Momentum is still positive and above the 14day average. As such, I think there may be a move higher to complete a min-elliott wave ABC and thus complete the longer term wave B. Then a longer term wave C down possibly in mini 5 stages. If this does play out, I will also hope to see continuing divergence on the momentum indicator and be ready to SELL as per the idea.
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What I believe to be the final move up has started. Fingers crossed that the price does follow the possible path set out. If it does, then that will provide a good confidence boost to enter the SELL trade at the top.
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Path being followed at the moment. The previous A wave up lasted 5 days so this wave C could match that. The Momentum indicator has started to slow down so will continue watching for now.
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Big move down Friday and now Momentum has fallen below the 14MA. There is small divergence but price has stopped dead on the 29th March Doji candlestick (i.e. an undecided day where price opens and the closes at the same point.) Therefore, I would not consider the possible path over just yet. There is still a possibility the idea will come to fruition.
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There is a slowing down on the momentum indicator, but still a chance that price could continue to move up to the zone.
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Another buying day and the possible path idea is still on.
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The possible path 'B' wave, I believe has come to an end. There is high divergence on the momentum indicator and macd indicator. I will be watching the close tonight. The points against placing a SELL trade right now are a gap between the 5EMA and 14SMA. Momentum is still positive although below the 14MA. The macd is also positive and signal line has crossed slightly on the wrong side.
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SELL trade entered with small wiggle room above zone.
@Alphamoney870, Thanks for your comment. I think the idea has not updated the chart. The zone at the top has been reached. It's a daily chart.
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@nelsyboy no i mean the tp for your short is quite far away, i do support the idea of shorting eurusd.
nelsyboy
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@Alphamoney870, Oh. I get what you mean. I don't believe in TP targets. I just use manual trailing stop based on MA's. I might place it just above the 14MA or between 5EMA and 14SMA, and then move it as and when. It depends on the chart action. That's why I set the TP a long way off.