I've been reading on Elliot Wave Theory lately. So I figure I'd give it a shot. Fundamentals are in line with this trade. While I know that's not necessary for Elliot Wave, It's important to me.
We had the start of a 1 wave, which I put the fib retracement on. I thought it would only retrace to the 38.2% level, but it retraced to roughly the 61.8% level. I labeled the the corrective 2 wave with an ABC pattern, which might be incorrect? I took the length of wave 1(the red line) and applied it to the end of the corrective wave to find the proper target for wave 2.
I'm skeptical of Elliot Wave, but it has given me a plan that is in line with my Fundamental understanding of the currency pair. So, we'll see what happens...
We had the start of a 1 wave, which I put the fib retracement on. I thought it would only retrace to the 38.2% level, but it retraced to roughly the 61.8% level. I labeled the the corrective 2 wave with an ABC pattern, which might be incorrect? I took the length of wave 1(the red line) and applied it to the end of the corrective wave to find the proper target for wave 2.
I'm skeptical of Elliot Wave, but it has given me a plan that is in line with my Fundamental understanding of the currency pair. So, we'll see what happens...
Trade closed manually:
It just didn't really work out