Waiting can be frustrating at times! But patience is truly a virtue in trading. After having come SO close to having filled it before (short of it by 8 pips), many traders probably went ahead and took a sell too soon. Unless they have a large stop loss, they probably have been stopped out already. And there's no guarantee this pair won't go higher yet before dropping!
So anyway, now that the bat has been filled along with the crab and the butterfly from much earlier, will prices now drop? According to my wave count, prices are now completing the 5th wave of the Y leg of the WXY complex correction. So yes, it SHOULD drop soon. But no one can know how far this 5th wave end will extend. There is a MAJOR SR Structure overhead though. It might aim for that zone. You can also see that I've marked out some fib levels that could also serve to provide resistance to any further advance in prices. So pay attention to those as well.
In my previous posts, I had also mentioned that there was an ED pattern that was waiting to be completed in the Y leg of this complex correction. Well, that has now also been completed. But in any ED pattern, the E leg can extend also. So gotta wait on PA confirmation to tell when it has ended.
MY TRADE PLAN I am definitely looking to SHORT this pair. But I will be waiting for PA confirmation before I sell. No telling when this uptrend wll come to an end yet.Although think soon.
*DISCLAIMER: Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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Broke the major resistance any update on this? if you are free?
srikanthrajj
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*Major SR Structure
shobz99
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thanks keep us updated
Willpower87
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Can you please do a chart on gold? Thanks a lot!
Don_Corleone
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After breaking 1170 and me loosing on this short:),I belive that Gold is very bullish right now and there is no tech reason for a sell,at least for now.This is ofc a very simple chart with no patterns on it,cuz I did not need any to take that short from 1170,but if EverythingForex will have some spare time,he might give a more in depth chart-as always=)
Don_Corleone
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But this thread is about EurUsd,so let's keep it this way:)
EverythingForex
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Sorry, everyone. I can only post about the majors here! But just glancing at your chart there, Don. Looks like more upside then down.
equilibrium
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really thankful for not just your analysis but all the sharing of your experiences in this ardous journey of becoming a trader. they are really educational and helpful for novice traders. greatly appreciated
Don_Corleone
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Went a bit aggresive on this Bat,like I did on AudUsd and short 1.14200.Might pay off,but I like the idea of waiting for more confirmation,like you sad mate.Should do it more often.GL!
EverythingForex
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Congrats on that AUDUSD trade though. It worked out great for you! I missed it waiting for PA that never came but that's just how it goes sometimes. I'm waiting on this one though. It could go even higher before it turns.