|
|
 |
|
06-01-2008, 10:39 PM
|
 |
Member
|
|
Join Date: Jul 2005
Posts: 4,488
|
|
Gbp/Usd
Time to Close the Gap ?................   ?
--------------------------------------
|
06-01-2008, 11:02 PM
|
|
Member
|
|
Join Date: Oct 2005
Posts: 1,606
|
|
Quote:
Originally Posted by diver
Great work BM. This the kind of stuff that makes real dough.
|
Thanks, Diver
regrds
Mike
|
06-01-2008, 11:07 PM
|
|
Member
|
|
Join Date: Oct 2005
Posts: 1,606
|
|
Quote:
Originally Posted by American Trader
Well it appears a small wave 2 rally may have completed on Friday, and the next round of heavy selling should resume very early this week. Attached is a 1hr chart of the Dow (forgive the cheesy labeling software). It shows a nice 5 wave decline, 3 wave rally completed, and perhaps a wave i and ii underway. This is the small wave count within a much more bearish medium-long term wave count (see my posts #7728 and #7729) from last week for a longer term perspective: http://www.learncurrencytrading.com/...13880&page=516). In those posts I showed the five wave rally completed, and then called for a corrective rally last week due to the bullish divergence on the MACD and completion of 5 waves down. The proved correct because last week was practically all rallying but the high of around 13,140 remained intact, so the analysis remains sound so far. During the rally, the advancer/decliner ratio and volume was around 3:1 at best. During the 5 wave decline the week prior, we had days of 9:1 decliners to advancers. Clearly the pressure is still down in the stock market. I expect this upcoming week to be met with more risk aversion and heavy selling in the stock market.
This analysis might be of use to currency trading in relation to the pairs tied to risk. I think the JPY has a good chance of strengthening soon, which should put downward pressure on the USD/JPY, EUR/JPY, GBP/JPY, etc. If the stock market is indeed in its next wave down (wave iii; see chart attached), then the above mentioned currency pairs should follow suit.
American-T |
Very good analysis of DOW and the NASDAQ, great work.
I totally agree with your assessment of the situation and your take on the JPY crosses.
As we discussed many times previous, the japanese crosses follow closely the stock market. Any weakness in the stock market will result in japanese crosses plummeting.
Regds
Mike
|
06-01-2008, 11:51 PM
|
 |
Guest Moderator
|
|
Join Date: Sep 2005
Posts: 3,179
|
|
|
Eurcad
Now that the long I was waiting for in EURCAD has gone to hell... Might aswell take a look at it from the bearish side... Here's a look at the Daily
|
06-02-2008, 12:29 AM
|
|
Guest Moderator
|
|
Join Date: Sep 2005
Posts: 3,179
|
|
|
Gbpjpy
A few weeks back I post some charts looking for GBPJPY to rise in price again based on a Bullish Harami candle I saw on the weekly chart as well as a 5 wave advance followed by a three wave decline on the shorter time frames.. I wasn't right on the money with my labeling of the 3 wave decline, but I wasn't too far off at all... Looks like that's the second time I've nailed this pair in the past few months... 
There are three charts here.. The first one shows where we are now.. the other two were posted here weeks ago..
Last edited by brad_1199; 06-02-2008 at 12:34 AM..
|
06-02-2008, 02:35 AM
|
|
Member
|
|
Join Date: Jul 2005
Posts: 4,488
|
|
Quote:
--------------------------------------------------------------------
Here is a look at the Us Dollar ----- Usd/Chf Pair
------------------------------------------------------------------
Long @ .0388 .........Stop - .0350
Long @ .0480 ..........Stop - .0435
Targets ( See chart below )
----------------------------------------------------------
Only a Probability, ............Not Cast in Stone !
|
US Dollar /Usd/Chf
Chart Results .............
.................................................. ............
Long @ .0388 .........Exit - .0435 = +47
Long @ .0480 ..........Exit - .0435 = -45
Last edited by marketwavez2; 06-02-2008 at 03:03 AM..
|
06-02-2008, 02:59 AM
|
|
Member
|
|
Join Date: Jul 2005
Posts: 4,488
|
|
Usd/Cad
Here is a look at what may be occurring ............. 
----------------------------------------------------------
Only a Probability, .......................Not Cast in Stone !
----------------------------------------------------------
|
06-02-2008, 03:16 AM
|
|
Member
|
|
Join Date: Jul 2005
Posts: 4,488
|
|
US Dollar
Usd/Chf
- may now looks some thing like this ............
-------------------------------------------------------
Last edited by marketwavez2; 06-02-2008 at 03:44 AM..
|
06-02-2008, 03:46 AM
|
|
Member
|
|
Join Date: Jul 2005
Posts: 4,488
|
|
|
Usd/Chf .........pg-2
--------------------------------
|
06-02-2008, 05:08 AM
|
 |
Member
|
|
Join Date: Apr 2008
Posts: 1,480
|
|
Quote:
Originally Posted by marketwavez2
Gbp/Usd
Time to Close the Gap ?................ ?
--------------------------------------
|
do you have an update for this?
gap still open but will it close
|
06-02-2008, 05:22 AM
|
|
Member
|
|
Join Date: Jan 2008
Posts: 641
|
|
|
Gbp
There seems to be a number of gap plays on all few of the GBP crosses.
I think the best gap to close may be EURGBP, anyone got any thoughts??
Ray
|
06-02-2008, 07:33 AM
|
|
Member
|
|
Join Date: Oct 2005
Posts: 1,606
|
|
Quote:
Originally Posted by WhatCount
There seems to be a number of gap plays on all few of the GBP crosses.
I think the best gap to close may be EURGBP, anyone got any thoughts??
Ray
|
Good observation, Ray
All common gaps must be filled within a short time frame, usually few days.
Breakaway and runaway gaps frequently never get filled.
Mike
|
06-02-2008, 07:54 AM
|
|
Member
|
|
Join Date: May 2008
Posts: 24
|
|
Regardless of how strong a long-term market trend is, the market never moves only in the direction of the long-term trend – there are always minor movements against the long- term market trend. These deviations usually don’t last very long and after them the market moves again in the direction of the long-term trend.
The major market movements in the direction of the long-term market trend are called impulsive waves and the minor market movements against the long-term market trend are called corrective waves.
Read full at best forex systems
|
06-02-2008, 08:19 AM
|
|
Member
|
|
Join Date: Jan 2008
Posts: 641
|
|
Quote:
Originally Posted by Big Mike
Good observation, Ray
All common gaps must be filled within a short time frame, usually few days.
Breakaway and runaway gaps frequently never get filled.
Mike
|
Hi Mike
So far so good on EURGBP, looks like its closing in on the gap, looks like a top is in now on the 30 min.
Cable looks sick, not sure we are going to get a move up to close the gap today!!
By the way you seen EURJPY, i stayed in just closed. 150 pips to the good.
Regards
Ray
|
06-02-2008, 09:03 AM
|
|
Member
|
|
Join Date: Dec 2007
Posts: 50
|
|
Quote:
Originally Posted by Big Mike
Good observation, Ray
All common gaps must be filled within a short time frame, usually few days.
Breakaway and runaway gaps frequently never get filled.
Mike
|
Where can I read more about where this fill the gap theory came from? I have not seen it anywhere other than in this forum. Thanks.
|
|
|
| Thread Tools |
|
|
| Rate This Thread |
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is On
|
|
|
|
