This week we have some questions on EURUSD from our community.
Question from Andy:
Referring to the blog on EURUSD, I have another 1234 count. I attached my chart for your reference.
My reasons for this count:
1) Big picture flow is still down, no reversal seen, but who knows, weird things happened in forex, just like WTI. Nevertheless, fundamentals for the euro zone is still poor.
2) Draw a Fib down (1.10344 – 1.05206) in H4, we see point 2 at Fib 38.2 resisted to the downside.
3) Point 2 is a former support turn resistance line.
4) Point 4 resisted by Fib 61.8
My action plan:
1) To wait for H4 candle close below point 2 ( 1.07091)
2) Better if 13TL is broken.
Reply from Tionghum
Based on the attached chart, 1-2-3-4 is a valid but not a good setup.
When point 4 is reasonably far from 2, point 2 risks becoming a support. In addition, it would be difficult to place SL which will be quite big.
Please see my feedback at this post to a previous question of your nature. Inside also what I think should be a good trigger. https://www.terraseeds.com/blog/2015/03/mistakes-made-selling-nzdusd/
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