A month ago, on Nov. 24th, I posted this predicting another MAJOR DROP coming:
From the time I posted that chart til now, it has done EXACTLY as predicted. Just DROP! Still not believing my analysis? So let's go back and see why it is dropping.
WAVE COUNT In the 4HR chart above, the top in this chart I have labeled as the end of wave (b). You'll need to see the higher TF charts below to understand why I labeled it that way. From that wave (b), prices started declining albeit in a very messy way. Since what I'm seeing is that the current decline is a wave (c), I looking for a 5-wave type wave (c). You can see where I mark the waves (1) and (2) on the chart. Following the end of the wave (2) which retested the highs, prices just dropped off from there. BUT prices reveresed just as suddenly in a V-reversal after dropping in what I am labeling as a wave 1 of (3). The reversal back up which included an NFP day AND the FOMC rate decision ended up retesting the highs again and actually formed a triple top. This move back up was a wave 2 of (3). At that point, there were A LOT of analyst who were saying that prices were headed higher and such...blah, blah, blah! I maintained that prices were on the decline. Well, since then....BAM! Just dropping like a rock! This current drop is a wave 3 of (3)! The most powerful of waves! And it isn't yet done. It may be done when it gets down to that MAJOR SR Structure looming below.
PATTERNS There was a COMPLETED Bat that prices tested it's entire PRZ but did not violate it. From that bat, prices just dropped. Now there is a larger POTENTIAL Bat (purple) that is nearing completion. The completion of this bat should mark the end of this wave 3 of (3). MONTHLY CHART - C&H Pattern Forming The Handle WEEKLY CHART DAILY CHART - Patterns Showing The Way Down
MY TRADE PLAN Well, I missed on that large move down on this pair due to the NFP and the FOMC causing me to close the SELL trade I had put on at 122.865. Had I kept that trade, I would be up +360 pips by now. But, I didn't although my projections seem to be correct. So now that this wave 3 of (3) is well underway and is coming near it's end, where is the trading opportunity? The best thing to do is to look for some retracements back up and then look for SHORTS. And that is what I am doing right now. Waiting....
If this pair does follow my analysis and continues to drop, there is still more than a +1000 pips to be made on the way down!
Though I may not post here quite as often like before, I do continue to post much more to my own Facebook group (where I can BAN any TROLLS!). So if you would like to continue to see more of my posts as well as some of my trading tips, join my Facebook group at: facebook.com/efxselect
Do you want to know exactly how and when I trade this pair? Want to be among the first to know? If you desire to receive ALL my analysis on pairs I trade and cover as well as REAL-TIME trade signals, consider joining my private group and my members. You'll get REAL-TIME trade signals and analysis as the trade happens and discussions those trades live. Interested? Go to: efxselect.com for more info.
*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!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
IndonesiaBankTrader
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PooyaSalehipour
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perfect touch.
ben46
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May I ask what does SR stands for? support region?
EverythingForex
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SR = Support/Resistance
dexstriker27
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Great Analysis! Thanks... How about NZDUSD? thanks.
EverythingForex
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I already did one on NZDUSD 5 days ago when I issued a trade call on it. That trade is already in +100 pip profit.
SkyrEk
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HNY mate!
Whats your take on AU? Massive move up still applicable?
Do you want to know exactly how and when I trade this pair? Want to be among the first to know? If you desire to receive ALL my analysis on pairs I trade and cover as well as REAL-TIME trade signals, consider joining my private group and my members. You'll get REAL-TIME trade signals and analysis as the trade happens and discussions those trades live. Interested? Go to: efxselect.com for more info.
*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!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.