Patterns in Short-term v Long-term

[mpups]

As I said many times before, analysis is not trading. I remind myself all the time about set ups I missed taking but basically it boils down to "If you could you would have but since you did not it is simply academic." It is an issue IMO which is a mirage for many traders and that is somehow recognising set ups after the fact is the same as able to trade them in real time. This is the reason why I inserted the EURUSD pair into the conversion. How would you trade the pair in real time using whatever patterns or setups or TF that you choose but call it in real time but not after the fact. There is a big difference.

It wasn't a call or a trade though, I never said it was, it was just a different perspective on analysing the chart because I view them in a much simpler way. No need to read too much into it here. I know the difference between a paper trade and a real one. Whether I took the trade or I didn't – from this end its no big deal, i.e. i just move on to the next set up. Point taken though... real trades are better!

I am referring to a technique known as median lines aka pitchfork....

I never previously bothered to find out what "the fork" was for and I've googled the basics now so thanks for bringing it to my attention. The idea of it does appeal to me somewhat.

 

[Brumby]

The past 3 days of trading on the EURUSD has changed my bearish view to bullish and consequently I have re-labeled the daily EW count.

The revised count primarily signals that wave 4 correction is complete and that wave 5 is now in progress. Given the price structure of wave 1 and 3, I am making an initial projected price target of $1.2627 to complete wave 5. Based on the closing price on Friday, it means there is a potential upside of approx. 700 pips.

I would be looking to open a long position next week on this pair.

 

[Brumby]

An updated EW count on the 1H TF with an additional ML added.

 

[Brumby]

Long EURUSD @ $1.1920 (half position). Remaining half position to scale in (tbd).
Initial protective stop @ $1.1700.
Initial price target @1.2627 and will be adjusted as subsequent wave structure becomes clearer.