A lot of traders are saying that EUR/USD is going up. I do not believe so. I believe it is still going down. It has to make up the price gap. I will have the intentions of shorting this pair after it has filled the market gap. Market for the EUR/USD is still searching for wave 3 and we all know that wave 3 is the most powerful. I will be concentrating on the EUR/USD this week.
I have not neglected this thread. However, over the course of the past few days, I have speculated that my skills need to be challenged and to be proven correct as I have shown you in this thread. I currently have a small account (~$50) with interest trading with a bigger account. I have my own excel sheet of monthly goals. These will be realistic goals with realistic dreams ahead.
Anticipating on EUR?USD. Several Closed positions. EUR?USD may be going for a stretch at the moment as this last haul will retrace. This will be a counter trend trade.
EUR?USD Projection
Expansion underway. Testing bottom of expansion. Could range from +50 pips, +100 pips, or +150 pips. I do expect this pair to fall and, at the bare minimum, test the support region. However, I do believe in round numbers. 1.27500, 1.27000 and 1.26600 are the areas I would be looking to take profit (Depending on if my oscillator agrees or not). Note that this expansion is not complete! Price projection will most likely reach a near the previous high to complete cycle. Afterwards, cycle could possibly trade bearish. This is really confusing because on the lower degree, expansion is taking relatively long. On a more macro view, you can see that this is Wave A. Can Wave A test the support level and then create the new Wave B? Just by looking at it, Wave B can be up to +500 pips. but that will take days to complete.
Note to self-
How far are you willing to [U]take risk[/U]?
Many of life’s failures are people who do not realize how close they were to success when they gave up.
Shorted GBPUSD pair
Based on divergence and wave B. Five waves, stutter, divergence and BAM! +75 pips. On macro view, This might be the end of the line as I have projection of A=C from the larger degree.
Bad entries at the moment. This may not be a good trade on the USD/JPY trade.
EUR/USD
Price correction may be ahead of us. Reacting at the 38.2 fib level. Same goes for the previous wave 5 pattern. I will not enter unitl i have confirmation that it past a the level. If it does, it will show a continual wave up. My technical analysis shows that wave A may be ending as I will count the waves soon. Wave B retrace as far as the next strong support level which dates a few months back. We will see within this week if the price is able to past or struggle at the level. My entrance will be thorough once a closing price is giving on the 6 hour or 8 hour.
I have another view where this may be Wave 4. It is respecting 38.2 fib level. However, we will have to wait to see where this price opens up during the week because if this is indeed wave 4, (also note rules of alteration) wave 5 may be immediate if it can not close above the resistance level.
USD/JPY (-152 pips) Dropped this pair. Trades did not turn out too well
EUR/USD (+23.5 pips) Trend is still valid, looking for better entry point.
GPB/USD (+41.7 pips) Trend is still valid, looking for better entry point.
GBP/USD (+51 pips)
-Closed. Looking for better entry after testing minor resistance level.
EUR/USD (1) +142.4 pips
(2) +133 pips
USD/CAD +15.7 pips
Reanalyzing everything.
AUD/USD
Price projection: Bearish OVERALL.
I do anticipate for the price pair to continue down on a further slide down. Wave A has completed and is now forming wave B. The formation of wave B is not complete. As you can see from the picture, wave B retraced twice on the 61.8 level~ Known as the GOLDEN LEVEL. I am expecting a retracement back up of equal lengths. Proceeding this retracement would continue the rally back down into bearish mode. The three levels I see for potential reachings would be equivalent of A or 1.02494, 1.02254, and lastly, 1.01987.
GBP/USD
Price Projection: Bull, after wave B formation.
Head and Shoulder formation. May be the end of Wave formation as numerical waves are counted up. However, trend should be up. Head and shoulders should complete wave B. This would then rally to Bullish afterwards. Once support level of 1.52130 is broken, all evil kittens will be released. Bearish movement downwards toward past the 50% level because those are just bars up. Possible ending movement would be near the 61.8. Again this is golden ratio as the pair will try to tag previous low.
Closed GBP/USd
(1) 37.8 pips
(2) 42.7 pips
I forgot that there must a retracement back to the neck line to confirm. I will be reentering on this pair soon.
My new advice: Protect your profits.
EUR/USD
Price projection (intermediate): Bullish
I will began buying into the Eur/USD after the dollar has settled. At this moment in time, price has not closed below the opening meaning I have to anticipate Monday or Tuesday for entry. Wave B is still in effect as A and B of B just completed. Awaiting formation of wave C. Through the power of price action, we see that two rail bars showed. This led to the decline. However, it did close above the resistance level. I am expecting it to break resistance level and test the support level once more. This will be my second entry as we go into wave 5 of B. With anticipation of wave 5 up, I have price projection of 1.32725 as the next resistance level. After that, my eyes will be shorting.
Bullish market is getting relatively weak. Just look at the charts. Price projection is not met. I have a feeling that price will shoot up a couple pips (+100) due to news then a strong reversal. All of this could happen within this very week. Bearish signal would carry out for the next week or two. This is wave C. Wave C will be in 5 waves. There is a strong resistance level and market will want to test this level to determine market flow.