General overview for 18/05/2015 09:15 CET
On lager time frames there are two possible wave scenarios that might be happening soon and both are based on wave 4 pink corrective structure. Based on Elliott wave principles, there is one more wave to the downside missing, wave 5 pink, and it will develop only when corrective wave 4 pink is completed. As per WEEKLY chart, there are two scenarios for wave 4 pink pattern to unfold:
- scenario 1 - ABC Irregular Correction - is about to be completed on the lower time frames now and soon the market should decline towards the level of 1.1053. Breakout below is bearish.
- scenario 2 - ABCDE Triangle - is more complex and time consuming corrective pattern and would fit the alternation rule perfectly as the wave 2 pink was a simple corrective structure.
Please notice that on the MONTHLY chart the market is a rather close to the both parity level and 78% Fibo of the overall retracement of the previous swing high. The key level is at the level of 0.9900.
Support/Resistance:
1.1466 - Swing High
1.1375 - Weekly Pivot
1.1278 - WS1
1.1053 - Key Support
1.1036 - WS2
Trading recommendations:
EURUSD: Sell
Strategy name: Sigma_Wave
Trading style: Technical
Suitability: Good for full-time and part-time traders
Order type: Market order
Stop loss: 100 pips
Take profit: 200 pips
Position sizing: 0.01 lots per $2,000 of account balance
Risk per trade: 0.5%
Risk to reward ratio: 1:2
Exit: At the end of the signal period (refer to message subject)
Breakeven: Move your stop to breakeven after reaching a gain of 70 pips
Trailing stop: Maintain a 100 pip trailing stop after reaching a gain of 170 pips
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