Thread: Elliott Wave Trading Discussion

Originally Posted by Jamie Saettele

Yes, I am now bearish...am looking for a short near 1.5500/20

Jamie, I know you are bearish on the euro but would you consider an alternative count like the one shown bellow ?

hEY tEXAS pIPSTER... Euro tricked us... we got a truncated 5th wave... There is a clear 5 waves down from the wave 5 top now, So that looks like wave "A" and now we need a wave "C"..

Gizmo,

Don't forget about this....

TP

Originally Posted by Gizmo

Originally Posted by texas pipster

Gizmo,

Don't forget about this....

TP

Yes I remember that gap and it is still open. Not sure when the turn around will come as I am unsure of a count at the moment. Either that or I think I am a bit gun shy after a string of bad luck (I should say counts).

Originally Posted by brad_1199

hEY tEXAS pIPSTER... Euro tricked us... we got a truncated 5th wave... There is a clear 5 waves down from the wave 5 top now, So that looks like wave "A" and now we need a wave "C"..

Brad,

Yea, I was bummed when I woke up but still managed +4 pips because there was enough movement that my trailing stop got moved. Whoo-hoo.

I like your chart, especially with the wC target coinciding with the rising trendline.

TP

This expands on Jamie's chart that was posted here: http://www.dailyfx.com/story/chartin...607180953.html

Here is what I came up with for the hourly EUR/GBP. Not sure how correct my wave count is but it looks like I may at least be on the right side of the trend this time.

Since the high on March 14, Cable has used the same trend line for resistance and support. It has to shake this trend line for me to find a trade worth the risk.

Originally Posted by texas pipster

Eg8,

Here is a 5 minute chart. Possible we are not quite finished with the correction before your anticipated move up.... ???

From the w5 high around 9630, the first abc would be A, then there is a few abc's which I believe are often found in B waves. Now working on C wave down. Only concern on this chart is the wave three was sub divided twice, meaning the indicated wave 3 could in fact be wave 5 of C. Time will tell.

I do prefer to test 9500 as that is key support and I think would create a stronger move up.

Results

Originally Posted by texas pipster

Results

This one seems to be doing pretty good. Curious if you have a chart from the EUR/GBP?

Looks like the EUR/CAD is holding around the .382% fib line. I believe we may have a wave 1 and 2 scenario. I am currently long at 1.5545 and keeping my fingers crossed my count is right.

Originally Posted by texas pipster

Here is the result of this trade yesterday...

Originally Posted by texas pipster

Gizmo,

Don't forget about this....

TP

Hello, TEXAS
I just sent you a private message.
Will appreciate a courtesy of your answer
Mike

Hello All,

I have been sitting on the sidelines waiting for this correction to complete. We are almost there. My count has been working out so far. I caught the Wave 1 down for decent profit. Anyway, looking for the correction to complete around the 205.55 area.....IMHO anyway.

BTW, most of the Yen Crosses are counting this way. Most notably USD/YEN and EUR/JPY. Just a heads up.


As always, Good Luck Everyone.


Tom

Originally Posted by twszatny

Hello All,

I have been sitting on the sidelines waiting for this correction to complete. We are almost there. My count has been working out so far. I caught the Wave 1 down for decent profit. Anyway, looking for the correction to complete around the 205.55 area.....IMHO anyway.

BTW, most of the Yen Crosses are counting this way. Most notably USD/YEN and EUR/JPY. Just a heads up.


As always, Good Luck Everyone.


Tom

Tom,
I saw your note, so I will just answer really quickly to give you my heads up.
IMO we have just seen the top of GBPJPY an hour ago at 204.16 with the last wave 5 of c being an ending diagonal.
When you watch on the 5 min chart, you can se that we traced 5 waves down (subminuette, but still 5 waves) from 204.16 to 203.56, followed by an a-b-c corrective wave up, which ended at 203.92
I know, those are just very tiny waves, but I beleive that a U-turn has been made,
Mike