EURUSDWell this is embarrassing really, in my post on the 4hr time, the abcd pattern showed me the PRZ, and i was observing the price action in that zone, a few days ago it was showing a sign of trend reversal but as you can see the market went lower showing that the market can do whatever it wants and we cant be correct all the time. So it is imperative to observe the PRZ before entering the market.
Further if you would look at the 1D posted here..the price is still trading along the x line, according to my rules this is a failed pattern, but a failed pattern in the Daily could also tell us that the general encompassing trend of this pair is weakening and it is starting to reverse. The pink line is my projection of the possible location if this pair should it change direction.
However, we are still trading in the prz of the Daily, and some might still be in the trade cause they put their stop well below the x line, well to me all is not lost, if you would observe the RSI it is starting to climb so in this regard i am still long on this pair.
So trade carefully learn your trade, own your trade and win most of it.
we got a nice doji,
This is my latest update of this pair, today at 7/25/14. 10:54 a.m.
After looking at my reference the failed 1.13 rally up last June 8, 2014 should denote what Scott Carney calls an "extreme bullish impulse wave" leading to a bigger rally upward. So making me more confident that this will still move higher.
