Thread: Elliott Wave Trading Discussion

Speculator and Tex;

Thanks for the posts on the EUR. I am remaining short as I feel the trend is down and the lower channel line with a target of 5050 is in play.

I am also considering the possibility that the Eur has topped and will look at the longterm count over the week end.

Good Luck.

Eur/Usd

Aerocom ,

Don't worry , You are not alone ............

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Usd/Jpy

Originally Posted by American Trader

Market,

Do you think a top is in the USD/JPY through the European session? I don't see 5 down yet, but the way equities are lining up, and the wave 3-like decline this morning in the USD/JPY, it makes a compelling case for a USD/JPY top.

What do you think?

I went short at 107.30 (stop 108.05). I'm also still long the GBP/USD with a very large position.

American-T

Usd/Yen
Here is the update :
Long @ 105.38
Moving stop up to 105.80 to protect some pips .............

Sorry, I'm not sure where the top is going to be ,
I'm just waiting for the trade set-up to reach the targets
that are illustrated on the chart ...............

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We are nOw at the arrival of the 1st target ......................

Original Post :
http://www.learncurrencytrading.com/...13880&page=565
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Originally Posted by texas pipster

My original chart from Wednesday evening...nothing has changed since originally posted. Will update this weekend.

Originally Posted by aerocom

Speculator and Tex;

Thanks for the posts on the EUR. I am remaining short as I feel the trend is down and the lower channel line with a target of 5050 is in play.

I am also considering the possibility that the Eur has topped and will look at the longterm count over the week end.

Good Luck.

I am still in the bullish camp for the EUR as long as it stays above the trendline. I believe we still have a bit higher to go and that the recent range and yesterdays decline are due to the G8 this weekend. If the pair stays above 1.5283 and the trendline, I feel it will bounce and we could get the next wave up.

I was stopped out of my long trade on the spike down last night so I may sit on the side till market open on Sunday night. The other option is to enter a long order with a stop below the support line which at a good entry price would not be much risk for the possible reward.

Originally Posted by texas pipster

My original chart from Wednesday evening...nothing has changed. Will update this weekend.

It looks like the first target would have been reached last night since the low was 1.5302.

Hey everyone,

I had to adjust my chart a little bit, called a top to soon... I'm gonna be brave and call for a top again. Marketwavez2, my charts look a lot like yours, I'm not trying to steal your thunder or anything, just seeing the same thing you are I guess, What do you think , Marketwavez2, do we have a top? Can I ask how you see the rally from the 95.00 low up to now aswell please, corrective or impulsive?

Friendly greetings,
Jeremy

hey all

i know this is a currency trading room.. but i need some help for stocks
i am not really managing with the currencies but i have recently been doing alot of money in the Bulgarian Stock Exchange.. its an emerging market, prices have been skyrocketing, every IPO was a winner, the typical market hysteria. But since last winter things turned around.. actually companies are doing great since our join to the EUnion, and they continue to print great results.. so fundamentally everything should be still going up, but i need some technical help since my patience is running out.
this is all the graphical data avaible, the last 6 years, and the shorter time frame is the last 1 year of data.
is there any chance one can label the correction? i can see a double-zigzag, a flat, and a (ending) diagonal, so overall a complex correction, should this be the end of the pessimism and the start of the big wave 3 in the next few years?
liquidity is low and there is noone really buying on a technical reason, but this is the only chance right now

thanks in advance
(probably PM?)

Originally Posted by Gizmo

A break out up is definitely still a good possibility. Just out of curiosity I thought I would check the GBP/USD to see if a rise in the cross could occur around the same time. Seems the two could coincide and lift this pair as well. To me it looks like a long in the GBP/USD has a good possibility for a new impulse wave 1 up very soon.

I was tracking also Gizmo: on your chart (and mine) A = C exactly. When I saw this I got long as it was low risk at 1.9427. Looks good.

Gizmo, definitely with you on the trendline supporting the euro. maybe (just maybe) a bottom is in this morning following the irish referendum noise. anyway, i wanted to point out a setup in a random pair. long term implications here are big in my mind. this will be 3 charts.

first one...monthly

higher lows since the end of bretton woods
major lows are roughly 11.5 years apart

daily chart

close above a trendline yesterday that had held since august 2007

and finally the hourly chart

-5 waves up from the multi year low?

i don't know how well a pair like this would trace out waves...but the evidence is there for me to play the reversal...it's something to watch

Originally Posted by Jamie Saettele

and finally the hourly chart

-5 waves up from the multi year low?

i don't know how well a pair like this would trace out waves...but the evidence is there for me to play the reversal...it's something to watch

I traded this pair a few months ago and thought I had it on a short. However the pair and I had a disagreement on a bull rally when I forgot to set a stop at that time. I have not traded the pair since then but have checked it from time to time.

I agree with the 5 waves up breaking the trend line, and can count 3 for a correction in an "A" wave. I am not able to count a completed 3 wave "B" on the hourly so I believe we are still in "B". Once I can count what I would believe to be a clear "C" then I will go long.

Originally Posted by Gizmo

I traded this pair a few months ago and thought I had it on a short. However the pair and I had a disagreement on a bull rally when I forgot to set a stop at that time. I have not traded the pair since then but have checked it from time to time.

I agree with the 5 waves up breaking the trend line, and can count 3 for a correction in an "A" wave. I am not able to count a completed 3 wave "B" on the hourly so I believe we are still in "B". Once I can count what I would believe to be a clear "C" then I will go long.

Gizmo and Friends:
RE: GBPAUD
It is a major reversal, expect wave 2 to be deep, probably 50% miniumum, or 61.8% or deeper; too early to say. Do not be fooled by a structure that might look like a C wave, but will just deceive you.
i'd say, trade it but be careful, those waves 2 can be vicious.
Mike

Originally Posted by Big Mike

Gizmo and Friends:
RE: GBPAUD
It is a major reversal, expect wave 2 to be deep, probably 50% miniumum, or 61.8% or deeper; too early to say. Do not be fooled by a structure that might look like a C wave, but will just deceive you.
i'd say, trade it but be careful, those waves 2 can be vicious.
Mike

I am very cautious about this pair so I won't do anything until I am sure. If the a b c plays out, then C should end up below the the trend line which would complete wave 2. Then wave 1 of 3 will be back above it. In a perfect world anyway.