Thread: Elliott Wave Trading Discussion

Originally Posted by TAfool

I hate losing money but what I hate more is being so very wrong in a public way -- how embarrassing. I was way off on that one. Still think another up move will occur, though. E/U just pulled back more than I ever thought it would. If it breaks below 2417 I will admit failure.

So far, nice call Jimbo.

TAfool

Me too think EUR would move up. But for now we are still in a-b-c correction with the first leg done working on wave b now.

For what's worth I could count wave a as either 1-2-3-4-5 or a-b-c like the chart bellow

Originally Posted by longshot-nl

GBP CAD weekly.

Attachment 149312

Attachment 149313

its a rectangle bottom pattern.
Hopefully it gets there in time.

maybe short final wave here...
Attachment 149316

Nice call. So far you were spot on. Went short (1.5875) with stop loss at break even. Lets see what happens. 1st time to trade this pair. Range bound and at the top of the range.

Originally Posted by TAfool

Speaking of embarrassing, FXCM has a neat app that interfaces with Twitter and/or Facebook if you want to share your awesome (or maybe awful) trades. It shares your trade entry and exit points and even specifies if the account is a demo. Such as "bought EUR/USD at 1.30700" then "closed EUR/USD at 1.30720 position gained 2.0 pips". It won't say what size the trade is, just the entry/exit and profit/loss, so it isn't invasive.

I did a couple of test trades with it and it works well
http://www.fxcmapps.com/standalone/trade-with-friends/

Hi TAfool. Could be good for a way of interacting with fellow traders of like mind. Which do you prefer. Twitter or facebook.?? Not a fan of face book myself. Cheers

EUR/USD on the way to 1.28.....?

... or below. Range ~1.265

http://forexforums.dailyfx.com/ellio...ml#post1335831 (Elliott Wave Trading Discussion)

Originally Posted by Luxuriant

Nice call. So far you were spot on. Went short (1.5875) with stop loss at break even. Lets see what happens. 1st time to trade this pair. Range bound and at the top of the range.

i am short too, its not over though i don't use SL for this tf.
gu still needs entry.

daily


weekly


weekly could be pennant. speculative chart:

Originally Posted by JimboFX

EUR/USD on the way to 1.28.....?

dude i have a very similar count

Originally Posted by longshot-nl

i am short too, its not over though i don't use SL for this tf.
gu still needs entry.

daily


weekly

weekly could be pennant. speculative chart:

Yes I was thinking about a another entry.

Originally Posted by longshot-nl

i am short too, its not over though i don't use SL for this tf.
gu still needs entry.

daily


weekly


weekly could be pennant. speculative chart:

I think this is probably the correct count short term. However, I don't think this move marks the end of the triangle although, it could be since the move down is in 5, w-x-y. In my view, the move down in the Gbp$ will not complete until mid year 2016. With that view in mind, the current move would have to be considered wave B of D. A target A=C would be in the area of 1.6335. However, the trendline extended off the top from A-B would indicate 1.6350 within the next week.

The down side target then for wave D would be in the (C=A) 1.4850 area.

Good Luck.

Originally Posted by Ikee

Hi TAfool. Could be good for a way of interacting with fellow traders of like mind. Which do you prefer. Twitter or facebook.?? Not a fan of face book myself. Cheers

I don't FacePalm but I did get a Twitter some time ago (Somebody stole MY name so had do go slightly different). Use to do IRC for years but recently dropped out of the group we had. Twitter is neat but I really do like IRC better.

TAfool

IT is not unusual for 4th waves to form triangles. Fridays up, and down wave movement shed some light as to what is happening on the EURO. You normally can expect thrusts from triangles to be the width of the triangle, and a ending move. So I expect a drop to 1.2850 to 1.2800. (Matches Jimbo's post) Then wave 5 to start. Projections for wave 5 using the wave principle:
Wave Relationships:
Wave5 = Wave1
Wave5 = 1.618 x Wave1
Wave5 = .618 x Waves1 and 3

Note: Triangles offer low risk trading with proper money management and correct stop placement.
Down in the triangle = exit down
Up into the triangle = exit up

Note2: I normally shy away from this pair. But always look for the best trading opportunity on all pairs. This also would confirm that way to much money is short USD. So I again point out that if you are short USD be careful. The DXY has found support for now.

Originally Posted by Luxuriant

IT is not unusual for 4th waves to form triangles. Fridays up, and down wave movement shed some light as to what is happening on the EURO. You normally can expect thrusts from triangles to be the width of the triangle, and a ending move. So I expect a drop to 1.2850 to 1.2800. (Matches Jimbo's post) Then wave 5 to start. Projections for wave 5 using the wave principle:
Wave Relationships:
Wave5 = Wave1
Wave5 = 1.618 x Wave1
Wave5 = .618 x Waves1 and 3

Note: Triangles offer low risk trading with proper money management and correct stop placement.
Down in the triangle = exit down
Up into the triangle = exit up

Note2: I normally shy away from this pair. But always look for the best trading opportunity on all pairs. This also would confirm that way to much money is short USD. So I again point out that if you are short USD be careful. The DXY has found support for now.

There you go Luxuriant,

one more triangle in blue wave b

Hey Jimbo,

Was considering trading this triangle, but somehow i didn't like the structure; i guess the main reason for that was counting your labeled "a" as 5 move wave, here's the count:



but i did trade the last down-move before friday close:



if it's a triangle, then i would stick wave "e" where my wave 1 (5w) begins and now we'r in wave 3 of an impulse down, but i did close my short on friday after reconsidering if it's a safe trade;

And btw, i remember you posting a long-term audusd bullish view? is it still intact? do you also think it's a massive triangle? i'm soo cautious about that.. my view:



one more move up fits with the last thrust in gold;

It seems that everyone's been watching the weekly triangle develop on Cable, including me. But, the evidence is now pointing to a break in the opposite direction from a (b) wave triangle. I am expecting a push up into the 1.7500 area over the coming months. Notes are on the chart.

Stay nimble!