Thread: Elliott Wave Trading Discussion

Originally Posted by Paul79

It looks like minor wave (1) finished at 1.0313 (just like the minimum Aerocom stated...nice). If that is correct then we should get a minor wave (2) low before the next 5 wave up to minor wave (3), correct? If so, I am thinking of a fib retracement to the 0.382 level of the 9801 - 10313 move and that would put us at 10118. Or another way to look at the minor wave (2) retrace is the fib extension of the 10054 - 9801 and project it and I get a fib ext 1.272 at 10122. It looks like a strong uptrend so I am not sure what would be a good fib extension it would come down to...just thinking out loud.



Does that sound right to you, aerocom, xtura? Jamie states that 10130/50 is strong support so I am thinking of buying at the 10150 level and taking my chances.

I am back from a much needed respite. The $cad pair has completed minor wave 1. As for support, there is a solid line of support from 1.0196 down to 1.0151. Next support extends from the 1.0035 area down to 9933.



Good Luck.

Originally Posted by JoeyLee

Thanks. Allright. I am going to post whatever I want. It seems that market has a respect for Mr. Elliot. I short the USDCAD at 1.02843. Yupee. Target = open. I was nervous on EURUSD because too many people short it and some more advise too. Luckily I still have a little bit of faith in Elliot Wave. I believe a miracle will happen.

There are no miracles. Resistance is strong at the trendline breaks and the Euro$ is going down. It could be that it is in and elliott wave 5 and when complete will retest the 2 year trend line break in the 1.28 area. I will do some analysis later today.

Good Luck.

Originally Posted by aerocom

There are no miracles. Resistance is strong at the trendline breaks and the Euro$ is going down. It could be that it is in and elliott wave 5 and when complete will retest the 2 year trend line break in the 1.28 area. I will do some analysis later today.

Good Luck.

I gave up this pair. Anyway I get 700 pips to the point I have entered. Loss 50 pips. Too many people short it until wave E is not so clear. Therefore I have to believe the fact that people move the market. It is under observation. I plan to long again at 1.24. Yeah. Retest back to 1.28 may be the wave E.

The EUR/USD monthly bar is now very stretched, Considering the prior multi year support at 1.2639, I believe we will see a strong relief rally from this over sold market...

I have drawn extension candles here on the monthly chart to illustrate what I am saying... Keep in mind each bar represents one month of price action... I'm looking for bullish momentum in early June to bolster bulls....

Here is my daily Eur$ chart. I think wave 3 is coming to an end and could go as low as 1.2364 before reversing in a wave 4. If wave 5 is a diagonal and wave 3is completed, wave 5 of the diagonal is likely to end in the area of 1.2404 which is .618 of wave 3.

Afterwards, wave 4 should be about 300 to 400p not exceeding 1.2812.

Good Luck.

Here is what I am watching in usdchf pair. I expect any correction to limited to .9450.

Good Luck.

Daily Needle bar should be appeared at 1.24 if it is moving up for EURUSD. If not, it continues to move down.

If this plays out as depicted we have double H&S pattern. The small pattern indicate a move of 1016p and the larger pattern would indicate a minimum expectation of about 1600p.

Good Luck.

Originally Posted by JoeyLee

Daily Needle bar should be appeared at 1.24 if it is moving up for EURUSD. If not, it continues to move down.

nice needle bar, would like to see that hammer to stop those honey bears...lol
good luck

Originally Posted by JoeyLee

Daily Needle bar should be appeared at 1.24 if it is moving up for EURUSD. If not, it continues to move down.

I agree and here is why.

Good Luck.

Originally Posted by stanchiam

nice needle bar, would like to see that hammer to stop those honey bears...lol
good luck

Hammer got two types either green or red. I am afraid it is red colour. What do you think ?

Originally Posted by JoeyLee

Hammer got two types either green or red. I am afraid it is red colour. What do you think ?

red i will call it shooting star, green mr hammer
no hammer yet for now but i have one at home but its brown

This is basically the inverse to the USDCAD spot market, i suspect its nearing the end to a 5 wave decline from the late April highs.

You can see many other markets like GBPUSD, EURUSD, USDCHF and the DX have the same setup, 5 waves from the April/May period

The majors are deffo the pairs to be watching over the next few days



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I'm starting to wonder just exactly what is going on with USD/CHF .....

Check out the view on the monthly time frame below....

I'm always looking to sell this puppy... However bulls are still running the show for now....

Retrace to the center of the previous multi year contracting triangle...???

There is plenty of time and space to allow it....

Originally Posted by brad_1199

I'm starting to wonder just exactly what is going on with USD/CHF .....

Check out the view on the monthly time frame below....

I'm always looking to sell this puppy... However bulls are still running the show for now....

Retrace to the center of the previous multi year contracting triangle...???

There is plenty of time and space to allow it....

It is classic elliott. Price traded down in a diagonal. Wave 5 is 62 percent of the length of wave 3 with a throw over. Price should now rapidly trade back into the area of wave 2 of the diagonal. I finally got it and stuck this chart on the wall with a "DO NOT SELL" add here, here, here... sign.

Good Luck.