Short EURUSD (1.1180) - finished 2nd wave of the bigger 5th down
On the weekly frame (the bigger picture), EURUSD hasn't bottom yet, and still need to reach a lower low around 1.0800 before any major move up. The wave count downwards that started since 1.2560 didn't complete yet.
I believe the recent high around 1.1200 which I marked as wave 4 was actually the end of the 4th wave downward, and Friday's gains was just an extended correction to the first leg down. I shorted at 1.1180 with a target 1.0950 which assume would be end of the coming C wave down. Well that's in theory but usually I close orders whenever I make 80-100 pips and watch the market confirming my view to jump into the next wave. Happy trading all.
I believe the recent high around 1.1200 which I marked as wave 4 was actually the end of the 4th wave downward, and Friday's gains was just an extended correction to the first leg down. I shorted at 1.1180 with a target 1.0950 which assume would be end of the coming C wave down. Well that's in theory but usually I close orders whenever I make 80-100 pips and watch the market confirming my view to jump into the next wave. Happy trading all.
