Idea is based on Elliot wave theory. The rationale behind this setup is shown on the chart. If you would like to know more about the way I am using the stochastics to confirm my wave count, please check my strategy idea. Good Luck
I don't know why some people are bearish on EURUSD, maybe it's the major downtrend that is keep them from buying EURUSD. I am with you Hamza. I can see the EURUSD going higher. This downside move that we got on EURUSD is more of a correction to me :)
NQunlocked
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Honestly, personally as a technical trader I don't even bother looking at others. Why? because the moment you do that, you are basically telling yourself that you need extra confirmation and thus will doubt your own analysis. I prefer investing energy (lots of it) in improving my own strategy. And very often only after losing a trade I retrospectively will try and look around for a better analysis by somebody else. Again I do this in order to further develop my own method. Psychology is by the far the worst enemy in trading :)
moneymaking
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I think the confidence that you have built within your self and your system came from true hard work, Good job. Thank you for refreshing the psychology part, now I realize how easily it can be forgotten.
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Sorry my intention was not to teach you but rather to relate to your situation considering that I myself used to be influenced by other forecasts and only to discover later on that I should have sticked to my original plan :)
moneymaking
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I try not to let other peoples view affect my trading plan, but when I see the ideas of more recognized traders on this website, I kind of take a step back and re-analyze my idea before pulling the trigger. I don't know if that's a good thing or not. But as we know no one is perfect in this business, it's just the amount of experience with a good trading plan that matters :)
NQunlocked
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Yeah Trading view is definitely a treasure when it comes to learning and the experience part is also something we unfortunately can't expedite, it takes (SCREEN) time. Wishing you all the best mate.
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I believed I have misidentified Major wave nr 3 (notice how short minor wave 3 of the supposed major wave n3 is). Major wave nr 3 is still very much ongoing. Please refer to the corrected chart --->
alex.a
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Can you tell me more about "Divergence at the end of the wave is an extra confirmation that a correction is about to take place" any other examples which will confirm what you wrote, perhaps?
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Hi Alex, I made a snap shot to make things hopefully a bit more clear