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03-13-2008, 10:48 AM
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Quote:
Originally Posted by Big Mike
Technical indicators for cable show negative divergence on hourly charts. However, in a highly emotional market, like now, technical indicators are sometimes not totally reliable, at least for a short time.
Myself, I am short EURUSD as of last night and am neutral now GBPUSD.
Mike
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I will go a step further Mike....technical indicators that show divergence, overbought, ovesold, etc...can be very unreliable for a long long long time. Look at the EURUSD weekly chart. The EURUSD has been 'divergent' with RSI for months
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03-13-2008, 10:50 AM
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ALERT...USDJPY very short term impulse rally from 99.95 without making a new high, therefore a short term bullish opportunity exists against 99.95
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03-13-2008, 10:56 AM
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Cable breaking through support
I know that we didn't quite reach the intended target for cable, but it is breaking through support now.
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03-13-2008, 11:01 AM
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usdjpy
I think we have not seen wave 5 yet. expecting one more low for wave 5 to occur. potential reversal will be the area b/w the 38.3% and 50% fib level and the resistance line
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03-13-2008, 11:01 AM
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Quote:
Originally Posted by Jamie Saettele
ALERT...USDJPY very short term impulse rally from 99.95 without making a new high, therefore a short term bullish opportunity exists against 99.95
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Jamie,
can you explain some more? I wanted to go short at around 101.5 +/-30 pips.
Now with your message I start having serious doubts.
Mikw
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03-13-2008, 11:10 AM
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cable
Quote:
Originally Posted by Big Mike
I know that we didn't quite reach the intended target for cable, but it is breaking through support now.
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Mike,
I will advise against shorting the cable yet. I am yet to see any five wave move downside on any time frame. remember when cable finally decides to go south, that will be a long sweet ride down, so patience is the key word here.
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03-13-2008, 11:25 AM
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Join Date: Dec 2007
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Quote:
Originally Posted by Jamie Saettele
ALERT...USDJPY very short term impulse rally from 99.95 without making a new high, therefore a short term bullish opportunity exists against 99.95
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Any target in mind?
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03-13-2008, 11:37 AM
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Quote:
Originally Posted by cyberchukky
Mike,
I will advise against shorting the cable yet. I am yet to see any five wave move downside on any time frame. remember when cable finally decides to go south, that will be a long sweet ride down, so patience is the key word here.
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Cyberchukky
Thanks for cautioning me. Sometimes I get excited when I see a nice scenario that we have all been waiting for. My fingers are just itchy. Many a times I pulled the trigger too fast, only to get scolded by the market.
One of my biggest mistakes was buying USD CAD long last fall, several times in the row, when it broke below parity and kept creeping south for few weeks. I kept going long, because i was trying to apply REASON and common sense. Now I learned that the market has no common sense, it is totally motivated by herd behaviour. The market is insane. But once you realize that and once you come to terms with that, it is easy to predict: It will usually move in the opposite direction to common sensical approach.
But it is predictable with Elliott Waves in many cases.
Last edited by Big Mike; 03-13-2008 at 11:45 AM..
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03-13-2008, 11:53 AM
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Jamie
Jamie, regarding your daily EurUsd count - providing that there is nothing extraordinary in the corrective leg before the one you start counting, the count looks straightforward. However, I have started counting the whole existing chart -from 1980 - and I came to a different count. Would you please comment it? Thank you
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03-13-2008, 12:01 PM
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USDJPY might be ready to rally again now. The USDCHF as well, should rally. Well, both counter trends though.
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03-13-2008, 12:09 PM
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Usdcad
Remember this from post 2577 a few months ago....?? Looks like it's playing out ... Got my eyes peeled for a buy opportunity coming up in USDCAD.....
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03-13-2008, 12:35 PM
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Eur Jpy
Hi guys
I am going short EURJPY.
Reasoning:
1. Correction pretty much done.
2. We are at 50% Fib
3. We are in wave 4 of lesser degree territory
4. Leg A equal to leg C
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03-13-2008, 01:07 PM
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Gbp/usd
Hi Jamie,
from the max at 2,0389 there are 5 waves down in hourly time frame...
Can we consider it how reversal sign ?
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03-13-2008, 01:18 PM
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Quote:
Originally Posted by freelancer
Jamie, regarding your daily EurUsd count - providing that there is nothing extraordinary in the corrective leg before the one you start counting, the count looks straightforward. However, I have started counting the whole existing chart -from 1980 - and I came to a different count. Would you please comment it? Thank you
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Possible but I will tell you why I posted the count I did as preferred. When in doubt about a wave pattern, it is wise to look at the strongest part of the trend and label that as wave 3. In this case, my labeling treats the strongest part of the rally as a 3rd of a 3rd, which makes sense. That is not to say that your count is incorrect at all though. Both call for a sizeable dollar rally near term before the very long term downtrend continues. Nice work.
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03-13-2008, 01:22 PM
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Quote:
Originally Posted by MAKO232
Hi Jamie,
from the max at 2,0389 there are 5 waves down in hourly time frame...
Can we consider it how reversal sign ?
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I see the same thing. It's worth testing the short side in the 2.0330/50 zone.
Whether you decide to do this or not all depends on your trading style. If you wish to trade big turns like this, then you should go in small first.
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