EUR USD H4 Forex Forecast Feb 10 2011
Yesterday's forecast was a victory! I heard disagreement yesterday about my forex forecast wave count, some people said that the 5 impulsive up wave started from Jan 10 2011 was finished and the current wave was at A. That was a possible option, but not mine. In my view, if their count is right, then the 1st wave would be the longest of all the 5, which is rarely seen. The possibility is still there. For an active trader, there's no difference here.
from the chart shown below, no matter how we count the wave, an a-b-c wave is supposed to be shown. Marked in yellow, in my eyes, wave 4b is almost over for its length against 4a, which is about 61.8%. Plus, if anything goes right, wave 4b would be an a-b-c structure, which is now clear to identify in the H4 chart, altho the last sub-wave looks immature. The coming falling wave 4c is not far.
Forex Trading Strategy:
My strategy at this hour would be, sell at the current point, and set the limit at 1.3630 and stop for 30 pips. I am not that ambitious, not a gambler, nor a prophet.
Channel analysis is very important for Elliott wave analysis. Just look at the blue channel I drew, if the upper line has been breached significantly, close the sell order immediately. If the lower line broke, you can just sit and wait for your cash coming.
Good luck. The choice is yours.