| Re: Trading Eur/Usd with uncle Elliot
It is time to position for the next wave. After a whippy day (which wave 4's usually are) we have settled down now and can see by the chart below that positioning for the next wave down is under way.
Wave v of large 3 has started with minute waves i and ii (green) formed. Now we look for 1.1940 to hold and for the trend line to break which will give our first short signal. A break of 1940 would not negate the count but if eur/usd were to close over 1.1955 then a re-count would be necessary. I am looking at short entries from 1.1940-1.1930 with stops at 1.1960. Adding size only after trend line breaks. Risk/reward is 30pips/100 pips(+) as per analysis of wave target so >3/1. |