We've traded this correction all the way down and price may be about to turn up soon. We don't know what structure the rest of this correction will take but we can conclude we have wave A. The B wave could come back up to the start of A for a Flat or it could be shorter giving us a potential zig zag. Either way I'm looking for a long trade set up and we'll see where it takes us. Wait for the channel breakout and set up.
See the linked charts below for the story so far
Forecasts will be updated as they develop so remember to follow to receive them.
Always wait for an entry set up before risking your money.
This is not investment advice - it is purely for educational and discussion purposes. Your Ideas, comments and questions welcome
Good luck Steve
Komen
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We don't have divergence on the MACD yet so give this trade a day or so to present itself
Komen
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Just to clarify. I think price has reached a level where we should start to look for a long trade. I will be looking for a break of the downward channel and then a pullback. Once I have that I'll decide if the shape or structure looks long - then and only then will I consider opening a position. I am not suggesting you try to catch a turning point - you'll blow your account if you trade that way. Hope this helps
Komen
atefhussenn
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i agree with you but i think we better wait mate for the next week i dont like the movement of the eur pairs...this week ... good luck my friend steve @SteveNixon
SteveNixon
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@atefhussenn, Yes you're right. I posted that in the comments "We don't have divergence on the MACD yet so give this trade a day or so to present itself" Thank you for your comment
atefhussenn
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@SteveNixon, yup good luck my friend so sorry i didn't see your comment ...so tired and sleepy i guess ':P
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SteveNixon
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@atefhussenn, No porblem - It's important to ask questions that way I know if my message is clear.