Thread: Elliott Wave Trading Discussion

Gbp/Usd


Friday's Price Action.......

Elliott Waves at Work

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Originally Posted by diver

Hey Justy,

I was wondering if you had any kind of time frame that might fit with your triangle scenario in the S&P 500? Thanks.

Hi Diver,

I'm not sure what you mean by time frame...

Originally Posted by apipintime

In situations like these, where we open with a gap, what are the odds that the gap gets filled?

the odds are the same for any other trade set-up you can think of
There is no difference in your chances ..........


They key is to use the money management parameters
that you have set for your -self , so that when you see
a trade set-up that you like , you then apply it

--------------------------------- -------------------------------------
You Win some ............. You Lose some ............

Over all ,
It all comes down to your Averages ....

Originally Posted by marketwavez2

the odds are the same for any other trade set-up you can think of
There is no difference in your chances ..........


They key is to use the money management parameters
that you have set for your -self , so that when you see
a trade set-up that you like , you then apply it

--------------------------------- -------------------------------------
You Win some ............. You Lose some ............

Over all ,
It all comes down to your Averages ....

As much as I like to argue with you... That's spot on. Have a plan and trade your plan.

Originally Posted by justy10125

Hi Diver,

I'm not sure what you mean by time frame...

I mean how many trading days do you think it would take to see the pattern you drew unfold.

Originally Posted by diver

I mean how many trading days do you think it would take to see the pattern you drew unfold.

I'm not sure about that. I'd say a week or so. Or a few days or a few weeks... It's hard to predict timing like that. But I wouldn't think it will take too long, as we only need to see one final push to complete the pattern.

Here is a chart of Microsoft that supports the idea of higher prices.

Originally Posted by justy10125

As much as I like to argue with you... That's spot on. Have a plan and trade your plan.

Well the plan was to look for a nice short entry in the 1.4430 area, but unfortunately I do not have that luxury at this moment. The gap has left an area of mysterious wave action, so I guess I will look for a retracement into the bermuda triangle to take a short against 1.4355, which I believe to be the bottom of wave 1 of C.

Gbp/Usd

Here's todays Update chart ..............

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Originally Posted by apipintime

Well the plan was to look for a nice short entry in the 1.4430 area, but unfortunately I do not have that luxury at this moment. The gap has left an area of mysterious wave action, so I guess I will look for a retracement into the bermuda triangle to take a short against 1.4355, which I believe to be the bottom of wave 1 of C.

I may be looking to take a long position for a wave (C) rally. The rally from 1.4136 is in three waves. The decline from 1.4601 is in three waves. So two three-wave moves in a row means likely two things may happen: Flat or Triangle.

Here is the GBP/USD decline from 1.46 as an A-B-C in progress.

You could also count it as a correction already completed. Here's the trade I'm taking.

Usd/Gbp

Hmmmmm ?
So many wave-counts ............. It's time to choose ! ...........

Eur/Usd

Probable Wave-count ....................

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Since we are now half way through the month of February and USDJPY is still looking fairly strong for the time being, I think we need to consider that this may be a drawn out wave "C" that may last a few months ..

Guys,
EurChf is has reached some strong support as 2 important trend lines remain in the way for wave 3 to get on its way. Should we make it to below 1.4800, III of 3 should be confirmed.