I Love Diagonals Euraud! - forex trading signals urdu

I Love Diagonals Euraud! ~ forex trading signals urdu

This trade was one of the case studies of  trade the pattern and not the count. I am a strict advocate of pattern trading. 

 

Whats my business opening a position when a pattern is not in place?

Toward the end of April, I saw a diagonal pattern, a textbook one.

Prior to that, I have been following the pair since January and was trading along as tradable patterns are being revealed. 

A 5-wave impulsive move ended in January, 2014 ( my type of trade). I still dont undersatnd how I missed it.

 

 

A long term correction was expected. 

We saw the first leg of the correction ending in september. It was another 5-wave pattern. 

 

I dont usually trade the impulsive end of wave A( I prefer trading the corrective end of B), besides, the 5-wave pattern wasnt very clear ( I had to view through lower time frames to count). 

 

 An advance followed as expected which was a clear A-B-C zigzag pattern.

 

 

 

 

 I have traded more than 30 zigzag patterns since i started in the path of elliot wave and harmonic pattern trading. I love them and Ive gained a mastery of how to recognize and trade a viable zigzag correction pattern.

I traded this pattern on December 2014, though I didnt share the analysis here. I exited with 720 pips risking 340pips. 

 

My projection for this dip was at 1.3250. I determined to wait and see what price will do. I was not just expecting a dip to 1.3250 but in a motive wave--- a 5-wave impulsive move or an ending diagonal.

On April, 2015, an ending diagonal pattern was formed, a textbook one. The pattern completed at 1.3660, 420pips away from the projected 1.3250.

 

 

 

 

The pattern was so clear and I jumped at it after confirming with my entry parameters . I bought at 1.3965 and price moved a bit up.

Price moved up and down slowly in a typical diagonal end-of-formation move.

 

I posted an update here with an analysis titled Euraud at critical wave zones and I discussed how to profit from the diagonal effect. 

 

It was a good one. I was very happy when I got calls from readers of this blog and some facebook friends I shared with. 

Euraud has gone to 1.5 from there giving me 850 pips after risking 350pips. 

What a profitable patterns. I have seen many diagonals forming and traded a handful of them. 

 

They are not perfect, no system/methodology is, but are among the very high probability trades with good risk/reward ratio.

How I recognise diagonals will be explained in details in my coming 6-weeks mentorship course.

You can book a spot

Interested? Call or sms +2348134820569 or mail forexmaster05@yahoo.com

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Tripple Zigzag In EurGbp - top 10 forex trading signals

Tripple Zigzag In EurGbp ~ top 10 forex trading signals

The analytical chart below shows the dip of EurGbp from 0.98 to 0.695; a dip of more than 2800 pips in a period of  5 and a half years.

 

Prior to this dip, there was an advance from 0.566 at the beginning of this millennium (2000); that was more than 8 years.

It is clear that price reversed from 0.98 and still going southward. Few questions that might cross our minds include the following:

1. Is the bearish dip a trend reversal or correction?

2. If its a correction, where and how could it end?

The two questions above can be answered by elliot wave theory to a great deal of accuracy.

 Elliot wave theory clearly distinguished between a correction and a reversal. A reversal is called a motive wave while a correction is called a corrective wave. 

These waves are arranged in recognizable and calculated patterns.

The bearish dip in EurGbp does not look like a motive wave, its a clear corrective wave, a deep one, retracing deeper than 50% of the preceding bullish trend.

If the dip is not motive, what corrective pattern does it form and what do the internal waves and other projecting tools project for its terminus?

Does the diagram above look like the dip in Eurgbp? Yes it does. What do we call this pattern?

Its the triple zigzag corrective pattern. Its a very deep pattern that tends to retrace close to 100% of the prevailing trend.

This pattern is similar, in the way it looks , to a 5-wave impulsive move ( a motive wave). But there is a big difference between them.

1. In a 5-wave impulsive move, wave 3 is never the shortest while this is not important in a triple zigzag. In fact in the Eurgbp dip we are considering, this is the case.

2. In a 5-wave impulsive wave, wave 1,3 and 5 are motive waves and 4, 5 are corrective; while in triple zigzag, two or three of the motive waves are zigzag or double zigzag patterns.

The chart above is the elliot wave analysis of the dip and its more probably going to end as a double zigzag pattern. If this pattern holds, we could see Pound sterling strengthening  against the Euro in about a decades time. 

How that will happen, we dont know. Different news and events are going to surface to confirm this move.

Elliot wave theory has answered the first question. The dip is corrective in nature and price should rally to continue the bullish trend.

Where and how will the correction end?

These could be answered using elliot wave and fibonacci tools. By the recent triangle breakout ( knowing that triangles usually precede the end of a trend or correction), price is expected to complete the 5th wave in a a 5-wave motive wave pattern. 

Using the entension and projection fibonacci tools, the long term bullish move could start at 1.674 region or 1.64 region.

Only time will tell how price confirm this forecast. Our responsibility now is to watch price behaviour, incorporate in our wave count and wait for the completion of a tradable pattern

I will post an update.

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