I see it in corrective phase. No? Tell me why!
Tags: EU, EUR/USD
Hi Sun - been out for a few hours as it got boring at peak time ;-) Back now to see what next and can see we have already retraced from a 3060 low - up to so far 3090. I know you are delving more into EW theory atm - but will admit I only think its like so many other theories and indicators etc - ie 50-60% probability of it working correctly.
I certainly agree with you that are are still in an up channel from the 2660 area. The fact that we have risen over 460 pips means we can easily have a 150 -200 pip drop - and still be above a 50% fib for more tries higher, So until we go under 2900 and 2850 - I will still will be looking for over 3200+.
I thought earlier on today we would drop at least 80+ pips but so far not been 70 so any retraces up will hit the resistances which were supports on the way down - ie 3100/5 - 95 and that 3090.
If we cannot break up above 3105 - then more tests of supports again with 3060 being a clear one now.
If 3060 goes then lower with 50 and 40 and 3020 all further supports. If that happens all the bulls will get nervous and the bears will be coming in strong - and so then its all down to were the stops and the money is - for the players to target ;-)
Nowadays I think any move over 50 - 80 pips is corrective - and its all down to how long it takes. For example if it happened quickly - under say an hour - it as a different effect on OB's and OS's to a slow 4 - 8 hr move.
There as been too many bulls buying this week and so we needed a retrace but you tend to think just 70 pips is not enough - but there again it changes sentiment again for many and give the bears hope.
So in conclusion - I will stick to scalping in between levels and try and get back to the good old days of 20 pips in under 10 minutes and $1 -2K in the bank ASAP ;-))
Are you expecting a breakout Downside at 3090 . The reason I ask is I am more of a Trend trader nowadays and not all have the genius of Scalp trading Like Some of the traders here. If you can say more on the chart, I would be grateful.
Actually I always follow your comments and Peter and of course traders Like Brian and I try to enter positions. So I was wondering Eurusd would play out this 2 days.
Thanks for your comment. Regarding your question, my view from Elliot Wave theory, I think a wave 5 had completed at 31256 and we are now in corrective wave "a". We have seen a slide yesterday and I think it's incomplete, am expecting at least 3030 or 3020 lowest and then a rebound to 3090 area to from wave "b". That's for now.
Yes, you're 100% correct.
I hope we didn't late to take it from the first position :)
I did it.
Morning / Afternoon Sun - It's just prior to European Open and I can see we dropped down to 3046 in the Asian. The fact that was now approx 6 hrs ago with no newer low - means that support area was fairly strong and we need to test the resistances again - around 3060/5.
If there is any strength to break above - then next test 3080 area. If not back to break 3050 and test the low- and if that breaks we are then on course for you 3020/30 area.
Atm - my scalp bias is too buy whilst above 3049 - and sell under 47 and low.
I ma sure that might change into London - but meanwhile lets get some pips in the bank.
Have a good day
Hi Honest - just having a look at your chart and your targets etc. If I am reading correctly - you are in sells ( yes I know you are a bear ;-) ) and with you main target down at 2958/60. This area is based on both horizontal support and dynamic channel support,
So thats approx 100 pips lower than were we are at present - so if we do have a bearish day it could be on - and if not its Freaky Friday tomorrow - so then anything might happen ;-)
Good Luck Honest - I think whilst we stay under 3100 and 3080 - then its a good probability to test lower with 3000 still being a big psychological test area again.
Hi Peter and RM
Yes, the pict can say a lot.
Btw, the target is dinamic, and it would be adjusted everyday. And also for tomorrow, Friday :)
Hi RM Thank you for the compliment.
Hi Honest I did take a sell at high and still waiting for the elusive 3030 which might come in anytime within the next hour.
Hi Peter, good morning to you. I am off for tea, yes, it's tea time and some bites.
The low is now broken and it is 10 pips away from 3030/20 (if skids). I have apending buy there and hopefully to see high up around 3090 :-D Take care!
Seems like flat corrective wave setup. Wave a ended near 30409. Long till 3090s and sell there to recent low and buying back there :-D
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