Thread: Elliott Wave Trading Discussion

Originally Posted by Gizmo

The first chart is one I posted on the 28th of dec to update the falling trendline chart I posted on the 22nd. Shortly after the 28ths post, price broke through and closed above the falling trendline. Since then price has played out nicely respecting the lower trendline on the decline and bounced back above the upper line and is hovering in that area.

In less than 1 hour we will see where the daily candle closes and the next one opens. Could be more upside short term.

Just keep your eyes on this up trend line on the daily chart of EUR/GBP -- There is opportunity here either way the market decides to move wether it be up or down.. Sooner or later price will break down through the up trend line, or price will continue dragging higher using the line as support... Patience is required right now though.. Sooner or later the market will work itself out...

Originally Posted by apipintime

Keeping with the CAD theme, I am long from 1.0390 with Stop placed under the October low @ 1.0199. I am targeting 1.20-1.25 over the next 10 months. The risk to reward on this trade is 8. Good Luck.

I don't know about that long trade pipin.. USD/CAD is still dropping... And with no solid bottom in place yet... I think longs are too risky right now... In my opinion I wouldn't be surprised to see this market drop down to multi-year lows for a double bottom eventually... The down trend is intact and looks very strong still... If anything,,, play safe and short the market.. This is no safe place to be long...

Originally Posted by brad_1199

I don't know about that long trade pipin.. USD/CAD is still dropping... And with no solid bottom in place yet... I think longs are too risky right now... In my opinion I wouldn't be surprised to see this market drop down to multi-year lows for a double bottom eventually... The down trend is intact and looks very strong still... If anything,,, play safe and short the market.. This is no safe place to be long...

Hey Brad,

Well, I respectfully disagree. As is often the case with UsdCad, it tends to be a leading indicator for future USD strength/weakness, and this time is no different. The five waves up from the Oct 15th low presage more Loonie weakness in the weeks/months ahead. And, with the Dollar Index about to complete a Daily degree wave 1 up from it's most recent lows, I will not look to get short Usd/ Cad until the Dollar Index meanders up to the 90 level. At that point I will look to short the Usd/Cad for a ride down to test the all time lows sometime towards the end of 2010/early 2011. Anyway, I like the risk to reward. Thanks for your concern.

Originally Posted by brad_1199

Just keep your eyes on this up trend line on the daily chart of EUR/GBP -- There is opportunity here either way the market decides to move wether it be up or down.. Sooner or later price will break down through the up trend line, or price will continue dragging higher using the line as support... Patience is required right now though.. Sooner or later the market will work itself out...

Yes I am keeping an eye on that trend line. Since I am hedged from earlier positions with the chopping I decided to enter a long on the bounce from the lower trend line with a tight stop to see if price would head higher to the upper line again in an attempt to lessen the spread of the hedge and exit it.

When the morning star appeared I entered long during the hammer that formed at .8870 with a .8840 stop and later added a trailing stop incase price reversed quickly due to that shooting star in place. The long now is running with 80 pips profit locked in and whichever way it goes is fine with me.

Here is look at the Monthly chart for the Dollar Index. We are in the early stages of a 5 wave rally that should culminate in the completion of wave C of B in the 90 area. It is at that point, that the long term decline in the Dollar should continue. Given the extent of the decline from 2001, the correction has not even come close to burning through enough time to be complete, the min fibo time retracement for a move of that magnitude is the 38.2%, and that does not occur until Oct 27th 2010. I will have my antennae up at that point for shorting opportunities in the USDCAD.

Looks like an easy 200 pips for bears in EUR/JPY

Originally Posted by brad_1199

Just keep your eyes on this up trend line on the daily chart of EUR/GBP -- There is opportunity here either way the market decides to move wether it be up or down.. Sooner or later price will break down through the up trend line, or price will continue dragging higher using the line as support... Patience is required right now though.. Sooner or later the market will work itself out...

Hey Brad,
one of my entry orders was just triggered. We'll see how far she falls Pacos

UPDATE GOLD CLOSE

Blue is entry Red is CLOSE

Update GOLD

AU update

iii iv v can or v =iii= and coming 5th

AU

Market were side way i Just going With Rhythm Buying And selling as well when i have seen the Dollar Economy so I Bear about USD as well my Elliot wave count On DJA were Down But talking about AUS/USD i have a 4 explanation
CT IM 2

Expd C of Ending DT

Expanding Triangle

TRIPLE



BYE

GU 1 hour


keep ur MM tite

I'm still a bear but considering to turn bullish. The triangle is a little too perfect. Good luck to bears! EDIT: just covered all my shorts +1 pip .

Eur/gbp

x5 Extension Terminal

Originally Posted by pacos

I'm still a bear but considering to turn bullish. The triangle is a little too perfect. Good luck to bears! EDIT: just covered all my shorts +1 pip .

I did the same thing thinking there was one more smaller high...

Maybe this might work for the triangle?