Elliot Wave Trading - Page 300

JimboFX · #**4486** (**permalink**) 03-05-2008, 08:17 PM

EUR/GBP.........looks like an ending diagonal to me.

What do you guys think ?

marketwavez2 · #**4487** (**permalink**) 03-05-2008, 08:55 PM

Quote:

Originally Posted by justy10125

0.9300 is near the area where the previous wave four terminated. 0.9215 is the low of wave 1.

Is it possible to put the all the price levels grid on the left side or right side of your chart ?
This should be a simple thing to apply from your chart package provider .....
just trying to follow along .......

justy10125 · #**4488** (**permalink**) 03-05-2008, 10:08 PM

There are five waves down on the short term charts in USD/CAD. We can expect at least one more drop to new lows below 0.9834 in what could be either a wave 'B' or a wave 3.

I agree with the chart that Picolo posted the other day showing price heading lower in wave 3 of 3 (visible on 4 Hour & Daily charts). The price of commodities are continuing to rise, so I can easily see the CAD continuing to strengthen against the USD.

On the chart attached, wave three was extended and waves one and five were equal to each other within 6 points. Elliott Wave proving itself yet again.

cyberchukky · #**4489** (**permalink**) 03-06-2008, 03:58 AM

Quote:

Originally Posted by JimboFX

I'd like to see a restest of 1.9890 where there is a lot of confluence such as 32.8 fib level, top of wave (e) of B of 4 and also a former resistance which now should act as support.

I'm a bit confused though. I went back and cheched Chucky's count for cable and it looks like he's having today's upmove as wave 3 of C where I see wave 5 of C.

Chucky, do you mind posting 1H chart ?

Thanks

I am sorry guys, I went to sleep. it is a 1 hr chart and that is what I am posting now. wave v should be completing now unless it is extending which i doubt since wave iii extended. like i said earlier, i will be looking for a correction soon to between 1.9850 - 1.9900 or maybe down to 1.9800 ( 61.8%) to renter the long

cyberchukky · #**4490** (**permalink**) 03-06-2008, 04:11 AM

this is my close up count for cable. first is a 15 min chart and second is the 1 hr chart. expecting one more high to possibly test 2.00 b4 retracing to about 1.9850 region.

cyberchukky · #**4491** (**permalink**) 03-06-2008, 04:28 AM

Quote:

Originally Posted by Big Mike

I think that I have an idea, what is happening with USDCHF now, as we are in Wave 4. It looks like a triangle to me; this time I made sure that I am getting all legs in 3 waves, LOL, thanks for pointing it out.
If you guys are long (for once, i am), i will be getting out around 1.04
Mike

hi mike,

seems the boat has sailed. if my count is correct, i will be expecting another retracement b4 another low after the completion of this thrust

chakow · #**4492** (**permalink**) 03-06-2008, 05:38 AM

Dear friends,

I just heard the EURpean labor union announce that ECB should cut rate and do something about the strong EUR.

When I back to check the count of EUR (with the chart post by Mr. Market)., like the 5 waves may be end @1.5350 around, this level also very closed the target 1.5391 which Jamie mentioned.

I just wonder maybe tonight , the announce from ECB will triger EUR major reversal happened...

any view or count about this please?

WhatCount · #**4493** (**permalink**) 03-06-2008, 05:58 AM

Quote:

Originally Posted by JimboFX

I'd like to see a restest of 1.9890 where there is a lot of confluence such as 32.8 fib level, top of wave (e) of B of 4 and also a former resistance which now should act as support.

I'm a bit confused though. I went back and cheched Chucky's count for cable and it looks like he's having today's upmove as wave 3 of C where I see wave 5 of C.

Chucky, do you mind posting 1H chart ?

Thanks

Jimbo

Nice call we had the retrace to the 19890 area and up we have today , so far top is 19984, so could be a short term top...however i favour a move over 2.00 then a retrace of maybe 61.8?? one think is for sure if over 2.00 it will fly to around the mid dec high before a retrace..

whats anyones thoughts today?

JimboFX · #**4494** (**permalink**) 03-06-2008, 05:58 AM

Quote:

Originally Posted by chakow

Dear friends,

I just heard the EURpean labor union announce that ECB should cut rate and do something about the strong EUR.

When I back to check the count of EUR (with the chart post by Mr. Market)., like the 5 waves may be end @1.5350 around, this level also very closed the target 1.5391 which Jamie mentioned.

I just wonder maybe tonight , the announce from ECB will triger EUR major reversal happened...

any view or count about this please?

chakow,

I wouldn't put too much emphasis on that. The only function of ECB is to keep the inflation down. The growth of each country is not a concern for them as it is for the FED. That's the main difference between them. And as long as Mr. Trichet and company see any danger of inflation they'll keep the rates unchanged despite what everyone else wants.

From EW prospective though, yes I think the top is close........

danishfx · #**4495** (**permalink**) 03-06-2008, 06:00 AM

Hi guys,

Be carefull 1.9981 could marke the completion of 5 waves from 1.9360 .... we need close above 2.0000 to be safe.

WhatCount · #**4496** (**permalink**) 03-06-2008, 06:06 AM

Quote:

Originally Posted by cyberchukky

yeah Ray, I quite agree with you but with the current volatility of the cable, trading it the guerilla warfare style appeals to me now.

seems the 38.2 % retracement will be hit as the current zigzag pattern plays out

Hi Cyber

you not in the army by any chance? LOL

Yes if you can thats great, but with the way its moving if your out and moves often you cant get back in...

regards

Ray

WhatCount · #**4497** (**permalink**) 03-06-2008, 06:11 AM

Quote:

Originally Posted by danishfx

Hi guys,

Be carefull 1.9981 could marke the completion of 5 waves from 1.9360 .... we need close above 2.0000 to be safe.

Yes may be Danish, as a result i have take out some daily puts to protect me just in case of downside slide...

Cable Still looks well bid... I guess a lot will be on JCT comments, as any dovish stance will hit hard EURGBP and EURUSD and Cable will fly....

Any coments on this?

regards

Ray

JimboFX · #**4498** (**permalink**) 03-06-2008, 06:14 AM

Quote:

Originally Posted by WhatCount

Jimbo

Nice call we had the retrace to the 19890 area and up we have today , so far top is 19984, so could be a short term top...however i favour a move over 2.00 then a retrace of maybe 61.8?? one think is for sure if over 2.00 it will fly to around the mid dec high before a retrace..

whats anyones thoughts today?

Ray,

I was hoping we'd get a blip higher above $2 mark but there is some selling pressure. I still favour move above 2.0000 before any retracement, maybe BOE rate announcement will push the price up. Not much going on at the moment though.

danishfx · #**4499** (**permalink**) 03-06-2008, 06:16 AM

Quote:

Originally Posted by WhatCount

Yes may be Danish, as a result i have take out some daily puts to protect me just in case of downside slide...

Cable Still looks well bid... I guess a lot will be on JCT comments, as any dovish stance will hit hard EURGBP and EURUSD and Cable will fly....

Any coments on this?

regards

Ray

I dont pay too much attension to market comments .... i have calculated a target of the possible 5th to 1.9995 .... lets see what happens there.

In EURO I will take profit at 1.5388 and stand aside.

WhatCount · #**4500** (**permalink**) 03-06-2008, 06:40 AM

Quote:

Originally Posted by JimboFX

EUR/GBP.........looks like an ending diagonal to me.

What do you guys think ?

Jimbo this fit well and i think spot on! EUR down Cable up today!!

driver will be ECB comments....lets see