Jamie,

Looking at your EURUSD analysis, looks like you had a good call for the bottom there. It looks to me that it is stalling below that resistance trendline. Should it be a factor before entering a trade when dealing with fibo retracement ?
How do you deal with it ?

Thanks
Serge

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Good question,

In this case, we are looking for a third of a third wave, which are extremely powerful moves. A third wave up would be confirmed on a break above 1.3454, so wait for a break above 1.3454 to enter long.

Hi All, this is my first post.

A quick introduction, I am a Certified Elliottician, I only trade the UK LSE stock exchange currently. I would like to be able to trade the Forex market and being an avid Elliottician I am well aware that this theory would work well in the Forex market.

It is therefore very good to see this thread here. To anyone interested, keep it up, it can be very rewarding.

I have a great deal of software for analysing the stock market and can get hold of some additional plug-ins for the Forex market. My two concerns are: 1) Which Forex platform to use for trading and 2) where can I get a reasonably priced real-time Forex datafeed?

On the first point I have looked at a couple of trading platforms, one being GET and on the second point, the only data source I can find is with eSignal - this has the disadvantage that they want to charge you about $120 a month for stocks data-feed and analysis software and only then will they provide you with the Forex datafeed for about another $40 a month. Making a total of $160 a month - I don't need or want what they are charging the first $120 for each month

Anyone any suggestions please? Many thanks in advance.

Welcome to the forum. If you are looking for a trading platform, then look no further than FXCM. As for realtime charting, there are plenty of options but I prefer TradeStation.

There are a lot of great setups right now but one is in the EURJPY. A bullish triangle may be forming following a 5 wave advance from 164.23. Look for a bullish breaout to test the high close to 166.92, as this is where wave a would equal wave c. However, triangles are terminal, meaning that the breakout is eventually retraced. So if you play a bullish breakout, then look to flip for the reversal. I'll update this forum as the pattern plays out. Also, the triangle scenario is negated on a decline below 165.20. If indeed 165.20 gives way, then a complex correction would be playing out (W-X-Y). The longer term structure would actually be more bullish then and we would look to position for a break to new highs (above 166.92).

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Hi Jamie

Thanks for the suggestion - I think I have tried FXCM before - is there a monthly fee for access to the platform?

Regarding software, I think I already have the best on the market so it is only the data-feed that I require.

Regards

Colin

Well, bless my soul! A wedge!

I think you EW afficionados have that in c-waves?

Target for cable shown on chart attached, with the Elliott Wave in black (just ignore the cycle numbering).

Best regards
Tony Gold

I said that I would update the EURJPY going forward so I am. See above for yesterday's suggestions. We advocated getting bullish due to the bullish triangle. We've no idea to where this will end but it could end close to 166.90, which is the 100% extension of wave a (before the triangle). Look for a small 5 down on the 15 minute for an opportunity to flip.

Tony,

I am with you on the direction but I'll give you my preferred count. Beginning at the 1.7047 low in November 2005, Cable is nearing the end of a 5 wave bull run. The 5th wave within this rally has been in progress since the October 2006 low at 1.8515. The 5th wave is unfolding as an ending diagonal (overlapping waves) and the diagonal resistance line is at 2.0313 today and increases 5 pips per day. The limit for the end of wave v of 5 is 2.0568, which is where wave v of 5 would equal wave iii of 5 (wave i of 5 is extended). The uptrend does not have to end at the diagonal line but often does. A rally above 2.0131 satisfies minimum expectations. I am watching for a rally above 2.0131 and a reversal. Diagonals are often fully retraced, so a return to 1.8500 is the next move. I think that the rally to 2.0300 or so (a top) will happen close to your date but likely a few weeks before (within 2 to 3 weeks from now). In summary, rally to 2.0300 +- and a reversal towards 1.8500.

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Jamie,

Do you personally carry position over weekends ?

Serge

Newts,

I have sent you an email. Check it out.

Serge

Serge,

Yes I do. I tend to hold positions for at least 2 or 3 days, winners can last months.

BIG DEVELOPMENT

This is the first clear '5 up' in the USDCAD in months. I've been looking for the 5th wave to come under 1.0548 and form a bottom closer to 104.00 but it looks a bottom may already be in place. I say that because the 5 waves up on this short term chart suggest at least another 5 wave rally is due. I have not put labels in because I wanted to get this out in a hurry but the 5 up is very clear. Look to trade from the bull side now. We should get a 3 wave correction next week to get bullish against.

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I m new to trading but l love Elliot wave trading vey much but looking for Elliot wave fans at last i got u pple.............really U all r great keep the work going & i read some nice posts.........



Shivaji.....

I M looking USD/ChF to complete horizontal triangle,where it is in process of last wave E & than probably expected move up in form of wave C .

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