Thread: Elliott Wave Trading Discussion

Originally Posted by 10frank01

Hi brindar

I share your view of EUR$, but would like to add one more corrective
possibility. Could also be that there is an abc-X-abc correction
ongoing (wxy). Last chart shows a bear rally as wave C unfolding
(of 2 black). I have no main/alternate selection right now. I stay on the sidelines.

Here my charts

Combo correction of wave 2 (black)
Attachment 67475


ABC correction of wave 2 (black)
Attachment 67476

Wave 2 (black) not yet in place; C-Wave of it unfolding
Attachment 67477

-->Previous post

Hi Frank,
nice work , and your three alternative counts are right and considerable.
we'll wait and see which count will usdcad perfer.

Regards
Brindar

Originally Posted by brindar

USD/CAD.H4.update

Only a schizophrenic would buy USD/CAD, ever. There is a reason they call it the "loonie." That is the choppiest, ugliest, most disturbing chart I have ever seen. Anybody that trades the CAD, meet me outside.

So...you think it's a buy now? For real?

I need some persuasion. I am not seeing it; which is a good sign, but seriously...Just looking at that chart is a trauma to me. I understand that crude oil is weak, and that employment data out of the US has not been favoring oil strength; but why has USD/CAD not already gone to 1.30 on bad jobs numbers and weak oil if it was gonna? Why now?

Has it occurred to anybody else that all the Aussie and the CAD and the USD and the Swiss Franc are going to mutual parity, and USD/JPY is going to 100?

Therefore, buy GBP/JPY.

Originally Posted by brad_1199

USD/JPY Monthly Chart ----->

We'll see if the Bank of Japan can do anything about this long term pattern...

I'll bet they can't stop it..!

I'm kind of thinking this pattern will be truncated if everyone buys into the reversal, but you may be right that they can't stop it. The funny thing is that I think it only had several hundred more pips down anyway.

Originally Posted by Gregory McLeod

NZD/USD Could Reach 0.7100-- Count corrections invited!

Here is my preferred Kiwi count on the daily and hourly chart. Also I am including my super long term chart for perspective.

Regards,
Dave

A few months back EUR/CAD left a pretty solid looking hammer in place at multi-year support on the monthly chart after a long drop signalling a probable up side reversal.. Since then the market has rallied in what looks like an impulse pattern.. A closer look at the daily chart reveals that price is indeed repsecting a medium term up trend line projected off the recent yearly lows.. It looks like bulls are building a base here before pushing higher... Every time the market ends up in this long term support zone we usually see a big move higher in the medium term.. I'll be on that again... The market doesnt look like it wants to go any lower.. I'll be keeping an eye on the up trend line on the daily chart.. Price action needs to stay above there to keep the bullish case alive..

The only problem I see with this count is that wave 4 clearly is not a triangle like I have drawn..

However, the shape is there and seems to fit in with the over all count.. Perhaps someone else in here can show us a count for that wave 4...

Does that mean I can short this thing at the 78.6 retracement of the 1SEP2010 high and the 9SEP2010 low, 1.3556, for 300 pips? Cuz I'm a lower middle class guy; I'll take that in a heartbeat.

Originally Posted by jsgehrke

Does that mean I can short this thing at the 78.6 retracement of the 1SEP2010 high and the 9SEP2010 low, 1.3556, for 300 pips? Cuz I'm a lower middle class guy; I'll take that in a heartbeat.

You trade what you want JSG... At the moment, personally I think the higher probability trade is to the up side in this pair...

Here's what I'm thinking ------->

I do appreciate the entry recommendation. Really. That's great stuff for me.

Originally Posted by jsgehrke

I do appreciate the entry recommendation. Really. That's great stuff for me.

Glad to be of assistance my friend

I think it will take a week or so for that entry to get picked up..

Originally Posted by brad_1199

The only problem I see with this count is that wave 4 clearly is not a triangle like I have drawn..

However, the shape is there and seems to fit in with the over all count.. Perhaps someone else in here can show us a count for that wave 4...

Hi Brad!

This could be another possibility. What do you think?

Regards

Originally Posted by jsgehrke

I do appreciate the entry recommendation. Really. That's great stuff for me.

I was like you, first I was Intraday trading, then 10 days back I got convinced that Brad's style is awesome and better for my psychology to follow. Just keep in mind to risk with DIFFERENT FACTORS.
If my stop was 50-70 pips, I used to risk 3-5% of my account in every trade, now when Its 300-400pips, my risk is almost the SAME!!!! Its just a wider scheme. maybe i could stretch it to 5-7%, but not 30-50% if I used the similarity rule!!!
Money Management my friend

Good Job Brad, I just like your charts

Aud/Usd

-----------------
Chart Update :


Skyward !

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How high is the sky ?

Aud/Usd


Ascending Triangle :

- - - - - - - - - - - - - - - - - - -

Bigger than expected correction (price and time)?

Jamie Saettele Euro Bearish Count. The Euro looks poised to go lower. The FOMC meeting could be the catalyst. Jamie Saettle is our resident Elliott Wave expert and has great articles and charts located HERE that I will share over the next few days.