Quoting YardieDislikedI think EURUSD will break 2750 overnight and head down to the 2600s. Its looking to me like up is off for now. Fundamentally speaking if bad USD news cannot bring up the EURUSD what will? The news out of the EUROzone itself is less than stellar. Gold is tanking as well, and gold tanking means strong USD.Ignored
I am pure tech trader and my pointing out that neg US news didn't make the dollar fall (yet)
I have this custome made indacater that calculates over all trend direction, and counts 5/3 wave patterns. The purple signals tend to mean nothin in this chart but the white tend to be accurate. Top left is pivot and support resistance calculations.
When waves are hard to determine I look to this. As it cann't give a 1,2 lable to something that don't fit a certian structure.
The rule is that a 5 wave followed by a 3 wave correction, will give way to another 5 waves in the origonal 5 waves direction. And since this is almost a 100% correction of 3 waves down and wave 2 can retrace 100% of wave one, this make it a prime entry spot and high probility of a wave 3 or c up.
If its a wave b down than it can extend past the previous low befor rising. So a break to the down side a little still won't be reason to sell.
Sell at the top of the range and buy at the bottom. I have posted a chart showing the current range. Its now at the bottom. I would need to see a break of this range because I don't know what its gonna do just what I see it doing.
Not saying your wrong, as I type price falls to 1.2860(only 5 pips against me) Its a very small risk to take at 25 pip s/l. And if 1.2754 support is breached again I will pull it early and wait for ewocci signal. But it could go for that top trend line and reward will be 150+ pips.
Dave
edit: one more thing about waves. Even if the trend is down there has been 3 waves down established. There will need to be a 4th wave up correction befor a 5th wave down can happen. So either way we should see a rise from this level.
Dave
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