Possible Flat correction...
Hi All,
Ive been racking my brains to see why EUR keeps rallying even though maximum fib extensions of 686% has been reached; but I think I have a possible solution which makes perfect sense!
IT'S A FLAT CORRECTION!!!!!! (3-3-5)
In the bigger picture from my previous post, I am expecting a bigger ABC correction to close the gap which I think is still happening due to the nature of the previous impulse wave reaching the max fib extensions as I mentioned above signifying a move has finished. In terms of how this current move fits into that scenario, wave (a) and (b) are complete and (c) is currently in play to complete the flat - once (c) wave is done, the bigger wave A will be complete.
We have a few big USD announcements (NFP in particular) this week which could help to push this pair down as EUR is extremely overbought.
Let's see what the next 2 days of trading brings as my shorts are still holding nicely.
Happy Trading!
Don
Ive been racking my brains to see why EUR keeps rallying even though maximum fib extensions of 686% has been reached; but I think I have a possible solution which makes perfect sense!
IT'S A FLAT CORRECTION!!!!!! (3-3-5)
In the bigger picture from my previous post, I am expecting a bigger ABC correction to close the gap which I think is still happening due to the nature of the previous impulse wave reaching the max fib extensions as I mentioned above signifying a move has finished. In terms of how this current move fits into that scenario, wave (a) and (b) are complete and (c) is currently in play to complete the flat - once (c) wave is done, the bigger wave A will be complete.
We have a few big USD announcements (NFP in particular) this week which could help to push this pair down as EUR is extremely overbought.
Let's see what the next 2 days of trading brings as my shorts are still holding nicely.
Happy Trading!
Don
Trade active
A re-entered trade triggered to add to my current short positions. Looking for a next 2 key levels to break at 1.12210 and 1.12110.
Let's see what the EU and the US session brings...
Happy Trading!
Trade closed: stop reached
NFP pushed the trades up and all short positions were stopped out at entry. I am still looking for a short entry as USD is due a retracement so will update once I have a recount, ill share for next week.Don
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