EURUSD - Don't Be Fooled - >>False Rally Alert<<
Updated
Even the so called "Elliott Wave Experts" get it wrong constantly, just be aware that just because it looks like >>>5 Wave Move<<< does not mean it's the start of a new trend.
Don't be fooled into looking for a pull back to trade this higher unless you want to get tricked out of this because it will keep going down.
This happens to many Elliotticians even the ones people pay for subscriptions to get updates from Internationally wink wink ;)
I have seen videos where they see a choppy looking 5 Wave thing and they say wait for a pullback only for the thing to keep moving against them.
Waves are an entire set of waves that play out in a similar fashion every single time and therefore it can get tricky when deciphering them in real time but it becomes clearer early on if you grasp the flow of movement.
This exact patterned flow of movement is what the Elliotticians get it wrong every time and end up confused because they are too subjective with their corrective waves and that is a recipe for disaster.
I am not an Elliottician I am a Wave Analyser I look for an entry point during the progression of the waves.
Periodically there is a sweet spot to enter a trade without it going against you and sometimes your wrong even though the trade worked out but it becomes clear quickly whether or not it's going to come back and get you stopped out.
Fear is what causes the fluctuations in the market which is why you must learn to observe every wave precisely otherwise you will take off a potentially successful trade because you're scared of losing a small profit you made along the way and become like most other traders.
Don't be fooled into looking for a pull back to trade this higher unless you want to get tricked out of this because it will keep going down.
This happens to many Elliotticians even the ones people pay for subscriptions to get updates from Internationally wink wink ;)
I have seen videos where they see a choppy looking 5 Wave thing and they say wait for a pullback only for the thing to keep moving against them.
Waves are an entire set of waves that play out in a similar fashion every single time and therefore it can get tricky when deciphering them in real time but it becomes clearer early on if you grasp the flow of movement.
This exact patterned flow of movement is what the Elliotticians get it wrong every time and end up confused because they are too subjective with their corrective waves and that is a recipe for disaster.
I am not an Elliottician I am a Wave Analyser I look for an entry point during the progression of the waves.
Periodically there is a sweet spot to enter a trade without it going against you and sometimes your wrong even though the trade worked out but it becomes clear quickly whether or not it's going to come back and get you stopped out.
Fear is what causes the fluctuations in the market which is why you must learn to observe every wave precisely otherwise you will take off a potentially successful trade because you're scared of losing a small profit you made along the way and become like most other traders.
Trade closed manually
I have new analysis on this I will be updating shortly. Taking profit for now.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.