JustUncleL
Short

EURAUD Hourly Short

FX:EURAUD   Euro / Australian Dollar
*Idea using Big Snapper
Order cancelled: Price action did not go in direction anticipated. Price has gone into consolidation, break can now go either direction.
JustUncleL

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made 278+ pips on this!
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Hey Mr. L, more of a naked trend capturer here, if you don't mind me explaining what I see in this chart. Starting on 10/23 23:00 a 9 wave trend begins this is marked by the support holding at all relative lows in retracments. Bullish Trends start with a breaking and a close above a relative high in a downtrend ie. 10/23 20:00 The fourth wave, a retracement wave begins on 10/24 21:00. You can tell there will be a 4th and a 5th wave in this trend because the 1st wave from its relative low to the begaining of its retracement took 7 bars and the and the 3rd wave from its relative low took 16 bars before it began to retrace. If 3>1 there will be a 4th and 5th wave, if not there will be a consolidation period before a break in a direction. At 10/23 6:00 an 8th wave begins which ensures there will be a 9th push higher. From the top of the break on 10/26 19:00 to the begaining of its retracement on 10/27 11:00 is 17 bars and the 3rd wave trending down is only 13 bars there will be no 4th or 5th wave. This is an ABC corrective wave and will consolidate before continuing lower or go higher. It is kind of unpredictable at this point like you said.
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