dojitrader
Short

Perhaps An Ending Diagonal ?

FX:EURUSD   Euro Fx/U.S. Dollar
301 1 0
Just one more zig zag and this will be a pretty good setup for a short at the .618 retrace.
Some time ago I read a study, from the 1.4900 high, that showed how the Euro             had retraced .618
after a 400 pip drop every time (but 1) before another big drop began. At the time I passed it off as
"not this time" but kept the chart "incase". And, now we're here. If this ED comes to pass,
and wave 4 had better start rallying, it's a very low risk trade.
{note the somewhat uncommon w-x-y double zig/zag in wave 3}
There is usually some "overthrow" on wave 5 above the trend line so I'm
watching the candlesticks to decide on entry and s/l thus have not placed
them on the chart.
dojitrader
3 years ago
Change of plans !!! ~~~~
The ED is not to be. What I was hoping would be wave 4 is probably a b wave and dropped into parallel channel lines.
That means a final C wave that subdivides into 5 minor waves would be delightful !
In any event I'm liable to sell the .618 fib just because it has been the top after a 400 pip drop
and price action is so obviously corrective and overlapping -- it's another good place for a low risk entry.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out