Money lying in the corner - EURUSD

٤ أغسطس ٢٠١٩

I have been reading Short-term Financial Forecast by Elliottwave.com recently and thought that their count from the previous high in early 2018 on EURUSD does seem right to me. I copied it and tried elaborating on a bigger picture. I deviate from ElliottWave.com with the count prior to 2018 top. They label it as intermediate C wave whereas I see it as a primary 1. If I am right, a huge, unseen by its scale rally is coming. A lifetime opportunity. I will not even bother to put any targets on this trade as I expect the price to extend beyond the chart.

Nowadays I normally trade futures and stocks. I do not trade forex pairs anymore. But the itch (the gut feel, a kick from my subconscious) was so strong that in addition to opening futures position (at 1% risk to total account) I found my long-abandoned Alpari account and immediately funded it with $250. Now I shall see if I can turn it into some sizable amount by starting with 1 unit and scaling up on pullbacks where I see compelling price action.

Reasons for this trade
1. EW count simply clicked in. Easily. Looks and feels right.
2. Divergencies with RSI on M and W.
3. Price is compressed like a coil in an area that has the highest Visible Volume Profile Range, strong supply area.
4. Geopolitics seems to be at an important juncture. US markets started its correction, US-China war is escalating and China may try to de-dollar its trade faster than thought.

This reminds me a phrase I read in New Market Wizards said by James Rodgers: 'I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up'.

٤ أغسطس ٢٠١٩

ملاحظة

A review of other people ideas in USDCAD

and

made me even more confident that USD has exhausted itself and will decline against other currencies.

However, a closer look suggests another few subdivisions lower are likely. Will wait with my longs until this is complete or reversal is confirmed.