DailyFX Forex Forum | FX Forum - View Single Post

		DailyFX Forex Forum \| FX Forum
Sidebar Wrapper

Thread: Elliot Wave Trading

View Single Post

#60 (permalink)

06-27-2007, 08:05 AM

Jamie Saettele Jamie Saettele is offline

Moderator

Join Date: Jan 2007

Posts: 1,341

Jamie Saettele is an unknown quantity at this point

Watch out for a GBPJPY reversal (higher). It is possible that a complex correction is unfolding from the high (W-X-Y). A dip below 243.95 would complete a 5 wave decline from 246.96 in wave Y and lead to the next rally to test 250.00. The setup to trade this is: wait for a decline below 243.95 and a subsequent rally through the bottom of wave W (at 245.19) before getting long against the swing low.

Attached Images

Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.