I really thought we had finished this down move with price apprently basing at 1.34, but now I'm defo proved wrong. I guess Ellioticians will be saying this is the start of the 5th and final wave now - the 1st to 4th are clearly visible I think. Apparently the 1st and 5th Wave are often the same height, and if so, that takes price back down to 1.29 area. It's not a definate though, because Elliot is often difficult to count in realtime, and failures to patterns do happen. Ignore the odd little lines on this chart please :)
The way I had read this WS was a bias change long on the dailies occured, as in consecutive HH and HL had formed. Which is fine in theory, but really it was just a flag, which should have been apparent to me, since I had a nice channel drawn already. Anyway, this kind of situation makes me think that a bias change is one thing, but how price behaves within that bias change is another thing of equal value. Price Action really can be quite nuanced I think. More discretion require on my part.
I'll try and remember the pop-out link in future :)
Comments
I'll try and remember the pop-out link in future :)
this chart is an argument against swing trading FX..hehee!!Those that went long and got caught on the fake out must have had there fingers burnt.
I think i will stick to day trading for now ...huh hum!!
here is the sequence of events from my understanding
nice foundation and thrust higher after IHS formation, and we had a break out of key trend line, but it was either a short covering rally/fake out.
Now we have previous resistance = support @ 1.340-50 region
but one must be wary as in TA we tend to see the true break out after the fake out.