The EUR/USD looks to have bottomed at 1.3435. I was completely expecting another low and tried several times to get short but to no avail. I lost out repeatedly trying to pick a top that never even eventuated. Two things I can learn from this experience:
1. Don't get too attached to any single count. There are always bullish and bearish counts, and it is important to always be aware that either could eventuate.
2. Don't over trade. Making multiple small risky trades in the hope of catching the turn is just stupid. If I'm going to take risks like that I may as well go to the Casino. Boredom is no excuse.
I am setting myself a limit of 3 trades per day from now on until I learn better trading habits. I am going to set my orders and stop losses and try and walk away. I'm not a scalper nor do I aspire to be one. I am ideally chasing trades that last over several days and net 100-500 pips.
Enough about that anyways, here is my EUR/USD count for now. The range I spoke about last night has broken to the upside, and I expect another wave up before a Fib pullback. I have drawn the Elliott Channel and some levels based on Fibonacci ratios where I think the pair might reach before rebounding. I am not going to try and scalp from here because it is possible that the 5 waves up is already complete. For Jamie Saettele's video with his take on the pair click here.
My trade plan is to wait for a significant pullback, be it from the current high, or after another move up, and to buy at the 61.8% retracement. If my prediction in the above chart is correct I will be looking to buy at 1.3570 with my stop at 1.3440.
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