jUST wANT tO sHARE wITH aLL VERY NICE CHARTs from brad in other forum--- Wish he would come back and post in here """ i like elliott wave style of brad_1199 -- very good handle of technical analysis
Thanks Munk for posting these charts.
No argumant from my side; I like the GBPUSD and the GBPJPY you are showing.
As far as USDCAD I do not have a position, but I am forming an opinion that it is starting to get bullish. I am watching for now. I rather miss a trade, than be wrong.
One comment: Brad trading style is long term frame. His charts are weekly and even longer. Myself, for trading I use anywhere from 30 min to daily. I stay with my positions few hrs or few days. I think that Brad is staying few weeks or months.
I am short. However, my stops at 4805 are slightly negative and just above wave ii of 1.
Why short?
Wave 5 throwover and price reversed prior to the end of the prior B wave reversal of the A-B-C down move.
Price broke the upper diagonal line, reversed, broke line and reversed. I went short at 4797.
Price broke through short term trend line reversed and traded up to form possible 1-2 trend line. Lowered stop to just above wave ii.
Price traded down to possible wave iii to touch bottom of trend line.
Price hit upper trend line and reversed to form possible wave iv.
Trend lines:
13 crossed the 20 and 34 down. 20 turning down. 13, 34 and 55 bunching or compressing indicating at least 1 more leg down.
Possibilities:
wave 1 down, highly likely because throwover, price zone reversal area and short term trend line break.
Correction, possible tripple 3 or tripple zig-zag. Low likely hood because of previous reasoning. However, if price exceeds wave 2 likely hood of correction increases and I'm out with less than a 10pip loss in 2 positions.
Good Luck.
I buy all your argumaents and I agree.
Bearish scenario is much more likely than bullish.
Just be the "devil's advocate", I haven't seen a strong follow up day yet, in accordance to DOW Theory.
What do you think if 0.849%....= 89.217 Level Truncated 5 Coz of 0.849 Can of 1 ,
and if Usd/jpy Below 1.618% = 88.759 .. so Why You are taking your New Step in Bearish Senario elliot wave count. WHY You are Starting your 5=1 New Bearish Count..
And
How much you are Bearish in this Pair?
thanks
The level of 89 area makes sense from a really short time perspective, like the end of wave i of iii. It might be followed by a correction.
I am short. However, my stops at 4805 are slightly negative and just above wave ii of 1.
Why short?
Wave 5 throwover and price reversed prior to the end of the prior B wave reversal of the A-B-C down move.
Price broke the upper diagonal line, reversed, broke line and reversed. I went short at 4797.
Price broke through short term trend line reversed and traded up to form possible 1-2 trend line. Lowered stop to just above wave ii.
Price traded down to possible wave iii to touch bottom of trend line.
Price hit upper trend line and reversed to form possible wave iv.
Trend lines:
13 crossed the 20 and 34 down. 20 turning down. 13, 34 and 55 bunching or compressing indicating at least 1 more leg down.
Possibilities:
wave 1 down, highly likely because throwover, price zone reversal area and short term trend line break.
Correction, possible tripple 3 or tripple zig-zag. Low likely hood because of previous reasoning. However, if price exceeds wave 2 likely hood of correction increases and I'm out with less than a 10pip loss in 2 positions.
Good Luck.
Yes, all that and, price is below 40MA on hourly chart. Also selling is on high volume. MACD crossed through zero line and is about to test the zero line.
MACD is showing divergence.
Yes, all that and, price is below 40MA on hourly chart. Also selling is on high volume. MACD crossed through zero line and is about to test the zero line.
MACD is showing divergence.
jUST wANT tO sHARE wITH aLL VERY NICE CHARTs from brad in other forum--- Wish he would come back and post in here """ i like elliott wave style of brad_1199 -- very good handle of technical analysis
Thanks Munk. I for one also wish he would post here. I thought we had the spectrum covered from long to short term, when he was here.
Yes, all that and, price is below 40MA on hourly chart. Also selling is on high volume. MACD crossed through zero line and is about to test the zero line.
MACD is showing divergence.
Just building some confidence here....
Ilovepippin;
If it plays out. If it is a diagonal, you are correct, wave 2 should end near wave ii end and that is the time to strike.
Dear Vinci, I have absolutely no idea what you´re asking or explaining in here. If you asking where C is > it´s allready placed with 50%, might extend later for 61.8% area but pattern suggest it´s right now as bearish setup.
Pippin, yes, on MT4 volume can be obtained by right clicking on the chart and select volume. But I have a question: since there is no central exchange for forex, is the volume reliable? I remember reading it some time ago that no broker can really have data on volume, except some very big ones can have some better estimates because of their huge client base. Most MT4 brokers are small ones, so is the volume data the real deal? Thanks.
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Originally Posted by Munk
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