I'll keep this short, as it's mostly meant for my own education.
We started off with an zig-zag correction (W), followed by an expanded flat as (X). We have had the A-wave of the (Y) wave downwards, and are at the moment of writing in what appears to be an ending diagonal on the B-wave.
The ratios seem to make sense, and I believe my lower level wave count also makes sense. It's somewhat clearer on the 3 minute scale, but apparently Tradingview doesn't like ideas being published on that scale. :-)
So, my expectation is that we'll turn downwards around 0,178 and head for 0,168 which is also close to support zone. Perhaps we'll even go a bit deeper, we'll see.
I'll probably enter a short position when I see the ending diagonal finish and break its support, with a stop-loss above the end of wave 5.
We started off with an zig-zag correction (W), followed by an expanded flat as (X). We have had the A-wave of the (Y) wave downwards, and are at the moment of writing in what appears to be an ending diagonal on the B-wave.
The ratios seem to make sense, and I believe my lower level wave count also makes sense. It's somewhat clearer on the 3 minute scale, but apparently Tradingview doesn't like ideas being published on that scale. :-)
So, my expectation is that we'll turn downwards around 0,178 and head for 0,168 which is also close to support zone. Perhaps we'll even go a bit deeper, we'll see.
I'll probably enter a short position when I see the ending diagonal finish and break its support, with a stop-loss above the end of wave 5.
Comment:
Correction, make that 0,169 as first target, combining both support and extension.
Comment:
I had forgotten about the 15-minute delay on Tradingview for publishing an idea, and what with having to make a new drawing on a 15-minute scale, this post might seem a tad too late anyway. :P
Comment:
A bit more detail on the 3 minute scale, for those interested:
Comment:
I was a bit premature, and had placed a short order somewhat above 0,178, with a stop loss at 0,1791 (just above X). Considering how close that wave is getting to my stop-loss, I'm watching this unfold on the edge of my seat. :P
The most important lesson, regardless of how this unfolds: wait for confirmation first. Always. This could easily be an expanded flat, reaching above the point of X.
The most important lesson, regardless of how this unfolds: wait for confirmation first. Always. This could easily be an expanded flat, reaching above the point of X.
Comment:
Congratulations to me on screwing up that first entry! Thankfully, good money management has ensured the consequences were nicely managed.
Now, let's be a patient little fella and wait for a good moment and confirmation. :-)
Now, let's be a patient little fella and wait for a good moment and confirmation. :-)
Order cancelled:
Weeelll. That didn't go as planned, now did it? :-)
No worries, it was educational nevertheless for me. On to the next!
No worries, it was educational nevertheless for me. On to the next!