If you listen to the radio or watch TV then you know that the words "Bailout" and "These tough economic times" and "Financial Crisis" have become national advertising slogans. Car dealers are offering "Bailouts" to people by giving deals on cars. Or, "Due to these tough economic times we're offering you 20% off on this new gizmo." And there are a whole bunch of other companies doing the same type of thing. The point is that many companies out there are still spending money on advertisements and are still going on like normal. Many many people are still going out to dinner now. In fact there are reports that say dining out has incresed recently. If things were really "that bad," then people would be eating ramen noodles at home instead of going out so often. I just don't think things are as bad as people want to make them out to be.
Yes it is indeed hilarious, people who caused this crisis in the first place are now presenting themselves as the great hero's trying to save you from dispair. However, I do agree that people are upbeat in general and social mood will stay that way unless a great (natural) disaster will hit.
And who is not to say that the current wave in the Dow is not a wave 1 of even bigger degree?
I'm already long...., Jamie's count was invalidated so I put a different count on this pair putting us at the end of "E". R/R looks nice...,
Chart is USDCAD daily, same one I posted a couple days ago
Yes, RR looks nice, except that wave E can overshoot the A-C line. So the triangle can still be valid as long as price is above wave C (1.175) per your chart's count, which is 500 pips away from the current price.
Yes, RR looks nice, except that wave E can overshoot the A-C line. So the triangle can still be valid as long as price is above wave C (1.175) per your chart's count, which is 500 pips away from the current price.
Thanks, that's certainly something to keep in mind.
I went long thinking that lower trend line will hold. We'll see, one beauty of trading this close to trendlines is that stops can be tight. I looked very hard at that count which has us in a 5 wave move down. R/R this close to that trendline made me think it was worth it.
I went long thinking that lower trend line will hold. We'll see, one beauty of trading this close to trendlines is that stops can be tight. I looked very hard at that count which has us in a 5 wave move down. R/R this close to that trendline made me think it was worth it.
I went long thinking the same thing grin. If for some reason the TL is broken it will be stopped out with barely any risk. Even if E does over shoot i will be stopped out for a better entry anyway. Would really like a test of the triple top.
I went long thinking the same thing grin. If for some reason the TL is broken it will be stopped out with barely any risk. Even if E does over shoot i will be stopped out for a better entry anyway. Would really like a test of the triple top.
On your 4 hr chart you have us in wave iii of v of 5 and show a triangle for wave ii. It is very unlikely to see a triangle in the wave ii position,they normally appear in wave 4 or b.
I've attached a couple of updated charts that show us in the subwaves of wave iii of 5 of red 5 of a 5 wave advance that started at .6284.
Edit: A possible first target for the end of wave 5 may be .7267. This is the 61.8fe of red wave 1-3 and also the same level as the January 6th high which may act as resistance. It also is within 35 pips of w1= w5
Hey Gray,
Nice call on the possible first target of 7267. I had dropped out of my position for a +40 pip profit at the start of subwave.
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
English
Español
Français
中文
Deutsch
Italiano
العربية
Sverige
Ελληνικά
Originally Posted by justy10125
Reply With Quote
