Thread: Elliott Wave Trading Discussion

Hi everybody

I too tried to catch the top and shorted at 1.4904 on 14th October, but I lost the trade since it headed upwards. I am day trading and a new trader. Last week I traded cautiously and booked profit in every trade. I want to learn more through this forum.

Originally Posted by Ilovepippin

Caution, following is a chart for evaluation and comment by ellioticians participating in this thread. It by no means represents my feelings about the market, it is also not trading advice. It is one of many probabilities currently existing in the eurusd count. I strongly discourage leveraged trading. Leveraged trading can cause huge losses, and actually get you bankrupt in a hurry.
You'll lose your house, car, shirt and probably your spouse as well.
Thank you!

Hi friend,

Leveraged trading is like a double edged sword. It has advantages also if we use judiciously. For those who have small deposit, it is a boon. This is my humble suggestion.

Originally Posted by aerocom

AT;

I have shorted the Eur$. The chart from last night tells why. Resistance should be strong in the area depicted between the horizontal lines and wave 5 is underway.

If the first resistance line does not hold, then the next certainly should. If the first line gives way, I plan to add to my shorts up.

Good Luck.

Hi Aero,

Would you mind stating what your entry and stop levels were? I was long the GPB/USD last night from 1.6027 and got out this morning at 1.6255 just for profit taking purposes as that was a nice quick run. I'm currently flat all currencies and am waiting for top formation. Do you see any? Shorting the EUR/USD or GBP/USD after they top will be a monstrous move and profitable opportunity. Don't want to miss it!

American-T
Stock Market and Forex Analysis using Elliott Wave Principle

take this chart Only In techinallity..


Okay now You can see The Over all Line Evrey Row By Row The gbp/jpy giving Down Trend From Arround 50% Retraz..

and now If I just count with the Basis of this so 50% retraze would be My 5 wave 1.618%


Point also be Noten GAPis just retrazing the 50% from the TOP And BOTTOM..

you can undestand By chart

American Trader ,
these are your Gbp/Usd comments and chart from yesterday's post

( your chart and comments are pointing to downward prices isnt it ? )

Originally Posted by American Trader

The US dollar might be finding its footing as the EUR/USD and GBP/USD are looking "toppish" on the 1 hour charts. Below is a GBP/USD wave count which shows a 5 wave drop and a strong small wave ii rally carrying to just under the 78% fibo retracement (not shown).

It brings about a great risk:reward trade, shorting the pair with a stop just above 1.6124 and a profit target of 1.5700. So that's risking about 55 pips to make about 269 pips!

American-T
Stock Market and Forex Analysis using Elliott Wave Principle

Now this morning , you are saying you went long last night ?

Originally Posted by American Trader

Hi Aero,

Would you mind stating what your entry and stop levels were? I was long the GPB/USD last night from 1.6027 and got out this morning at 1.6255 just for profit taking purposes as that was a nice quick run. I'm currently flat all currencies and am waiting for top formation. Do you see any? Shorting the EUR/USD or GBP/USD after they top will be a monstrous move and profitable opportunity. Don't want to miss it!

American-T
Stock Market and Forex Analysis using Elliott Wave Principle

here is your original chart , American Trader

can you please post an update chart for this ? , thanx

I have 1.5068 (1.618 EX RET) for the possible temp. top.
Since Dow's rally toward 10330.00 (50% IN RET) is not over and not to mention the rally on Oil which is far from over,
makes me believe this rally is going to continue till at least Oct,19 and only a shalow ret. we should see after words!

Just my 2 cents.
PS; I am short UsdCad & Long EurJpy both eversince ~ten days ago. Rest flat!

Ed,

Originally Posted by VINCY BALBOA

take this chart Only In techinallity..


Okay now You can see The Over all Line Evrey Row By Row The gbp/jpy giving Down Trend From Arround 50% Retraz..

and now If I just count with the Basis of this so 50% retraze would be My 5 wave 1.618%


Point also be Noten GAPis just retrazing the 50% from the TOP And BOTTOM..

you can undestand By chart

Hi Vincy,
In my opinion this rally on GbpJpy is more corrective than implusive. and i am still looking for a decline to 135ish by Oct,30th and then to 180-200 level by Jan,2010.

Ed,

Originally Posted by marketwavez2

American Trader ,
these are your Gbp/Usd comments and chart from yesterday's post

( your chart and comments are pointing to downward prices isnt it ? )



Now this morning , you are saying you went long last night ?




here is your original chart , American Trader

can you please post an update chart for this ? , thanx

Sure Market,

You didn't to include the post I placed between the two you just posted. A few hours after showing the short term bearish outlook I saw the GBP/USD, along with the EUR/USD, drift higher in the Asian session causing me to rethink the bearish stance and look at the bigger picture. So the post you didn't show can be viewed at (http://forexforums.dailyfx.com/359187-post19732.html (Elliott Wave Trading Discussion)) and states the following:

GBP/USD Long Term Bearish, Short Term Bullish --------------------------------------------------------------------------------

With the GBP/USD breaking out higher it's time to look at the bigger picture. I'm keeping mind that major head and shoulders pattern and the recent 5 wave decline supported by the classic RSI divergence in the 5th wave.

1.6744 should cap any rally over the coming weeks, but that's really far away, I know. I'm looking at the 1.6100-1.6200 area to offer strong resistance for the pair as it's the prior 4th wave area, two fibo retracement levels, and previous congestion area.

I'm short term bullish above 1.5700 and long term bearish below 1.6744.

American-T

My position, as stated by the latest post you didn't include, was that I turned short term bullish above 1.5700, and longer term bearish beneath 1.6744.

You have to be nimble in the market and not get married to a position; willing to adapt and overcome at a moment's notice. Attached is also the chart from last night.

Regards,
American-T

Gbp/Usd

here's the chart results ---- 2nd target reached ---

Yesterday --------- to ------------ Today

////////////////////////////////////////////////////////////////

The GBP/USD 5min is looking very "trianglish". If so, 1.6211 marks the make or break point for the formation. As long as the pair trades above that level, a thrust to a new high is possible. It's currently at 1.6266 so risk is fairly tight. A break of 1.6211 can open up 1.6100, or possibly much more, and will weaken the "right look" EWP offers guidelines on for a 5 wave rally. If a 5 wave rally is not occuring, then it's probably a 3 wave rally and possibly complete, suggesting much lower levels to come.

I'm getting ahead of myself though. Let's let the market play out. Right now on the 5min chart there's a consolidation that's looking like a triangle. I expect 1.6211 to hold and sharp thrust higher soon.

American-T
Stock Market and Forex Analysis using Elliott Wave Principle

original post (Elliott Wave Trading Discussion)

well, guys.. woow.. i was expecting it to be quick, but that was just textbook! i have removed my limit, because i think its time to fall asleep with this trade for now (at least until i see a wave 5).

Originally Posted by qsx

original post (Elliott Wave Trading Discussion)

well, guys.. woow.. i was expecting it to be quick, but that was just textbook! i have removed my limit, because i think its time to fall asleep with this trade for now (at least until i see a wave 5).

qsx, good to see you back in the saddle. Where do you estimate the wave 4 pull back to be?

well i can imagine several scenarios, but most importantly this is not the kind of situation where you see such a move and then go back to the old lows the other day, so for now it doesnt really matter to me.. time will make us wiser

..as always patterns are clearer towards their end, and for now i am quite certain this is (was) a wave 3, so there should be more to come.

in the case i am just plainly wrong i have locked in 210 pips.

Originally Posted by qsx

well i can imagine several scenarios, but most importantly this is not the kind of situation where you see such a move and then go back to the old lows the other day, so for now it doesnt really matter to me.. time will make us wiser

..as always patterns are clearer towards their end, and for now i am quite certain this is (was) a wave 3, so there should be more to come.

in the case i am just plainly wrong i have locked in 210 pips.

qsx, yeah you make a good point here. I appreciate the info.

Originally Posted by Sean Hyman

qsx, good to see you back in the saddle. Where do you estimate the wave 4 pull back to be?

Hi Sean,

I nominate Justin's Running Contracting Triangle as the Winner of the Day! I think that set a direction for the pair,for forum,for DX,etc
I dont think anyone of us saw that pattern!


Can you or someone post the Idealied classic pattern please


Cheers,