Forecast and levels for EURO - page 28

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According to my Elliott counting (by the way, don't trust yourself so much if the subject matter is Elliott waves), today low in EURUSD may be the end of the truncated fifth wave of the ending diagonal which is the last wave of the corrective expanded flat started at 28.08.2018 ...

If correct, the new highs above 1,1815 can be seen in the following weeks.


So how to trade this observation ...

Open long nearly @ 1,1520 (wait till the first trade hours of Monday, opening new positions in these late hours of Friday is not a good practice)

Stop @ 1,1475 - 1,1480

Target > 1,1850

Maximum loss for this trade: % 2

If you have 1.000 $ in your account, then the position size is 0,05 lots ... in other words, your potential loss should not exceed 20 $ for this trade.


Ps. Elliott wave theory, mainly is a tool for the stock markets, is not so suitable for analyzing the exchange rates ... but it is really very addictive.

 
Hi, thanks for sharing this. I have never used Ichimoku indicator before, how do you find it? and what are your settings and preferred time frames?
 
Edith1995:
Hi, thanks for sharing this. I have never used Ichimoku indicator before, how do you find it? and what are your settings and preferred time frames?

Ichimoku is standard indicator in Metatrader4 and Metatrader 5.
To know more - please find this summary - 

================================

Ichimoku

The beginning

  1. Simple Ichimoku System
  2. Simple Ichimoku System - rules for the systems
  3. Simple Ichimoku Scalping 

After

 
Very good information. For now the EURUSD consolidates around the 1.1500 level without a clear direction. The 1.1600 level is still its most relevant resistance and the 1.1400 level its support.
 
Attila Alp Oğuz:

According to my Elliott counting (by the way, don't trust yourself so much if the subject matter is Elliott waves), today low in EURUSD may be the end of the truncated fifth wave of the ending diagonal which is the last wave of the corrective expanded flat started at 28.08.2018 ...

If correct, the new highs above 1,1815 can be seen in the following weeks.


So how to trade this observation ...

Open long nearly @ 1,1520 (wait till the first trade hours of Monday, opening new positions in these late hours of Friday is not a good practice)

Stop @ 1,1475 - 1,1480

Target > 1,1850

Maximum loss for this trade: % 2

If you have 1.000 $ in your account, then the position size is 0,05 lots ... in other words, your potential loss should not exceed 20 $ for this trade.


Ps. Elliott wave theory, mainly is a tool for the stock markets, is not so suitable for analyzing the exchange rates ... but it is really very addictive.


I'm sorry for diluting the topic.

The position was stopped out ...

I hope no one here lossed more than % 2 from this trade.

 

Forum on trading, automated trading systems and testing trading strategies

Press review

Sergey Golubev, 2018.10.15 08:48

EUR/USD - possible daily bearish (based on the article) 

EUR/USD chart by Metatrader 5

  • "The Euro is hovering near the middle of choppy range confining price action against the US Dollar for over four months, with technical positioning offering mixed signals on where prices may go from here."
  • "The daily chart is inconclusive. A recovery above the 1.1514-58 zone bisecting the trading range might have been expected to open the door for upside follow-through, but confidence in such an outcome is degraded after a downside break through the same barrier failed to deliver earlier this month. That might imply that the hurdle itself may be losing significance in the minds of traders."
  • "Zooming out to the weekly chart, signs of a bottom may be forming. The outlines of a jagged Head and Shoulders (H&S) bottom have appeared on a test of former range resistance as support. Confirmation on a break above the pattern's neckline at 1.1768 would imply a measured move higher that takes EUR/USD back above the 1.22 figure."

==========

The chart was made on MT5 with Brainwashing system/AscTrend system (MT5) from this thread (free to download) together with following indicators:

Same system for MT4:

  1. Brainwashing. Trades: manually and using EAs (MT4)
  2. Brainwashing EAs - the thread (MT4)
  3. Brainwashing: system setup for trading manually and for EAs (MT4) - the thread 
  4. Brainwashing: system development (MT4) - the thread

 
 

Forum on trading, automated trading systems and testing trading strategies

Press review

Sergey Golubev, 2018.10.18 18:59

EUR/USD - bearish breakdown (based on the article)

EUR/USD daily chart by Metatrader 5

  • "EURUSD: Retail trader data shows 56.3% of traders are net-long with the ratio of traders long to short at 1.29 to 1. In fact, traders have remained net-long since Oct 01 when EURUSD traded near 1.15754; price has moved 0.7% lower since then. The number of traders net-long is 10.4% higher than yesterday and 0.5% lower from last week, while the number of traders net-short is 6.8% lower than yesterday and 10.5% higher from last week."
  • "We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EURUSD prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed EURUSD trading bias."

==========

Charts were made on MT5 with Brainwashing system/AscTrend system (MT5) from this thread (free to download) together with following indicators:

==========

Same systems for MT4/MT5:

The beginning

  1. ASCTrend system, the beginning, part #1
  2. ASCTrend system, the beginning, part #2
  3. ASCTrend system, the beginning, part #3
  4. ASCTrend system, the beginning, part #4 
  5. Digital ASCTrend (Digital Filters with ASCTrend system combined).
  6. LabTrend (LabTrend indicators, LabTrendZigZag, templates, Labtrend EAs) - the thread

After 

  1. The main AscTrend thread is this one.
  2. Asctrend indicator in depth 
  3. ASCTREND SYSTEM summary (good EAs included) 
  4. Brainwashing system/AscTrend system (MT5) - the thread 

 

S&R day start 29/0ct/18



 

Levels to watch for 30/oct/18


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