I'm anticipating a brief turn to the upside in EURUSD, with a possible set up for a small long position. Overall I am bearish on the pair, so this would be a quick counter-trend trade.
If the July 6, 14:00 (UTC-4) candle high (1.01987) is broken prior to the day's low (1.01619) being exceeded, I'll plan to enter there with a stop loss at that low and a 1:1 target.
Alternatively, if a pullback breaks the July 6 low prior to exceeding the 14:00 candle high, and confirms a bounce, I'll enter with a target at the same level (the July 5th low) and a stop just below the new low.
I base my predictions off a variety of different Elliott Wave counts, anticipating what I believe is the most probable move on the short-term based on the confluence of those counts.
Please DO NOT mimic my trades. Do your own due diligence. I am not a professional analyst and Lord knows I'm not always right!
Trade closed manually
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I closed this one near break even. I got the pop up overnight to trigger my entry but it didn't go as high as I was anticipating. I don't think it's going higher from here.
If it retraced from current low would be a 38.2 to that 1.027 show a inv h&s and create liquidity
EightyNineWaves
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@forex252, we'll see. I'm having second thoughts on this prediction. I went ahead and closed the trade near break even; I'm no longer confident that we're going to see much of a pop up. I think at this point it's more likely to slowly roll over lower. I did catch a nice trade on AUDUSD and I'm in another on that pair going the opposite direction now. I just posted about it.