EURUSD - Bullsih view prefered - Good R/R
Updated
FIRST COUNT: (my prefered count, the one I'm trading) [BULLISH]
suggests price to have formed a low @ 1.13 again and we expect it to go higher to 1.16 - 1.18 zone.
Because wave A is a 3waves move, we anticipate the whole move to be a Flat or a Triangle.
** In case of a Flat, expect price to go higher in a 5 waves move (impulse or diagonal) with first target near wave A high @ 1.181.
** In case of a Triangle, it's going to be a 3 waves move, (zigzag, multiple zigzags or triangles) with a target at the 61.8% & 78.6% Fibonacci Retracement zone.
Trade Setup :
* Entry : Wait for a pullback which should hold above 1.13
* Stop : 1.12999
* Target (Flat) : 1.18
* Target (Triangle) : 1.162
**** If this setup does not hold, switch to the alternative count and trade it.
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ALTERNATIVE COUNT : [BEARISH to NEUTRAL]
The correction ended on 24 September with top at 1.181. This then makes this wave down a bearish impulsive wave.
We then finished wave 1 and 2 and are currently in wave 3.
We are then in an sub impulsive wave. Price finished wave 1 @ 1.13 and is carving it's way higher in a probably zigzag wave. Therefore once it ends, short it [/b).
In case wave 3 has ended, we are seeing a wave 4 now followed by a wave 5 lower which should be smaller than wave 3 because wave 3 < wave 1.
Trade Setup
* Entry : Once 1.13 level breaks.
* Stop : 1pip above last high. (wave 2)
or wave 1 beggining for a more conservative one.
* Target 1 : 1.101
*** Beware !!! ***
In case of a Flat price and go below wave A start, and stops usually between 100% to 138.2% Retracement of wave A.
Therefore, in case 1.13 breaks, it does not necesseraly mean the Alternative count is right !
suggests price to have formed a low @ 1.13 again and we expect it to go higher to 1.16 - 1.18 zone.
Because wave A is a 3waves move, we anticipate the whole move to be a Flat or a Triangle.
** In case of a Flat, expect price to go higher in a 5 waves move (impulse or diagonal) with first target near wave A high @ 1.181.
** In case of a Triangle, it's going to be a 3 waves move, (zigzag, multiple zigzags or triangles) with a target at the 61.8% & 78.6% Fibonacci Retracement zone.
Trade Setup :
* Entry : Wait for a pullback which should hold above 1.13
* Stop : 1.12999
* Target (Flat) : 1.18
* Target (Triangle) : 1.162
**** If this setup does not hold, switch to the alternative count and trade it.
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
ALTERNATIVE COUNT : [BEARISH to NEUTRAL]
The correction ended on 24 September with top at 1.181. This then makes this wave down a bearish impulsive wave.
We then finished wave 1 and 2 and are currently in wave 3.
We are then in an sub impulsive wave. Price finished wave 1 @ 1.13 and is carving it's way higher in a probably zigzag wave. Therefore once it ends, short it [/b).
In case wave 3 has ended, we are seeing a wave 4 now followed by a wave 5 lower which should be smaller than wave 3 because wave 3 < wave 1.
Trade Setup
* Entry : Once 1.13 level breaks.
* Stop : 1pip above last high. (wave 2)
or wave 1 beggining for a more conservative one.
* Target 1 : 1.101
*** Beware !!! ***
In case of a Flat price and go below wave A start, and stops usually between 100% to 138.2% Retracement of wave A.
Therefore, in case 1.13 breaks, it does not necesseraly mean the Alternative count is right !
Note
This rally is taking a bullish impulsive look, suggesting we may be rallying in a C wave. Giving more weight to my first count, therefore, looking for a buying opportunity.The retracement is correct enough so that you can go long now even tho the ideal entry price would be at the 0.618 retracement (1.1360).
Beware !
Expect 1.13 to hold, unless the Republicans get a majority in both chambers in the mid-terms this Tuesday, which is the less likely scenario.
Trade active
Opening a trade with small lot size at market price and setting a pending order at 61.8 retracement level.Stop : 1.13
Target : 1.16 to 1.18
Note
Updates here -> 
Note
Watch the 1.13 level !
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Questions? Chat or Comment on Ideas
Don't forget my public Telegram channel -
t.me/em16public
Thanks !
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