Back in August of this year, this pair saw a 1 week drop of over +900 pips. A drop that I had predicted would happen. So to keep a long story SHORT (yes, pun is intended!), it could happen again! I'm not saying it will but history has a tendency to repeat itself.
So here I am showing above that this pair just finished a 5-wave advance in a wave c completion of a larger wave (b). Which itself was part of a abc corrective pattern. And I am also showing a POTENTIAL crab pattern in which prices are currently declining in.
Now, I have published a DAILY CHART that I had meant to be given to members only but I feel that this pair has a POTENTIAL to be pretty explosive that I felt I should share it with everyone.
So here is a MUST SEE DAILY chart that shows what all those larger patterns you see in the MAIN chart above is all about. Make sure you click on the subcharts to get the FULL STORY.
DAILY CHART - Click on the chart to get the analysis
MY TRADE PLAN I've been waiting for this in what seems like FOREVER! And now this possible drop may be here! I'm SHORT now along with the SHORTS I have been holding from back in August. Yes, I've been holding those SHORT positions for almost 3 months now! And I think they are about to pay off BIG! My stops in case I am DEAD WRONG will be above the recent highs so that if prices do get there and take out the highs, my wave count and all these patterns would ALL be wrong. I have a SUPER LONG TERM profit target in mind for this pair although there are several intermediate places along the way down that I could be taking profits and banking them.
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*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!
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I agree entirely with your daily count, im just not entirely sure whether Wave C to the upside has completed as yet, we could be in a triangle wave iv of C (new high made by wave b of iv), with one more high still to come before the drop.
josemanuel2
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My humble opinion: Close the trade. There will be better opportunities. Don't you, GL, think so?
EverythingForex
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No, I do not agree. When you take a trade, you accept the possible loss. What is the reason to close the trade? If it is because of "FEAR" of further loss, then you are trading with emotions. Trading needs to be done mechanically. ONe of my trading rules is that you NEVER move a stop out of FEAR. There must be SOLID reason to do so technically. Whether this trade does or does not work out, learning to trade mechanically will improve trading dramatically. Professional traders DO NOT trade on emotions. Only amateurs do. For this trade, there is no reason to get out until the reason for entry is proven invalid. That has not happened.
Also, although I appreciate the comments if constructive, should anyone be wishing to give out trading advice, please make your own post and show why. Thanks.
josemanuel2
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Believe me, GL, my comment has been constructive because I have not been educated to make a different type of comments. I offered my opinion just looking to the chart and I hope you are right because then your followers will make money. What is your stop loss? Regards.
EverythingForex
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What I am referring to as "constructive" is to post something that SHOWS what you are commenting about such as a chart or something. Not just saying you disagree and that's it. No one is going to just "follow your advice" blindly just because you say so or you think you are being helpful. Maybe you are trying to be helpful and think you are saving people money but you must show why. I do that in posting my charts. I don't just say "BUY" or "SELL" and that's it. I ask again, why close the trade? What is your reason? Better yet, show a chart as to why. Be HELPFUL is all I ask if you are to comment. I'm not saying I am right. I never claim to be right all the time. That's not the point. It's being helpful to others is what I attempt to do. And what I expect of those that choose to comment on MY POST.
BTW, I do not post my EXACT stops as I reserve my trade levels for my members. I do however, tell as much as I can about where and more importantly WHY my stops are where they are.
Don't take this as me not wanting you to post any comment here but rather post something HELPFUL. Not just say "close the trade". This is NOT your post. Thanks.
josemanuel2
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Good morning, GL. I am sorry making you think what you think. I wrote my opinion just looking to the chart and continue supporting it. I can not post a chart because you all have it and that is what I see. Anyhow, I will not comment anymore because it seems it bothers and that is not my intention. All the best!
Tecnologia_Financiera
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Hi, great work by the way, i think you are right with your analisis but i think there is more up move before the big drop, there is a structure breakout just going on, what do you think?
josemanuel2
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My follow up opinion: Do not get out yet but watch very carefully, as written above...
josemanuel2
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This pair is going down but watch out because in the very short time you can suffer a lot and be stopped out. That is my opinion, which, of course, can be wrong. If I think that the trend down stops, I will help mentioning it here. Good luck!