Last weeks candle does not qualify as a bullish engulfing candle because it was not found after a substantial down trend Also notice how last weeks candle closed up very high above the prior weeks candle... That is not proper candle structure and is indicative of a bear market and price being whipsawed around due to no clear solid support or resistance levels... (To most people anyway)
I will also note the head and shoulders pattern I have been posting for CADJPY is not text book, but I am fairly confident we're into a major bear market in CADJPY and I think price action is just getting a little sloppy is all... Pretty much the same as USDJPY as I have shown in a comparison chart the other day....
As far as I'm concerned CADJPY is one of the best short trades of 2009 and I'm more then willing to risk large on it
I watched that chart for 6 months waiting for that picture perfect short set-up and now she's mine... All MINE !
if i may ask
how do you know what he is or what he isnt?
that he is lonely?
that he needs the praise of others?
i think your ego is just as big as the one you are describing, and sometimes you are going way too far..
every person is something special, including you, me, and MW.
Go back and read through the last elliott wave forum that is now closed for posting... Read through everything right from the beggining of that right up until present... You just might change your mind.... You haven't been around quite long enough to see everything..
Go back and read through the last elliott wave forum that is now closed for posting... Read through everything right from the beggining of that right up until present... You just might change your mind.... You haven't been around quite long enough to see everything..
Hmm, the current picture is though clear (we made clear 3 wave decline from 1,11), yet it doesn't give any clear direction for what comes next.
I've put two short-term main counts on the chart, which i'm following at the moment.
The first one is for EFlat, in which case we should easily get to 1,12 and probably slightly higher.
The second one (shown per alt.) entertains the idea, that these three ways have to develope into the complete 5 wave structure.
if i may ask
how do you know what he is or what he isnt?
that he is lonely?
that he needs the praise of others?
i think your ego is just as big as the one you are describing, and sometimes you are going way too far..
every person is something special, including you, me, and MW.
I beleive youve hit it right on the head QSX. The reason 95% of traders don't make it in this buisness is not through lack of skill. Anyone can have the skill required to be a good trader. The problem lies when the skill becomes contolled by the ego. Every human on this planet has an ego. Its instilled within us. Trading with no ego requires trading what you see not what you think you see and thats whats difficult.
Here is a count I following which I posted yesterday. Weve started moving up since then although we need price to be above 137 to confirm we are in the final leg. EurJPY is closely related to stocks and they should both turn down together. It shouldnt be long now.
Looking at the EUR YEN ITD chart, comparison of ITD 12 positions to previous two cycles show that the current cycle's ITD 12 high position could already be IN at 134.75. Confirmation of a daily candle close below 132.74 is required to safely conclude it.
Looking at the EUR YEN MTD chart, comparison of MTD 8 high positions to previous two cycles also show that the current cyce's MTD 8 high position could already be IN at 134.75. The same confirmation of a candle close below 132.74 is required for more safety.
In other words, Intermediate and Medium Term top have either already been IN or very near to arrival.
Hi Mellon,
In Elliott terms a couple things could be going on here. We could have a truncated 5th wave or a 3 wave C wave (zigzag). For now I am more inclined to the zigzag. But your delta count is obviously down. However, more upside could be possible in this EW count. So for me it is not tradable until I have confirmation one way or another.
Will you please forgive me funnymental approach here, but we`re nearing to possibly the most important report this month.
Most companies report decent earnigs, but it is mainly because of massive layoff cost-cutting.
Do you remember last july? Corrective rally was doing just fine until AmericanExpress issued a warning of a future serious detoriation in conusmer credit. You now what has happend next. Can we expect any good news this year?
Back to EW stuff - I don`t remember who posted this link last week, but I have to thank him - very useful - Ravno - you`ll like the style for sure, Diver - it`s a site for you too
sp500 - small ending diagonal possibly unfolds here
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Originally Posted by brad_1199 
Also notice how last weeks candle closed up very high above the prior weeks candle... That is not proper candle structure and is indicative of a bear market and price being whipsawed around due to no clear solid support or resistance levels... (To most people anyway) 
