Thread: Elliott Wave Trading Discussion

Originally Posted by mike3gdc

Hi Sean,to my eyes this is beautiful...you also got the count correct....both technical and EW.awesome

thanks for sharing this

haha, thanks Mike. Yeah I knew I had the pattern right...but the counts I was pretty sure of...but not 100%. In this case, it was very clear I thought. So I took a stab at it. haha.

Originally Posted by mike3gdc

Don Marketwaves,


I think you as the oldest fella in this room should come forward and make Sean's chart , Chart of Day! (on top of other chart of day,Moderator's charts can be a winner anytime.that's the rule!)

Yeah, I think I'm disqualified from "tooting my own horn" there since I choose and post them. hehe! Darn! hehe!

Originally Posted by Sean Hyman

GBP/AUD Head & Shoulders pattern in effect IF the pair closes below the neck line.

As for if I have the EW counts correct...you guys can be the judge of that.

Divergence on wave 5.

how does gbp/jpy look if gbp is gonna get crushed?~??!!

USD under serious pressure here...gold is 6$ away from a new high!! wow! I stepped out for a bit! damn.

trade result:

NZDUSD:
Reason for Entry:

*reached 0.786 fib
*passed well 0.7500
*EW Pattern looked matured.could see the 5waves.
*great R/R ratio

Short at 0.7510

Stopped out 0.7570

Loss 60 points Higher leverage


Lesson Learned:

*wider stop.
*small leverage
*Never go against the prevailing trend.



EDIT:

Originally Posted by speculator84

how does gbp/jpy look if gbp is gonna get crushed?~??!!

I think its Aussie strength that's crushing GBP/AUD more so than GBP weakness presently.

Mike, kiwi is pissing me off. please take a look at my count. It's a complex wave A that consisted of a triple zz which is almost finished. such a wave usually takes place in a triangles (like expanded flats). As you said, right now there will be a correction (wave B). and then I expect another wave up to complete A of a second zz. I'm not going short since there will be a lot of sideways action and a negative swap is not very encouraging








[/QUOTE]

Originally Posted by mike3gdc

Hi pacos,still kiwi in progress? I am awaiting to see your A? cheers

Two main reasons why I discarded ED scenario. There are
no deep retracements and the running triangle is not supposed to be there!!! it's not logical to have it in the terminal waves.

Originally Posted by pacos

Mike, kiwi is pissing me off. please take a look at my count. It's a complex wave A that consisted of a triple zz which is almost finished. such a wave usually takes place in a triangles (like expanded flats). As you said, right now there will be a correction (wave B). and then I expect another wave up to complete A of a second zz. I'm not going short since there will be a lot of sideways action and a negative swap is not very encouraging

This thing does not seem correcting anything or anybody.it could be an impulse move from this year low as Justin's count was saying today...look,.it just didnt notice 0,786 fibo! no resistance,nothing!

need a break! i will look at your chart later.thanks anyway

Originally Posted by mike3gdc

This thing does not seem correcting anything or anybody.it could be an impulse move from the this year low Justing count was saying...look it passed well beyond 0,786.

need some break! i will look at your chart later.thanks anyway

double and especially triple zz's are ez to confuse with the impulsive wave. There're 3 distinctive differences:
1. 2 or more legs are pretty much equal by magnitude
2. price action channeling very well (no throwoffs)
3. shallow retracements

If it is an impulsive wave then we will see a penetration 1-3 trendline made by an expanded 5th wave (see Justin's chart). She has to go almost vertical to get there.

Originally Posted by Sean Hyman

GBP/AUD Head & Shoulders pattern in effect IF the pair closes below the neck line.
As for if I have the EW counts correct...you guys can be the judge of that.
Divergence on wave 5.

Thanks you Sean, for all your work in here!



Would you consider a 5 wave drop forming wave A so far?
That may put wave B around 1,7780 and wave C 1,7460.

Thank you.

Originally Posted by mike3gdc

Nice one.you were right on the triangle.could you update your EURUSD as well please.

Cheers.

Hey Mike,

Thanks. I don't really have a Euro count right now, as I haven't been paying it much attention, but here is the count that I am following for the Dollar Index. We could still have a ways to go.

Originally Posted by mike3gdc

trade result:

NZDUSD:
Reason for Entry:

*reached 0.786 fib
*passed well 0.7500
*EW Pattern looked matured.could see the 5waves.
*great R/R ratio

Short at 0.7510

Stopped out 0.7570

Loss 60 points Higher leverage


Lesson Learned:

*wider stop.
*small leverage
*Never go against the prevailing trend.



EDIT:

Hey Mike,
I know you follow Kiwi. I dont personally trade it, but your right, it looks WAY OVER extended. Now to me, I see a beautiful ending diagonal in oil and SIlver and Gold look like they topped last week. But thats just me. I liked the count Justy put forth this weekend in the Euro, but because I think Gold and SIlver might have topped, Im skeptical. Justy's count would have this going on for a few more weeks. Right now, I just dont see that. Personally, this is what I see in KIWI. Is it the top? Well Gold and silver are near last week highs as well. The question is, will they make new highs. We shall have our answer tonight. If they did top, Aussie can't be far behind from the top.

Originally Posted by justy10125

Hey Guys,

Price action on the CHF/JPY has been repelled by the upper triangle line three times now, confirming that line as a true resistance line. So the next rally up and through the line should be the real deal and should see price continue higher.

Looks like it closed just barely above the line and is staying there at the moment. Stochs are pretty overbought so it may stay in this area today to work some of that off before heading higher unless it is a fake out.

Originally Posted by Sean Hyman

qsx and blue bottle get the "posts of the day". Their chart analysis is simple..clear charts...easy to see where they feel the pair will go EVEN IF you don't know Elliott Wave analysis. I think that's particularly helpful on the forums where we have so many "newbies" that are looking for a sense of direction.

Congrats qsx and bluebottle!

Hi Sean and Marketwavez,

Thanks a lot!!!

here is my update for gbp/usd h1 chart which i posted here earlier.