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02-27-2008, 10:52 AM
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Join Date: Jul 2005
Posts: 4,986
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Usd/Cad
Probable Wave-Count....... ( 4hr Bars )
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02-27-2008, 11:02 AM
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Join Date: Oct 2005
Posts: 1,687
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Quote:
Originally Posted by WhatCount
hI Jamie
good calls on cable and fibor!! **** 4 stars
just wondering on EURGBP, triangle broken out?
what does anyone make of it?
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Good thinking, Ray
After seeing your post i went long with a tight stop and a target of slightly less than 60 pips.
60 pips is the length of the vertical part of the triangle.
If it is really the breakout we were waiting for, Elliott says that it has to go at least 60 pips, but likely quite a bit more.
BTW: I am not terribly excited about EURGBP; in the past I found it really deceitful and unpredictable; sort of frustrating to trade.
Mike
Last edited by Big Mike; 02-27-2008 at 11:04 AM..
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02-27-2008, 11:08 AM
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Join Date: Feb 2008
Posts: 61
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Quote:
Originally Posted by Jamie Saettele
I will call this a 'punt', but I do like short AUDUSD right now. I feel that an extended 5th is complete at 1.9410 (also a bouble top).
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Jamie,
What would you use for the stop on this trade?
Thanks.
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02-27-2008, 11:16 AM
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Join Date: Feb 2008
Posts: 61
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Usd/chf
Is USD/CHF at the bottom or should i wait more?
Thanks for your replies guys.
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02-27-2008, 11:21 AM
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Moderator
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Join Date: Jan 2007
Posts: 1,330
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Quote:
Originally Posted by fx_addict
Jamie,
What would you use for the stop on this trade?
Thanks.
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.9412...so already stopped out
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02-27-2008, 11:26 AM
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Join Date: Jul 2005
Posts: 4,986
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Congratulation's Mike .............. 
Glad to hear it
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02-27-2008, 12:23 PM
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Join Date: Oct 2005
Posts: 1,687
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Quote:
Originally Posted by marketwavez2
Congratulation's Mike ..............
Glad to hear it
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Thanks, Market
Mike
BTW: I am getting very similar count to yours on the USDCAD. Waiting for the pair to correct up to around 0.9848 before I enter the short trade.
In the meantime, I will go for a quick run. It is such a nice day here in Edmonton.
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02-27-2008, 12:29 PM
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Guest Moderator
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Join Date: Sep 2005
Posts: 3,729
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Hi Mike
Quote:
Originally Posted by Big Mike
Brad
don't you think that CHFJPY is forming a triangle with the legs a-b-c-d completed so far.?
Leg E is still to follow at around 96.50, after which CHFJPY should burst higher.
Mike
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I see the momentum building.... You could be right though... Not sure just yet... Price is still heading higher though ...
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02-27-2008, 01:32 PM
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Member
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Join Date: Feb 2008
Posts: 34
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Cable in C or C of A
Quote:
Originally Posted by Big Mike
The correction in GBPUSD becomes slightly more clear. Leg C is forming now. See my chart (5 minute interval) below.
Leg C should reach the bottom around 1.9787 (same length as Wave A).
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I was watching this one as well. Nice setup small trade small risk. Trying to trail the stop like they do on the big trades. Its a sunny day in Ottawa as well. Enjoy it!
John
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02-27-2008, 01:57 PM
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Join Date: Oct 2005
Posts: 1,687
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Gbp Jpy
I don't know, how many of you guys follow GBP JPY.
I just entered it now from a long side.
It looks like Wave ii is complete with a deep retracement, practically 100% of wave i.
Now we should be ready to move higher.
My chart showing the wave count below.
Mike
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02-27-2008, 02:04 PM
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Join Date: Jan 2008
Posts: 632
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Quote:
Originally Posted by Big Mike
I don't know, how many of you guys follow GBP JPY.
I just entered it now from a long side.
It looks like Wave ii is complete with a deep retracement, practically 100% of wave i.
Now we should be ready to move higher.
My chart showing the wave count below.
Mike
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Careful with this one Mike in my opinion. The overall trend is down and there is negative divergence on your indicators.
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02-27-2008, 02:21 PM
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Member
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Join Date: Oct 2005
Posts: 1,687
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Quote:
Originally Posted by Gizmo
Careful with this one Mike in my opinion. The overall trend is down and there is negative divergence on your indicators.
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It is a double bottom situation at 211.00, if it holds.
If it holds, it will be a bullish sign for the GBPJPY.
i have a stop at 210.80, just in case.
Mike
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02-27-2008, 02:34 PM
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Member
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Join Date: Oct 2005
Posts: 1,687
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Chf Jpy
Quote:
Originally Posted by brad_1199
I see the momentum building.... You could be right though... Not sure just yet... Price is still heading higher though ...
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Sorry, I think, I was wrong. It is likely not the triangle. It would violate too many rules (5 waves in some of the legs, for example).
you are probably right, I show CHFJPY as forming wave 3 now. We are now at resistance level at 100.00, which is also a psychologically important level.
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02-27-2008, 02:35 PM
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Member
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Join Date: Dec 2007
Posts: 1,776
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Quote:
Originally Posted by Big Mike
I don't know, how many of you guys follow GBP JPY.
I just entered it now from a long side.
It looks like Wave ii is complete with a deep retracement, practically 100% of wave i.
Now we should be ready to move higher.
My chart showing the wave count below.
Mike
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Hi Mike,
Here's a 10 minute chart of recent price action. Notice that wave four was a three wave move. Remember that impulse moves must be five wave patterns and corrections are three wave patterns.
It looks like price will correct up a bit (maybe up to 212.00), but then should head lower again.
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02-27-2008, 02:39 PM
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Join Date: Oct 2005
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Gbp Usd
Just went long at 1.9815
It looks like wave C is pretty much done.
Also, i am getting positive divergence on MACD and Stochastic.
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