Thread: Elliott Wave Trading Discussion

it seems that corrcetion(wave 4) finished......

The next round of USD weakness is underway as USD/CHF has made a five wave impulse move to the downside on the 60 minute chart. In the coming weeks we should see price drop below the 22November low of 1.0883. Price is currently trading at ~1.1500, so we are looking for a move of at least ~600 points.

Also, in the spirit of USD weakness, EUR/USD has begun its rally that will complete the five wave advance that started back on 12June2007. We will finally get to see price push through the 1.5000 level.

With continued weakness in the USD and the fact that the JPY is set to rally across the board, a downside reversal for the USD/JPY should be near that will eventually take price to new lows in that currency pair.

My trades for the next few weeks are shorting USD against CHF and EUR, and buying JPY against the USD and AUD. I still maintain that AUD/JPY has recently made a major top and that price is ready to drop lower in wave three of 'A.'

this is my chart of USD/JPY,H4

Originally Posted by Jamie Saettele

The long term picture alerted us that 1.4309 is where a=c and that this could be the end of wave 4. The 5 minute chart shows a 5 wave rally and 3 wave decline....waves 1 and 2 up of the next larger degree. Time to turn bullish I believe.

This was the post that I left everyone with before I took off for Christmas. It looks like wave 1 of larger 5 is close to complete. The pair has reached a former congestion zone along with round number resistance in 1.4700. I am exiting the long and will be looking to get back in on the wave 2 setback.

This is what Im keeping an eye on for now. Im not one for trading off of patterns that are not Elliot Wave but this head and shoulders pattern is too clear to ignore. Besides, it corresponds with a possible EW count which adds to its validity. Gbp/Jpy in my opinion is about to take a huge fall for a wave iii of 3. Added to the mix is a weakening Pound as well as a possible Yen reversal that may have occurred last night so I do believe the vast unending fall is about to begin. Keep an eye out. We are presently sitting BELOW what I deem to be the neckline (red line). A drop below 223 confirms this count in my opinion.

Hmmmm... Well so much for my call on the euro.. for now anyway... However.. the yen looks to have rolled over nicely through trend line support, I'm currently short usdjpy from 112.95.... I'm not even going to label this chart... i feel its too much of a mess still.... but the oscillators look very promising to the short side at the moment

Hey Brad,
Heres my primary count for Usd/Jpy. I believe wave ii of III of 3 has just ended and has taken the pattern of a double zigzag. Get ready for iii of III of 3!!! I agree with the momentum indicators your speak of.

Originally Posted by italm31

Hey Brad,
Heres my primary count for Usd/Jpy. I believe wave ii of III of 3 has just ended and has taken the pattern of a double zigzag. Get ready for iii of III of 3!!! I agree with the momentum indicators your speak of.

Thanks Italm !

Hey I was just wondering if anyone here has a long term count for EURGBP ???? This recent upward move in the pair caught my attention.... From looking at the monthly, the best guest I can get is that we are currently in a large "B" Wave that can end before or after the 1995 high... Little help please .. anyone... thanks guys !

Originally Posted by Jamie Saettele

This was the post that I left everyone with before I took off for Christmas. It looks like wave 1 of larger 5 is close to complete. The pair has reached a former congestion zone along with round number resistance in 1.4700. I am exiting the long and will be looking to get back in on the wave 2 setback.

Very nice Jaime a better call then I... lol

It's been a great week if you were short on the USD. There are impulse moves in a lot of currency pairs showing USD weakness. So the next round of dollar selling has definately begun. The first leg of EUR/USD looks to be complete, so it's time to figure out where to buy this market for the next leg higher.

Looking at a two hour chart, I drew a trendline off the highs of the wave four correction. I think price will decline down to and test that line as support before we rally again. Also, wave two usually retraces to about the 50.0% Fib of wave one. That level is 1.4518. I show that in the first chart I have attached.

The second chart shows the junction of the trendline, 50.0% retracement, and 1.382% Fib Time Extension. You can see that where I drew the magenta circle on the chart.

Using the Fib Retracement and Time Extension, a possible reversal point will be on 02Jan2008 at a price of 1.4518.

USDJPY bearish alternate

Hello , Justify

Here is the Euro /Usd pair from Friday's trading ..............
Price is now getting exhausted .............

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[QUOTE=justy10125

Hey Justy.... What charting software are you using ??? I like that

[QUOTE=brad_1199;142747][QUOTE=justy10125

Hey Justy.... What charting software are you using ??? I like that [/QUOTE]

Hey Brad. I'm somewhat of a cheapskate when it comes to charting services. So, I just use what's free. I use the powercharts you get from dailyfx for most of what I do. For the fibonacci time and retracement chart I had the other day, I use ESignal. I use forex.com as a broker and they give you access to ESignal if you have at least $1000 in an account(I think that's the amount). But really any service that has Fibonacci Time and Retracements would be the same.