Trade Update
Currency Pair : EUR/USD
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Comment: | |
Elliott Wave:
| Trading is dynamic and things change. It appears to be an irregular bottom here, or better known as “expanded flat” where wave b exceeds the bottom of wave 5. The problem with this structure is that there in no real good guideline to determine where wave c is going to land. It could be anywhere. As a guideline wave c=a*1.38, but could also be a*2.0 or anything in between. Since we don’t know we need to adust our strategy for trading the 3rd wave. The entry is now changed to the bottom of wave b @ 4087. This trade is invalid above 4449. Stop would be above the top of wave c.. Targets 1.39, 1.38 and 1.37. Move stops each time a target is hit.
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Indicators (RSI & MACD):
| RSI showing divergence between bottom of 5 and bottom of b, and between bottom of 3 and b, bullish indication.
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Disclaimer: All rights reserved. Anything on this letter may be distributed, copied or otherwise used if a reference to http://dodearclub.blogspot.com is given and the author is given credit. This newsletter gives a trade setup for use of the author. This is not trading advise and the author shall not be responsible for trading losses if the reader decides to trade upon the information herein. Trading, especially currency trading , can and will cause huge losses. | |
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