Same chart. Only thing I added due to recent PA is a clear "make-or-break" point. At this point, I would need to re-evaluate my wave count since breaking this point would invalidate the current count. If it does, I'll wait to see what to do next. Of course, I still firmly believe that prices will head down in a wave 3 and fill the pattern. Unless the pattern itself gets invalidated.
yesterdays daily candle closed above your "make-or-break" point
EverythingForex
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yep, it sure did. ;-(
I posted another update on this pair. Did you see it?
ForexEasypips
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thanks studying that now
donaldsaw
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I totally understand what you're saying in terms of EW theory. I was just a bit thrown off with the count I was seeing as I didn't see the X in between my zigzag-flat-triangle but managed to catch the breakout which is always nice.
Overall, I think the bigger triangle pattern is still intact and with the pre NFP tomorrow, this pair should climb to the 125.00 marks overnight and tomorrow morning and drop on the announcement at 1.15GMT... TBC but this is what I am forecasting :)
donaldsaw
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I've not seen a pattern like this before but what I counted is a Zig Zag to a Flat to a triangle and I managed to catch the impulse up which I think is wave 1 of a 5 wave move to hit 125.250 or 125.360. Let me know your thoughts on this?
1HR chart - and 15Min chart -
EverythingForex
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First, if you made money off your count, that's the most important thing. I forgot who said it but it's not important that your count be correct. It is most important that the count (done according to the rules of course) succeeds in guiding you in the proper direction.
Having said that, IMHO, I don't think you can have a zigzag-flat-triangle the way you counted it. There needs to be an X wave in between or else you are counting the end wave of one structure as the beginning of the next. Can't overlap like that. So it needs to be zigzag-X-flat-X-triangle. Triple combo wave is WXYXZ.
I can't make out the 1Hr Chart. Too scrunched together. But in the 15m chart, you are missing the X waves. On the triangle, the leg before the A point is part of the triangle pattern count and cannot be counted as the X wave.
Does that make sense? Maybe that's why you've never seen a pattern like that before. But hey, if it made you money......congrats! Who's to argue you are wrong? Maybe you found a new pattern! If you did, you can name it after yourself!