Trading is fantastic and very exciting. The more we advance as traders, the more we know ourselves. Trading can bring out the best or the worst of us. It depends on how you handle your trading to bring out the best in you. Have you noticed that trading starts up again every day with new opportunities? Every day is a new beginning, and by learning from the day before, we accumulate knowledge until we reach the level we want.
When we start looking for trades in our charts, it is difficult to choose between a bullish or bearish position to start trading. Elliott waves are the closest to a map that forecasts the session’s route with a high level of effectiveness. I have been using the wave tool on my charts for years, and every day I discover something new. For me, it would be impossible to trade without using Elliott waves.
Elliott Wave Analysis in EUR/USD
I want to share one of my favorite trades this week. It’s the EUR/USD, which is starting a new bullish swing. While last week I had a hard time identifying the correction this week, the picture is more explicit. In the 4-hour timeframe, the fourth wave denoted in red is over, and the price is ready to shoot up to 1.1420 (conservative target). We are now in the long term and looking for new highs during the week.
The fourth wave turned out to be super complicated and ended in the 38.2% Fibonacci retracement zone (1.1187), now let’s look ahead, this week I expect the EUR/USD to continue its upward path and pass the 1.1420 resistance, we can even see the pair in the 1.1450/1.1500 zone. For the time being (one day at a time), we are going to target the high.
4-Hour Chart – Elliott Wave
During the pandemic, the market has not ceased to surprise all of us professionals, both fundamental experts and technicians have had several surprises. Therefore, I prefer not to project the next swing so far in advance. I will be waiting for the price action on this swing to confirm a continuation of the upside or downside, and I will be informing you.
Look for your trades with patience, never get discouraged, keep your mind positive and open to find the best opportunities, if the strategy you use doesn’t work look for something new until you reach success.