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09-05-2007, 07:42 AM
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Hey guys
Beautiful set up to short GBP/USD is emerging. A break below 2.0193 is a short term set-up as a peak looks to have been made at 2.0116. A diagonal it appears ended at 2.0161 and we've made 5 waves down followed by 3 waves up. There are 5 waves down that just developed on a 1 min chart.
The diagonal Im referring too began at 1.9957 so that would be the first target.
Last edited by italm31; 09-05-2007 at 07:53 AM..
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09-05-2007, 08:33 AM
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EURJPY, a 3rd of a 3rd opportunity is coming up (this is what I live for). There are 5 waves down from 158.65 to 156.95 and a 3 wave setback ended at 157.70. It appears as though wave i of 3 ended at 156.74 so a setback should end near 157.24 (former 4th wave). This would offer the oppotunity to get short against 157.70 with an initial target at 154.94 but it would be wise to trail the stop in this case since this could be the beginning of a bigger decline.
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09-05-2007, 08:59 AM
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Hey guys
Looks like the GBP/USD is about to break. So far 3 attempts have been made to break 2.0092. The waves indicate thata a break below 2.0091 would be a start to wave 3. If a the pairs breaks upwards of 2.0120 before it breaks below 2.0091, that would be a bullish indication.
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09-05-2007, 09:05 AM
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Hey guys,
I love watching Blomberg in the morning not for the news I get but because I get a good feel of the mood sentiment before the markets open. So far, the mood for the day is VERY negative. I dont have to tell you what negative social mood means to Ellioticians. Look for markets to be substancially down today. Good for bullish Yen and Dollar traders. Well see what happens once markets official open at 9:30.
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09-05-2007, 09:15 AM
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Quote:
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Originally Posted by italm31
Hey guys
Looks like the GBP/USD is about to break. So far 3 attempts have been made to break 2.0092. The waves indicate thata a break below 2.0091 would be a start to wave 3. If a the pairs breaks upwards of 2.0120 before it breaks below 2.0091, that would be a bullish indication.
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I got my entry at 2.0091. Im keeping my stop tight for now at 2.0110 based on wave 2 on a 1 min chart
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09-05-2007, 10:36 AM
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USDJPY broke below the bearish pivot mentioned in the technicals at 115.33. The door is now open for price to come under 113.85 in the next day or so. A triangle could also be unfolding, so be carfeul. Keep risk to 116.00
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09-05-2007, 12:32 PM
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Hi all
in which kind of waves we can expect wave X occure?
happy trading
blueman
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09-05-2007, 12:33 PM
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Here is a USDJPY count from the top last night (116.40). We have waves 1 and 2 complete of a new 5 wave bearish cycle. Waves 1 and 2 of 3 are complete and wave i and ii of 3 of 3 are complete. That means that the USDJPY might just fall off a cliff in a 3rd of a 3rd of a 3rd...
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09-05-2007, 01:14 PM
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GBp/JPY has been trying to break 233 for a while now. If it breaks below this, its time to be vigilant.
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09-06-2007, 10:10 AM
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At its most rudimentary level, EW is all about identifying impulse movements and corrective movements. Markets oscillate between the two (trend and correction). If you can identify where you are now, then you know what to expect next. In the case of EURJPY, we have a very short term downtrend last night and all consolidation since. Without all of the internal labels, I label this 1 and 2 (or a-b). The next leg lower should be underway now and come under 156.69. A short term bearish target is 155.87(where the decline from 157.83 would equal the 158.65-156.69 decline. Additional bearish targets are 155.59 and 154.46.
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09-06-2007, 10:39 AM
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I couldn't agree more, although, Im not convinced wave 2 is over yet. If its not, it will be soon. It may be some kind of complexes correction. The nice thing about complex corrections is the market gives you ample time to get in. They also usually end at Fibonacci levels as well usually trade in channels so they can be someone predictable. Im sitting on the side lines till markets calm down to recess. Looking for a top around 158 level. So far, the last retracement from what appeared to be an impulsive wave i of 3 down is over 78.6 % retracement.
The GBP/JPY, Im looking for a top around 233.30 which is about 61.8% percent of last nights impulsive wave down. Its also about where the channel it appears to be in right now will end.
Last edited by italm31; 09-06-2007 at 10:53 AM..
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09-06-2007, 11:10 AM
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Hey guys
Top might be in place for the GBP/JPY. A break below 232.85 if a new high is not made is the signal
Last edited by italm31; 09-06-2007 at 11:12 AM..
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09-06-2007, 08:27 PM
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Heads up. GBP/JPY price rallied right to 78.6% retracement (to the pip) of Tuesday to wednesday 5 wave decline and reverse course. Could that be a top? watch the declines to see if they are in 5 waves or 3 waves. So far the decline looks impulsive. If you decide to get in, keep stops tight and stay within your money management rules. A break below 232.98 signifies the next wave lower.
Last edited by italm31; 09-06-2007 at 08:30 PM..
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09-06-2007, 08:37 PM
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Quote:
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Originally Posted by italm31
Heads up. GBP/JPY price rallied right to 78.6% retracement (to the pip) of Tuesday to wednesday 5 wave decline and reverse course. Could that be a top? watch the declines to see if they are in 5 waves or 3 waves. So far the decline looks impulsive. If you decide to get in, keep stops tight and stay within your money management rules. A break below 232.98 signifies the next wave lower.
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We have the minimum for 3 waves down on the 1 min chart. This next retracement is crucial. Will it be a wave 4 of 1 down or will it go back up into the price territory of wave 1. If already short, you may place a stop at 233.80 (a little past the extreme of wave 2). If your playing this conservatively, wait for the full 5 wave decline then, retracement...
232.98 was just surpassed. Its time to get a bearish bias all over again.
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09-06-2007, 10:01 PM
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Quote:
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Originally Posted by italm31
We have the minimum for 3 waves down on the 1 min chart. This next retracement is crucial. Will it be a wave 4 of 1 down or will it go back up into the price territory of wave 1. If already short, you may place a stop at 233.80 (a little past the extreme of wave 2). If your playing this conservatively, wait for the full 5 wave decline then, retracement...
232.98 was just surpassed. Its time to get a bearish bias all over again.
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Just got 5 waves down from today's high. Leg i of 1 may be at or near completeion.
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