I think it is very important to have a long term idea, and then take a closer look on the short term. By doing this I have a safety net along the path. This sounds basic but I repeat this to myself every time I do my trades.
Enough about today's lesson :P Here is my long term idea on EURUSD. I think it will descend because:
- Gann Fan line (blue lines) made it turn downward (Beginning of 2018).
- The arc from the reversed Gann Square made it turn downwards.
- 0.382 fibonacci level (from the "all time high" and to the lates lower level) made it turn downwards.
- Trend line is working as a resistance line along the descending path.
- (4) wave is completed inside this descending wedge. Note how it zigzags(1-2-3) between the waves.
Forecast:
- Currently it hit the local neckline and it will probably rise the next two months.
- After two months it will continue on the descending path.
- It will then hit the arc again. A critical moment for the idea.
- It will descend all the way down to the 0.886 fibonacci level.
- This is confirmed by Gann Square, Gann Fan, Reversed Gann Square, Fib Circles (Fib Circles: I will publish this one right after).
- Target: 0.91
- When: Arround Q1 - Q3, 2020
Note! (4) wave could extend to the 0.5 fibonacci level marked before descending. This will then be another good entry for a short position.
Enough about today's lesson :P Here is my long term idea on EURUSD. I think it will descend because:
- Gann Fan line (blue lines) made it turn downward (Beginning of 2018).
- The arc from the reversed Gann Square made it turn downwards.
- 0.382 fibonacci level (from the "all time high" and to the lates lower level) made it turn downwards.
- Trend line is working as a resistance line along the descending path.
- (4) wave is completed inside this descending wedge. Note how it zigzags(1-2-3) between the waves.
Forecast:
- Currently it hit the local neckline and it will probably rise the next two months.
- After two months it will continue on the descending path.
- It will then hit the arc again. A critical moment for the idea.
- It will descend all the way down to the 0.886 fibonacci level.
- This is confirmed by Gann Square, Gann Fan, Reversed Gann Square, Fib Circles (Fib Circles: I will publish this one right after).
- Target: 0.91
- When: Arround Q1 - Q3, 2020
Note! (4) wave could extend to the 0.5 fibonacci level marked before descending. This will then be another good entry for a short position.
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** Note! (4) wave could extend to the 0.5 fibonacci level marked (B) before descending. This will then be another good entry for a short position.
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a close-up on the possible head and shoulders pattern:
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Testing the outer arc.
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It could break-out upwards now(!)
