Thread: Elliott Wave Trading Discussion

Finally, was able to get out at a profit on those 2 hedges(SHORT trades).

LOOKS like a running flat to me at FE 61.8. I just noticed now after being out already that price bounced off the DAILY PIVOT LEVEL and the MURREY MATH strong SUPPORT LEVEL at 4/8.

BUT exit timing was basically based on the 5 wave structure down coinciding with the FE 61.8% , Add the stochastic reading and the divergence on MACD on the 5min chart.

I think most agree that the pair is headed higher, even in the short term. The chart is a corrective count, as opposed to the 1,2,1,2 scenario, which may still be right.

For the bears, a drop under 1.5400 would signal 400 pips lower target at 1.5000, and it would not take much to cause that if eurozone numbers are poor.

In that case, I would count the whole sequence from last Friday as a continuation head and shoulders (large 2 flat).

Jamie,
Can you present your count for eur/jpy from the 13th of July 2007 and onwards? I think your wave 1 and wave 4 are overlapping.

Originally Posted by brad_1199

I think some people reading in here will remember a few weeks back when I called the top in AUDCAD... This is just an update to show where things went...

Hey Gizmo.. I remember you saying you were going to try and put a short on in this pair.. There were some pretty big swings back and fourth in price before it collapsed.. Deffinately would have been a pain to catch...

The pair beat me up as did a few others and I admitted defeat. Guess I should have watched it after that and then I would have found a decent entry point for my short.

Hi Jamie,
Thanks for your great analysis. I really appreciate your knowledge and efforts to educate.

Regarding your current EURUSD count, I have trouble seeing 5 waves in your proposed wave C down. I can't see how you can label it without a huge overlap between wave 1 and 4. It looks to me like a 5 - 3- 3?
Have you considered that wave c of a zigzag may have finished at 1.5359 (wave A), we have been in a wave B triangle since, with Wave C down starting today at 1.5359.
I expected if we were now in wave 3 up, it would have accelerated by now? Also I believe I can count 5 waves down from 1.5359 on a 5 min chart?

I would appreciate your thoughts.

Thanks

For what it's worth :-) here's my current, as of this morning, assessment of the EUR/CHF. It looks like at the very least a large correction.

Here's an updated chart of the hourly USD/JPY I posted the other day. It looks like the alternate count could be something to take seriously. The drop from the peak looks anything but impulsive. A bull flag may be forming? If correct we could see a real move up here. Any ideas?

Originally Posted by FIDELIO

Jamie,
Can you present your count for eur/jpy from the 13th of July 2007 and onwards? I think your wave 1 and wave 4 are overlapping.

Yes the waves overlap but not on an hourly closing basis...which is good enough for me.

Originally Posted by Jamie Saettele

Yes the waves overlap but not on an hourly closing basis...which is good enough for me.

By the way, regarding the USDJPY...105.70 has remained intact and I am an aggressive seller against 105.17. I know that the waves are not perfect on an intraday basis but they rarely are for the USDJPY, especially at the beginning of a move

Originally Posted by Jamie Saettele

By the way, regarding the USDJPY...105.70 has remained intact and I am an aggressive seller against 105.17. I know that the waves are not perfect on an intraday basis but they rarely are for the USDJPY, especially at the beginning of a move

Thank you. :-)

I guess this is what you call a choppy day of range trading. :-)

Originally Posted by diver

I guess this is what you call a choppy day of range trading. :-)

This is what I call the calm before the storm...or in this case....the crash

Originally Posted by Jamie Saettele

This is what I call the calm before the storm...or in this case....the crash

Jamie,

I can't let that go without asking for further explanation! :-) So PLEASE, what's crashing and where should we be? I've got short USD/CHF, USD/JPY, and EUR/CHF. Long EUR/USD. Am I missing something? Thanks. I want to be on the right side of the crash. :-)

Originally Posted by Jamie Saettele

This is what I call the calm before the storm...or in this case....the crash

Jaime,

Please do elaborate...


Thanks,

Tom

JAIME.. can we get a look at what you are seeing on the Daily Chart of NZD/USD...

THANX>>>