If you can identify the double top and double bottom only on a Daily chart, it is enough for you to make big money. No need to draw too many trend lines here or there , No need to use other theories such as Elliott, Wolfe, Harmonic, etc.
The more the ways you use, the more difficult to make a decision.
It is forming a Head-Shoulder pattern now, which need to be further confirmed by today's candle with Economic Calendar. So, today you observe its development without placing any order for this pair.
For those who are only basing on breakout to make money, it only takes two or three hours for them to make a lot of money also by now. No trend lines! not mention too many trend lines in one chart!
Too many trend lines only confuse yourself!
In a daily chart, one candle is more than an impulsive wave. however, it always show the signal how it will be going at the right timing by JP candle stick pattern or Trend theory ( such as bottom or top, etc.).Elliott or Hormonic can not show those signal in one candle with one day.
By now, 470 points, if your order was 1 point = 500USD, it has been 235,000 USD profit for only one day. It is enough for today now. Close it now because we don't know what the USD will be doing in the coming hours today!
These days, try to keep your open position for just only one day, no more than one day (24 hours).
If someone is/was trying to show you s/he is a Wave expert on Youtube or Webniar or somewhere else. What you need to test is to let him/her show you where the 5 waves are located now ?
You don't need him/her to show you too many trend lines on the charrts. Because Elliott never tells anybody how to draw a lot of trend lines.
Right now, you should see a cross candle on the daily chart.No body is able to 100% know what the price will be going in the coming hours within today for sure.
However, this early morning, there was a small double top, only based on which, by now 298 points, if you close your big order now, enough money already.
The final purpose for you to trade Forex should...
It is forming a Gartley also. however, Gartley pattern not working well every time. To be safe,keeping your position open for only one day no matter whether or not price is reaching 0.382. If yes, when price is going up to touch the 0.618, place another order, keep it open for only one day no matter whether or not the price will reach 0.618. Try to place a big...