EURUSD 2008-12-01 Contracting Triangle

Discussion in 'Forex Trading' started by forexbullbear, Dec 1, 2008.

  1. Hi, like to share my view on EURUSD.

    The formation of the price could be a Contracting Triangle which consists of 3-3-3-3-3 wave formation. The current move is forming wave D(yellow). We've to see how they will form wave D(yellow). The price could just going down to finish wave D(yellow), but this drop may be just a part of wave D(yellow)too. As they might just finish wave a(pink) and they will be going up to wave b(pink);

    And can also heading to wave E(yellow). So, dig into shorter time-frame and look for the pink line support on what could be the next possible short term trend.

    EURUSD 2008-12-01 Contracting Triangle

    Happy Trading!
    Cheers!
     
  2. I degree!
     
  3. Good call so far. Lets see if goes down to 12550 this week.
     
  4. PaulRon

    PaulRon

    i have the eurusd triangle too but these other markets may be telling a different story... i'm flat here.
     
  5. PaulRon

    PaulRon

    and usdjpy
     
  6. hey cat...so are you simply saying you are bearish Eur/usd?...saying it will (-)tank down?
     
  7. Do short squeezes happen in currency too? i got my azz handed to me shorting EUR:USD today
     
  8. still shorting every leg up.. why am i wrong :confused:
     
  9. Hi, for a short-term movement.

    Finally, here the short-term up trend is coming.
    We were having an Expanded Flat for the last correction.
    Once they complete this c(orange) wave, you can expect to see a down move very soon.

    Expanded Flats
    - Wave B terminates beyond the starting level of wave A
    - Wave C ends more substantially beyond the ending level of wave A,