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My previous post had entered the blog's account into a short EURUSD trade. See link above for initial trade details.
I had previously labeled this move as two A-B-C waves, but I am proposing two alternate wave counts. The first is the possible formation of a five-wave impulse move down. However, the 61.8% trend line retracement will give bears a battle. In the case that the 61.8% keeps price action to the upside, I will remain bearish until price crosses back over the 50% expansion of wave A, which is already the stop loss on the order. My recommendation however, is to exit the trade sooner as a potential alternate count is in the works - though if your risk tolerance and trading plan can allow for the trade to remain open, you may do so at your own risk. I am remaining in, but my maximum risk on the trade as determined by my personal tolerance is only a 1% loss. I can afford to remain in the trade and see where it takes me, but if you assumed much more risk, exit at your discretion.
My previous post had entered the blog's account into a short EURUSD trade. See link above for initial trade details.
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EURUSD M30 - Updated wave count and Fantom Trend-retracement analysis |
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