Thread: Elliott Wave Trading Discussion

Heres an update to my AUDJPY long.

Confidence isn't huge but I'm going with the higher daily highs and lows and moving the stop to 70.45 locking in 45pips

This pair is in a nice pattern and looking for more gains, target 143 or so if it manages to reach the top of the channel, which seems feasible since we have a throw over wave 4.

Usd/Cad

Originally Posted by marketwavez2

Usd/Cad


Original Chart Post --- from last week

,,,,,,,, will update tomorrow


---------------------------- ------------------

Here is the 2 Chart Update

Carry traders, a final move up is coming.

Going long EURUSD at 1.4130

Going long EURCHF at 1.5200

Originally Posted by Ilovepippin

Here is an example of a complex triple 3 I found in a book by Robert Balan.
I made the illustration though. But here also it depicts a triangle within a triangle and it is not part of a four, X, 2 or B wave.

Ilovepippin, if you wanna label this way here is my interpretation. I've never seen an expanding triangle in 2nd wave (but people draw if they love them). There is another posibility, the wave B (red) is a wave X or a wave 1. But I dont like it this way. personally, I tnink the 4th wave ended at a wave (A). I clearly see an impulse in a wave that you labeled 1, but who said that first part of wave B cannot be an impulse? Moreover, such a complex wave 4 is a good alternation with a simple wave 2. anyway, i'm not messing with the cable. there are better opportunities.

mike, your entry is good (at the 50%), but i am still waiting for the retest which i think must occur... so you might have to wait a bit more for price to go in your direction.


..and justy`s entry 3 months ago is just about breakeven again.. respect for the patience!!!!!!!

Originally Posted by qsx

mike, your entry is good (at the 50%), but i am still waiting for the retest which i think must occur... so you might have to wait a bit more for price to go in your direction.


..and justy`s entry 3 months ago is just about breakeven again.. respect for the patience!!!!!!!

for me, it was not a fibonacci based entry, although fibonacci gives me more confidence.
in this case, it was based on the MACD behaviour, since Elliott wave count is almost impossible to decipher in this correction.

i do not have as much patience, i like to keep my trades 1 day - 1 week, so we will know soon, if i was right.

has anyone seen this????

"A major new NFA rule goes into effect after July 31, 2009 which affects all US regulated Forex Dealer Members. Forex traders will no longer have the ability to place stop-loss or limit orders. Nor will traders be able to modify or close trades from the Open Positions Window. As these features will be removed, all stop-loss and limit orders held on FXCM LLC accounts at the close of trading on July 31, 2009 will be deleted.

For clients with Managed accounts, please consult with your money manager prior to taking any action. These changes may not affect your money managers trading strategy.

Self Traded Accounts: Visit Now to learn how these changes impact you, and how you can use a new OCO entry order feature to manage your risk going forward. Alternative account options that will allow you to keep your current platform functionality are also available."

Originally Posted by Bignatx

has anyone seen this????

"A major new NFA rule goes into effect after July 31, 2009 which affects all US regulated Forex Dealer Members. Forex traders will no longer have the ability to place stop-loss or limit orders. Nor will traders be able to modify or close trades from the Open Positions Window. As these features will be removed, all stop-loss and limit orders held on FXCM LLC accounts at the close of trading on July 31, 2009 will be deleted.

For clients with Managed accounts, please consult with your money manager prior to taking any action. These changes may not affect your money managers trading strategy.

Self Traded Accounts: Visit Now to learn how these changes impact you, and how you can use a new OCO entry order feature to manage your risk going forward. Alternative account options that will allow you to keep your current platform functionality are also available."

Scroll back a few pages to yesterdays posts and you will see many comments about this subject already.

Hi there,

I was thinking a lot about gbpjpy situation. Daily chart shows a possibility of a finished upside corrective move, but I thought it just stopped in the middle of nowhere - far from fibo resistances, far from a sloping trend line .
And then I took a look at weekly (closing prices) chart and a picture started to clear up a bit - this could actually be a perfect turning point for gbpjpy. If you draw a parallel channel of what can be treated as a double top, a bottom line marks a resistance which has stopped the rally at 162.53 - this may be quite a good support for cmellon delta count

Yet - it still keeps moving up within a corrective channel - so its worth watching this baby I suppouse.

Patryk

Originally Posted by Big Mike

for me, it was not a fibonacci based entry, although fibonacci gives me more confidence.
in this case, it was based on the MACD behaviour, since Elliott wave count is almost impossible to decipher in this correction.

i do not have as much patience, i like to keep my trades 1 day - 1 week, so we will know soon, if i was right.

Hi Big Mike,
I am looking for the chart CHF / EUR ... I would like to count with EW reversed direction
Do you have a tip, where I can find so what?
Thanks in advance

Originally Posted by Big Mike

Going long EURUSD at 1.4130

Hey Big Mike,
Is that your opinion for today (02072009)?
I am sitting in Europe and I have sometimes a problem with the display of the time in the forum.....
Never, a top is has been formed since yesterday's high at 1.4150 almost exactly in the middle of the correction
/ Resistance at 1.4115/1.4200 area and came to a halt
(61.8% ige/76, 4% correction the decline from 1.4340 - 1.3750)
Could also be a mistake for me to be, but I do not believe in a strong EUR....

Originally Posted by Trading4cash

Now if I may bother you, when you get to it, what is your take on usdyen. Have we completed X in your view? I know we had a similar count, although I still expect some moves to the 95.50-70. Thanks

Hi T4C,

Sorry it took me so long to get back to you.

I do think that the USD/JPY has possibly completed a triangle on the daily charts. My preferred count has price rallying up to ~110 - 115 in the next few months or so in a wave (Y) to complete a W-X-Y.

On the shorter-term charts, one possible count for recent price action is that a leading diagonal is unfolding. Price has so far been a string of three-wave moves. I'd expect a decline into the 96.00 area in a fourth wave correction before moving higher again. There is also an inverse head and shoulders that supports a decline into 96.00 followed by a rally (neckline retest).

So all in all, I'd say that a long trade may be a good choice here.