Wolfe Wave - An Intraday Long Setup on the Bearish EURUSD
Hello again,
I'm witnessing a perfect, textbook Wolfe Wave setup in our greatest pattern forming pair, EURUSD.
It's basically a Leading Diagonal, which means it's a First Wave of a new Five Wave down move.
But as Elliott suggests, there would be a sharp and fast correction after this 1st wave completes.
I've counted the internal waves and as the 3rd wave iii cannot be shorter than the 5th wave in a Leading Diagonal,
I'll be putting my Buy Limit Orders in the rectangular area.
My stop would be at 1.2246 where Wave v gets bigger than Wave iii.
My target is what Wolfe Wave Principle Suggests:
at the conjunction of the vertical line from the triangle apex and the line connecting the end of wave i and wave iv.
There's a nice Risk/Reward on this trade and the stop is tight and clear. So have fun trading EURUSD today.
Until next time, take care.
I'm witnessing a perfect, textbook Wolfe Wave setup in our greatest pattern forming pair, EURUSD.
It's basically a Leading Diagonal, which means it's a First Wave of a new Five Wave down move.
But as Elliott suggests, there would be a sharp and fast correction after this 1st wave completes.
I've counted the internal waves and as the 3rd wave iii cannot be shorter than the 5th wave in a Leading Diagonal,
I'll be putting my Buy Limit Orders in the rectangular area.
My stop would be at 1.2246 where Wave v gets bigger than Wave iii.
My target is what Wolfe Wave Principle Suggests:
at the conjunction of the vertical line from the triangle apex and the line connecting the end of wave i and wave iv.
There's a nice Risk/Reward on this trade and the stop is tight and clear. So have fun trading EURUSD today.
Until next time, take care.
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.