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EURGBP Long Swing Trade

by Sanjay A, July 18, 2022

EUR/USD D1 Elliott Wave

by Sanjay July 18, 2022

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EUR/GBP

|

Long

|

D1

Timeframe:

D1

Analysis Method:

Elliott Wave

Analysis:

I’m already long this pair but am looking to add more. After price completed a 5-wave leading diagonal, price appears to have completed an a-b-c correction just above the 61.8% retracement of the impulse. In addition, the extension of wave (c) compared to wave (a) fell between 123.6% and 138.2%, Whether the correction ended at 0.8403 is uncertain but minimum requirements have been met.

Trade Plan:

Invalidation of the pattern is a long way away at 0.8203 so I’m using small lot sizing.

Things To Watch For:

Daily support at 0.8441.

LEAVE YOUR COMMENT HERE:

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  1. Closed trade at 0.8502. Will look to re-enter at a lower price as the move from 0.8721 to 0.8403 might just be the first leg of the correction.

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