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02-29-2008, 08:16 PM
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Join Date: Feb 2008
Posts: 34
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Loonie
Heya Market,
Good luck on your loonie trade. It looks like a good play. We'll see how thing pan out next week. I still need a decent fractal setup before I can enter on the cable. See what next week brings. Cheers.
John
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02-29-2008, 09:15 PM
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Eurjpy Daily
Here's a look at EURJPY Daily... I think this looks pretty clear.... You can see the diagonal triangle that completed the 5 wave rally... (It is truncated) As for the near term action what I have labelled as the wave 1 followed by A then B and now in C, It could be a 1,2 and another 1,2 .. it's too early too tell... But the larger picture is clearer... We just have to get down to the shorter time frames for entry. I still believe this market is headed much higher over the long term. There has been no indication of anything to the contrary. I'm sure some novices in here will notice my wave 4 does overlap my wave 1, but this is allowed in a wave 1 position if it is a leading diagonal. Which I believe it is.
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02-29-2008, 09:23 PM
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Quote:
Originally Posted by brad_1199
I'll leave the shorter term up to the rest of you... Here's what I'm seeing at a glance from the monthly.... Only a possability....
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I agree with you Brad,
I see the five wave decline from 2.1160 as wave 'C' of an expanded flat. With the long-term structure in the EUR/USD being so bullish, it only makes sense. Plus with the long-term triangle in USD/JPY completed and that down-trend back in progress, it's clear that the bottom in the USD is still pretty far away.
In the near-term, new highs in GBP/USD are still ~1300 points away, so there is plenty of good opportunity to take advantage of.
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02-29-2008, 09:34 PM
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Chfjpy
Here's an update to CHFJPY I posted a few days ago... Still heading upward, But I think we're do for a little correction before we continue.
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02-29-2008, 09:46 PM
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Hi Justy...
Quote:
Originally Posted by justy10125
I agree with you Brad,
I see the five wave decline from 2.1160 as wave 'C' of an expanded flat. With the long-term structure in the EUR/USD being so bullish, it only makes sense. Plus with the long-term triangle in USD/JPY completed and that down-trend back in progress, it's clear that the bottom in the USD is still pretty far away.
In the near-term, new highs in GBP/USD are still ~1300 points away, so there is plenty of good opportunity to take advantage of.
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Hey there Justy...
Ya I think there's deffinately upside potential especially with the way this month has just closed leaving us with two hammer's right in the support zone ... Supprt is clearly shown on the monthly... For the life of me though, I just can't get the short term.. Glad you got it 
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02-29-2008, 10:11 PM
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Usdjpy
Glad I stayed Short USDJPY... I'm roughly three hundred pips in the money with stops already protecting profits... I'll be riding this one for a while yet too...
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02-29-2008, 10:16 PM
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Usd/chf
Hey guys,
While there is still plenty of downside potential for the USD in the near-term, the bottom may be just around the corner. The chart I have attached shows that price is in wave five. So maybe in the next few years we could see a turnaround.
What do you guys think?
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02-29-2008, 10:37 PM
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Registered User
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Join Date: Feb 2008
Posts: 2
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Gbp Usd
Quote:
Originally Posted by gaf
Heya Justy,
I was reading about triangles again last night and tried to fit the price action of the cable into one. I think I have a similar count to you now. No more overlapping 4ths grin. Although the B wave is a bit oblong. Have a great weekend.
John
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Hi guys
one simple question: shouldn't the legs of a triangle be in 3 waves?
Leg A is 5 waves. Will that still count as a triangle?
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02-29-2008, 10:39 PM
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Quote:
Originally Posted by brad_1199
Hey there Justy...
Ya I think there's deffinately upside potential especially with the way this month has just closed leaving us with two hammer's right in the support zone ... Supprt is clearly shown on the monthly... For the life of me though, I just can't get the short term.. Glad you got it |
Here's how I'm counting the Cable. Looking at the weekly chart, I start the count from the 12 March 2006 price bar rather than the lows made just prior to that bar. The decline ending with the 12 March bar was wave 'C' of an expanded flat which I believe ended with a truncated fifth.
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02-29-2008, 11:07 PM
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Here's a different look at USDCHF
Quote:
Originally Posted by justy10125
Hey guys,
While there is still plenty of downside potential for the USD in the near-term, the bottom may be just around the corner. The chart I have attached shows that price is in wave five. So maybe in the next few years we could see a turnaround.
What do you guys think?
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Here's a different angle on USDCHF Justy..... I think we're in a large wave 4 correction right now, when this large B wave ends I expect price to come back above 1.3284 to complete wave C of the fourth wave. I think we should be nearing the bottom of this decline sometime not too far up the road.
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02-29-2008, 11:25 PM
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Quote:
Originally Posted by brad_1199
Here's a different angle on USDCHF Justy..... I think we're in a large wave 4 correction right now, when this large B wave ends I expect price to come back above 1.3284 to complete wave C of the fourth wave. I think we should be nearing the bottom of this decline sometime not too far up the road.
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Brad,
I'm curious about the wave you labled as 5 (Green Numbers). How do you see that as an impulse wave. All I can see is an A-B-C.
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02-29-2008, 11:54 PM
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Join Date: Jul 2005
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Brad ,
you have Wave 4 overllaping Wave 1
in both of your last 2 charts you just posted ...........
- Did you not read the link that Justy provided yesterday that explains ?
-------------------------------------------------------------------
Last edited by marketwavez2; 03-01-2008 at 12:08 AM..
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03-01-2008, 12:06 AM
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Quote:
Originally Posted by justy10125
1- If wave four crosses into wave one territory then it simply isn't wave four and wave one. It very well could be a correction, but basically you should find a new count that follows Elliott Wave rules.
2- When looking at corrections, wave C is ALWAYS a five wave move. Wave A can be either a three or a five wave move depending on what type of correction is unfolding. I've attached a chart of the six types of corrective patterns. In the case of a triangle, all waves (a-b-c-d-e) are three wave moves.
3- You are correct. Wave four is NOT allowed to overlap wave one. If you do have a count that has wave four overlap into wave one territory, look to see if it's a correction or if there is a wave extension forming. It's possible to have a series of 1st and 2nd waves forming.
4- Wave C of a correction is ALWAYS a five wave move. Wave B is ALWAYS a three. Wave B is correcting wave A and therefore must be a three wave move. If you are certain that you are in a wave B and you see a five wave move, that simply means wave B isn't finished and you will get another five wave move. Again, wave C is ALWAYS a five wave move.
5- Those questions are paramount when dealing with corrections. It's very important to understand the rules and guidlines of Elliott Wave. If you don't then there is no way you can accurately decipher price action.
This website lists out all of the rules and guidlines of Elliott Wave. Go to the website and study what they have to say. Another resource, probably one of the best, is the book "Elliott Wave Principle" by Frost and Prechter.
http://www.geocities.com/WallStreet/...es/EWRules.htm |
BRAD1199 ,
YOU STILL HAVE WAVE 4 OVER LAPPING WAVE 1
in your 2 charts you just posted .... WHY is this ? ........... 
---------------------------------------------------------------
Did you read that beautiful post by Justy
yesterday that explains this very well ? >
( here is a copy of diagram that Justy has provided )
See below :
Last edited by marketwavez2; 03-01-2008 at 12:43 AM..
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03-01-2008, 12:13 AM
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Brad1199
please observe this .............
------------------------------------------------
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03-01-2008, 12:25 AM
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Quote:
Originally Posted by brad_1199
Here's an update to CHFJPY I posted a few days ago... Still heading upward, But I think we're do for a little correction before we continue.
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Brad1199
here is a copy of one of your charts you just posted .
------------------------------------------------------------------------
Can't you see that you have labeled
Wave 4 low overlapping Wave 1 high ?
So , how can this be an update ?
---------------------------------------------------------------------------------
There people in here who are New
and want to learn from us in here Brad ,
( they are looking at your charts as examples , so please be aware )
-------------------------------------------------------------------
/////////////////////////////////////////////////////////////////////////////////
I'm sure you can look out for this basic situation
and not do this anymore when labeling your charts.....
Special Note :
If you were thinking this is a Leading Diagonal Pattern
then P onits #1 , P oint #2 and Point #5 are
to touch the upper channel Resistance line
- this is not the case in your chart post
------------------------------------------------------
See Example diagram below diagram below
Last edited by marketwavez2; 03-01-2008 at 03:24 AM..
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