Mind you that 1.33 is the 61.8% retrace from 1.47 and the 1.618 extension from wave A (or 1). If this is indeed a wave III, and a retest of 1.33 is to come, it might run flat. If 1.33 break, we might be in a new down cycle.
Guys
Happy New Year to all...wishing you all health and happiness!
Now, the Pound seems to be playing according to plan. Going by this count, price seems to be going for 1.6100 be fore the final wave 5 fall. Still over a thousand pips away from the the target.
₤ is at an interesting juncture. The 50% retrace and 1.618 ext. of A.
By a break we can expect to go to 61.8% retrace. If it holds, we're going up.
Keep a lookout!
unless the rally to 1.2981 is a truncation, the usdcad is expected to bottom before 1.1459 and head much higher...probably close to 1.40....over the next few months
Jamie Saettele is the author of Daily Technicals, Currency Crosses, and COT on DailyFX.com. He is also the author of the recently published Sentiment in the Forex Market.
€₤ is at an interesting juncture. The 50% retrace and 1.618 ext. of A.
By a break we can expect to go to 61.8% retrace. If it holds, we're going up.
Keep a lookout!
Not only that, but it is also at the 38% of 1 through 3, so if this is the right count, this should hold. if it fails - this might evolve into 5 waves down.
Well guys let me offer my 2 cents. A mistake that 99% of the traders do in this forum is that...only 1% is focusing in daily,weekly and monthly charts.Almost everybody is looking for the intraday fluctuation.Right approach only if it reinforces a larger frame scenario.
Originally Posted by Big Mike
It depends on the trading style.
For the scalping guys, it will generate small profits (like 100 pips) to the downside for the next day, or so.
For the strategic guys, it is better to wait til the fat lady sings.
Once the fat lady is done, the drop will be nice, really nice.
Better than 1000 pips, much better.
Scalping trades do not generate 100 pips -
////////////////////////////////////////////////////////////////////// Trading Style #1
Scalping trades ......... generate 5 pips - 20 pips
( Holding period 10 min to 2hrs on average )
All positions closed by the close of the session
--------------------------------------------------------------
////////////////////////////////////////////////////////////////////// Trading Style #2 * Swing trades ................generate 50 pips - 200 pips Short-Term trades
( Holding period 1 to 7 days on average )
--------------------------------------------------------------
///////////////////////////////////////////////////////////////////// Trading Style #3 Intermediate-Term trades ......... generate 300 - 500 pips
( Holding period 2 weeks to 6 weeks on average )
--------------------------------------------------------------
///////////////////////////////////////////////////////////////////// Trading Style #4 Long-Term trades ......... generate 800 + pips
( Holding period 1 month to 8 months on average )
looking at my detailed work from last year, there is this possibility that the eurgbp has already topped out..
entering here may get a trading style #4 trade.
looking at my detailed work from last year, there is this possibility that the eurgbp has already topped out..
entering here may get a trading style #4 trade.
Well I did short the Eur/Gbp at .9600...took profits today and shorted again at .9200..
So far this year is starting off on the right foot. As far as this thing heading up from here...I dont know.Given the fact that Im looking for the Pound to rally another 1000 pips,
(http://www.learncurrencytrading.com/...-post4680.html)
I don't think it would be a smart move to go against it...not with any currency.
Im with you here...I believe we may have a top here.
Are you 2-2 so far in 09? Shooting for 3-3 with this one? Very impressive. Happy to see your newest chart Ive been long NzdUSD since .5800, hopin it pans out
-----------------------------------------------------
Here's another look at the Nzd /Usd ..........
It appears that The Bulls are enjoying themselves .....
Scalping trades do not generate 100 pips -
////////////////////////////////////////////////////////////////////// Trading Style #1
Scalping trades ......... generate 5 pips - 20 pips
( Holding period 10 min to 2hrs on average )
All positions closed by the close of the session
--------------------------------------------------------------
////////////////////////////////////////////////////////////////////// Trading Style #2 * Swing trades ................generate 50 pips - 200 pips Short-Term trades
( Holding period 1 to 7 days on average )
--------------------------------------------------------------
///////////////////////////////////////////////////////////////////// Trading Style #3 Intermediate-Term trades ......... generate 300 - 500 pips
( Holding period 2 weeks to 6 weeks on average )
--------------------------------------------------------------
///////////////////////////////////////////////////////////////////// Trading Style #4 Long-Term trades ......... generate 800 + pips
( Holding period 1 month to 8 months on average )
Well I did short the Eur/Gbp at .9600...took profits today and shorted again at .9200..
So far this year is starting off on the right foot. As far as this thing heading up from here...I dont know.Given the fact that Im looking for the Pound to rally another 1000 pips,
(http://www.learncurrencytrading.com/...-post4680.html)
I don't think it would be a smart move to go against it...not with any currency.
Im with you here...I believe we may have a top here.
For those who are seeing five waves complete on the EUR/GBP, how are you counting the previous fourth wave expanding triangle?
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Originally Posted by Ilovepippin 
