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 ABCzigzag 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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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.
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.
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?