to look for another good LONG entry. I am still looking at this as a wave 4 correction. But will be re-analyzing it to see. For now, on the sides.
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As per your wave count, can we say that we are now in wave 5? in other words the (a) wave in the chart was wave4?
It is possible but I will re-analyze after the NFP
peterB EverythingForex
When will you be re-analyzing the charts and will it be AU/US, EU/GB and NZ/US as non farm has messed things up.
I always re-analyze charts over the weekend from scratch. I don't think NFP has "messed things up" but rather has setup some very nice trading opportunities. But what are they is what must be deduced. Just be aware that I don't post everything here and post more to my facebook group to see. But even there, I don't post everything. Only my members get all. Thanks! Oh, and I don't trade the EURGBP although my members can request to have me analyze it.
+1 Reply
TTCSteve EverythingForex
was certainly an interesting juncture with the DX right at a key level, at least there was only little risk involved. Will look forward to your views on Euro, it's a hard call between an extended B wave and straight impulsive imo... The Aussie and JPY were much easier trades as they hadn't extended before NFP's. Thanks EF appreciating your efforts
I have it as wave v of c of B (target range between 1.0868 equality measure down to 1.0810 with risk just under 1.08). Assuming the 1.08 level holds then looking for a couple of months up in wave C of 2, with targets between 1.20-1.25. DX is in similarly tight setup with reversals possible as it completes either wave b or 2 of C with 98.50 max risk. Reasonable R/R imo...anyways, just some thoughts.
It's possible. If it continues to drop further, then most likely, you're right.
Generally your strategies works well. But this is due to the current news trends. Any way we wait for long.
Remember, news does not move the market. It is the trader' s reaction to the news that moves the market. And we know most of the time and the majority of traders trade on emotion. That is why the majority of traders are losing money. So, do you want to follow these traders?
+3 Reply
Remember my word.... we still haven't tested my target...
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