SETUPS
EUR/USD 12/7/13 Wave C Short at 1.3710 12/8
Daily - Possible C wave imminent
@ Monthly R1
@ 1.27% previous month range
@ 1.3700
@ 76.4 retrace
H4 - Possible termination of Daily B wave at Wave 5
End of week closed at the following;
@ Weekly R2
@ 1.618% previous weeks range
wave 5 throw out of upper wedge
wave 5 near upper channel line
The 5 wave advance on the 4H, the first move of the month indicates a possible monthly high.
Targets are 1.3371, 1.3164, and 1.2829
Looking to catch one trade for December.
UPDATE : Short at 1.3710, stops at 1.3755 target 1.3159 (entered at weekly open gap up to 4H channel line)
Watching and waiting… This set up is nice with 5 waves up with an extended 3rd.
I will zoom in to a 4H chart to map out wave B(if this plays out) for B wave termination entry to short C.
Note: I need to watch the first week like a hawk for basic OHLC setups.
Trend line break on the Daily put this plan onto my watch list.
CAD from monthly open went high first. The Low and Close still remain.
The high is at 1.0700 level, the Monthly R1, and last months range extension of 1.27%. (overbought?)
I drew out a perfect scenario Elliott wave sequence using standard fib retrace and expansions. I will update as price action dictates. Basically, this is just a road map. I change the course as the market directs.
To qualify this trade, wave 1 is required to take out the support level @1.0517.
Once this happens, wave 2 goes to a 4H view to isolate the fifth wave.
In the final 4H fifth wave, I will zoom to a 1 Hour to isolate the 4H 5th wave and short the 1 hour fifth wave of the 4H fifth. Basically entering at DW 2/4HW 5/1HW 5 short. (The EUR/USD was at all of these qualifications on DEC 7th 2013.)
